Rich Howe

Rich owns and likes Lionsgate. His thesis is a strong fiscal 2027 box-office slate, including Resurrection, Hunger Games, and the Michael Jackson movie, plus potential M&A speculation. Big tech or private equity buyers like Blackstone or Apollo could be interested, and Lionsgate is a bite-size target. He plans to sell into M&A rumors as the stock approaches management incentive targets in the mid-teens/low 20s; it is not a forever hold.

Rich likes and owns Ziff Davis, a sum-of-the-parts story hit by the SaaS apocalypse. The company sold its connectivity division to Accenture at a large premium, proving asset value, while remaining assets still look cheap on a pro forma basis. Management has said it will keep selling assets if the stock stays low, and cash returns such as a special dividend or buyback are a possible catalyst. He worries about continued acquisitions and unclear cash use, but sees decent alignment and a mini-activist.

Rich's pitch is that Liberty Global is a sum-of-the-parts story with a hard catalyst: the stock trades around $12 while the upcoming 100% spin-off of Ziggo Group should be worth $12-$14 per share. The stub has about $5 per share of cash and $10 per share of public/private investments; even haircutting the investments 50% gives roughly $10 of value, plus VMO2 worth at least ~$3, for total fair value of $25-$30. The spin forces the market to value Ziggo independently within 18 months to two years, the dividend/deleveraging support value, and cash/investments provide downside protection. Risks include weak operating trends and management/board credibility.