Chris Marangi on Media, Sports, and Market Bubbles (with Tom Keene, Paul Sweeney)

Chris Marangi sees the market as being in a bubble 'everywhere somewhere,' still mid-innings. He favors sports teams as stores of value and sees value in small-cap stocks. He discusses Comcast's split, media consolidation, and the importance of live content as a new moat.

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Gabelli Funds 8.5
Asset Manager $40.00B
Chris Marangi 7.5

Chris Marangi on Media, Sports, and Market Bubbles (with Tom Keene, Paul Sweeney)

ndx

Still mid-innings in a bubble; earnings estimates have gone up more than the market, suggesting continued but cautious upside.

rut

Value is still in down-cap markets... we started really finding value there.

Chris Marangi

We're in a bubble everywhere somewhere; we're still mid-innings. Earnings estimates have gone up more than the market.

Tons of money going into capex is fueling the market. We focus on industries we know, like inflation conduits.
Chris Marangi

Value is still in small-cap and down-cap markets, which were a wasteland for years.

Indices have been dominated by semis; we find value in smaller names.
Chris Marangi

Comcast's split is part of a trend; telecom companies need scale. The broadband moat has been breached by fiber and fixed wireless.

Michael Angelakis is a deal guy; this suggests further M&A. NBC Universal has pieces that could be attractive to Netflix or big tech.
Chris Marangi

Live content is the new moat; you can't skip it. Sports teams are great stores of value with tribal audiences and pricing power.

The Knicks are worth at least $10B based on the Lakers sale; you get the Rangers for free.

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