Portfolio Change - 02/06/2023

As disclosed in this morning’s write-up, I’ve decided to trim my Comcast (CMCSA) position; the portfolio changes discussed below will be executed tomorrow morning. To provide some context for this decision, I’ve owned the stock since March 2018 and don’t believe I’ve ever sold a single share. That posture was informed by the strong results in the broadband business over the years, along with my belief that there were significant value creation opportunities in the non-cable businesses, most notably at NBCUniversal (NBCU). As I wrote this morning, my evolving views about the company are not black or white; that said, given my current assessment of the company’s competitive positioning in the cable / connectivity business and in the media business, this course of action feels appropriate. As we look ahead, I’ll keep updating my priors and act accordingly if I arrive at a different conclusion.

The chart below shows the portfolio allocation as of Monday’s close (as a reminder, this includes every dollar of investable assets that I have to my name, outside of a small checking account for day to day expenses):