Robert Deaton of Fat Pitch Capital presented his investment theses on Sirius XM (SIRI) and Liberty Sirius XM (LSXMK) at Wide-Moat Investing Summit 2020.
Thesis summary:
Sirius XM provides satellite radio services, primarily in audio systems in cars and trucks. 80% of new cars sold in America are enabled to deliver satellite radio. New car buyers are typically given a trial period. 40% of trial subscribers become self-pay subscribers. Sirius is a well-established company with 34.8 million subscriptions.
Liberty Sirius XM owns over 70% of Sirius XM. By buying shares of Liberty Sirius XM, an investor can get exposure to Sirius XM at a sizable discount.
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About the instructor:
Robert Deaton has enjoyed a long and successful investment management career as a money manager and private investor. Currently, Robert is managing member of Fat Pitch Capital, an investment partnership. Robert was a founding member of Bennett Lawrence a NY-based investment fund, which had peak assets of over $2 billion. Robert was chief investment officer of Cambium Capital and member, and is past managing member of Deaton Partnership. Robert holds an AB from Davidson College, an MBA from Vanderbilt University and is a CFA charter holder. Robert is an active member of numerous community organizations. He is a board member of the Presbyterian Healthcare Foundation (executive committee), the Physicians Impact Fund and the Vanderbilt University Owen School of Management Alumni Board. He is a member of the Board of Trustees at The Fletcher School (executive committee, treasurer-elect). He is a past two-term member of both the Board of Visitors at Davidson College and the Board of the Davidson Athletic Foundation. Robert is married with two children.
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