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Long River Capital Management @7777Holding on x XXX followers
Created: 2025-07-26 01:14:33 UTC
🧵 What Ted Weschler & Berkshire Hathaway Might See in SiriusXM ($SIRI):
1/ $SIRI is a cash-generating media giant with one of the highest FCF yields in the market — >15%+ in recent years. Despite low growth, it's highly profitable and consistently buys back stock. Perfect for value investors like Ted Weschler.
2/ Why is it hard to replicate $SIRI? Because:
It’s bundled directly in millions of new cars Has long-standing OEM partnerships (GM, Toyota, etc.)
No internet needed. Signals come from satellite = reliable in remote areas.
High switching costs for habitual users.
3/ Hardware integration = moat. $SIRI comes pre-installed in over 100M vehicles. Users often get 3–12 months free, creating habitual usage before paywall kicks in.
That’s a marketing advantage new streamers can't easily match.
4/ Even in a weak macro, people keep their subscriptions. It's “small-ticket entertainment” that doesn't get cut first. Think Spotify + podcast network + live shows + sports… all with one billing system.
5/ Critics say it's outdated — but reality? They (would) generate >$1.1B in annual free cash flow, cover debt, and return capital to shareholders. Berkshire increased their stake as others sold. They see a deep value buy—not a growth stock. 6/ In short: ✅ Recurring revenue ✅ High FCF yield ✅ Embedded in auto ecosystem ✅ Wide economic moat ✅ Undervalued by most metrics This is a Ted Weschler special.
7/ Not investment advice — but it’s worth asking why the guy who compounded 20%+ returns before Berkshire keeps doubling down on $SIRI.
Wanna beat the market? Maybe… follow the quiet guys who already did.
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Related Topics $siri berkshire hathaway $brkb sirius xm holdings inc