Ramping on Media and Telecom
New Year's Resolution 2024
When I was an equities analyst professionally, I took pride in diving deep into the companies I covered; analyzing long and short-term market trends, figuring out why companies acted the way they did, dissecting the nitty-gritty of operational nuances. Of course all this was in the pursuit of an investment idea to drive PnL, but there was something satisfying about building up a more comprehensive understanding of the industry over time. Sell-side initiation reports are handy for getting right into the crux of the investment debate but it never really felt like I knew the industry after reading one - if I’m going in cold, I probably didn’t even know half of the industry jargon in the note. While some will argue that most of the information won’t be relevant to an investment thesis, I’ve found that the advantages of getting to know the boots-on-the-ground fundamentals of a business and its corporate history are 1) an increased velocity of idea generation and 2) a greater conviction in a thesis once you’ve developed it.
With that said, the media and telecom industry was one that I never knew quite as well as I should have. Sure I knew some of the basics: Cord-cutting is a headwind to cable companies. There was a big bubble in the early 2000s and a lot of fiber got built. Content is apparently king. You make money by bundling and then unbundling for some reason. But do I have the whole picture? Not quite.
So, in the spirit of a New Year’s Resolution, I’ve decided that 2024 is the year I really get to grips with the whole media and telecom stuff by first studying the industry and then writing about it from the perspective of a research analyst. Writing is a core part of my research process because if I can’t explain, I probably don’t really get it yet. For those like me who are new to the media and telecom space, I offer these write-ups are a way to get started on your own research endeavors. And to seasoned industry veterans, I extend an invitation to critique my analyses, correct any misconceptions, and enrich the discourse with your expert perspectives.
If anyone has killer resources - books, articles, podcasts, or anything else - on the sector that could be helpful for my ramp, I eagerly welcome your suggestions!