Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

Thematic (Sector/Industry)

<ul><li>Markets always act erratically, but I thought I would highlight one aspect that disproportionately impacts semiconductors.</li><li>Factor investing is not new, but we are in a unique period where Momentum has quite a period of outperformance and short-term outperformance.</li><li>This matters because semiconductors are (as far as my memory holds) the most significant weight in Momentum I’ve ever witnessed. </li></ul>

Markets always act erratically, but I thought I would highlight one aspect that disproportionately impacts semiconductors.Factor investing is not new, but we are in a unique period where Momentum has quite a period of outperformance and short-term outperformance.This matters because semiconductors are (as far as my memory holds) the most significant weight in Momentum I’ve ever witnessed. 

Founder at Stock Spin-off Investing, Stock Spin-Off Investing

Richard Howe

Founder at Stock Spin-off Investing

Stock Spin-Off Investing

Generate attractive returns by taking advantage of inefficiencies in the stock spin-off market.

Stock Spin-offs

Event-Driven

<ul><li>In anticipation of its merger with Charter Communications (CHTR), Liberty Broadband (LBRDA/LBRDK) spun off its Alaska telecom business (GCI Liberty).</li><li>Liberty shareholders received 0.20 shares of GCI Liberty common stock per Liberty Broadband common share. Regular way trading starting on July 15, 2025.</li><li>GCI Liberty is the leading telecom provider in Alaska. The remoteness and harshness of the Alaskan landscape provides a moat around its business.</li></ul>

In anticipation of its merger with Charter Communications (CHTR), Liberty Broadband (LBRDA/LBRDK) spun off its Alaska telecom business (GCI Liberty).Liberty shareholders received 0.20 shares of GCI Liberty common stock per Liberty Broadband common share. Regular way trading starting on July 15, 2025.GCI Liberty is the leading telecom provider in Alaska. The remoteness and harshness of the Alaskan landscape provides a moat around its business.

<ul><li>In November 2024, Liberty Broadband (Nasdaq: LBRDA/LBRDK) agreed to be acquired by Charter Communications (CHTR) in an all‑stock deal.</li><li>Under the merger agreement, each Liberty Broadband common share will convert into 0.236 share of Charter common stock (plus cash for fractional shares), and each Liberty preferred share will convert to a new Charter preferred share.</li><li>As part of the deal, Liberty Broadband will spin off its fully owned Alaska telecom business (GCI, LLC) to Liberty shareholders before the Charter merger closes.</li></ul>

In November 2024, Liberty Broadband (Nasdaq: LBRDA/LBRDK) agreed to be acquired by Charter Communications (CHTR) in an all‑stock deal.Under the merger agreement, each Liberty Broadband common share will convert into 0.236 share of Charter common stock (plus cash for fractional shares), and each Liberty preferred share will convert to a new Charter preferred share.As part of the deal, Liberty Broadband will spin off its fully owned Alaska telecom business (GCI, LLC) to Liberty shareholders before the Charter merger closes.

Weekly Update (GCI, IGT/BRSL, Greenblatt)

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

Charter Communications  / Equity Bottom-Up

<ul><li>Charter Communications recently reported their third-quarter performance, providing insights into several dimensions of their business strategy and financial results.</li><li>Within a challenging competitive and macroeconomic landscape, Charter has emphasized resilience and strategic investments aimed at future growth.</li><li>On the positive side, Charter demonstrated robust performance in their mobile segment, adding 545,000 Spectrum Mobile lines and achieving over 2.1 million lines year-over-year—a clear indicator of strong demand and successful strategies to attract mobile customers.</li></ul>

Charter Communications recently reported their third-quarter performance, providing insights into several dimensions of their business strategy and financial results.Within a challenging competitive and macroeconomic landscape, Charter has emphasized resilience and strategic investments aimed at future growth.On the positive side, Charter demonstrated robust performance in their mobile segment, adding 545,000 Spectrum Mobile lines and achieving over 2.1 million lines year-over-year—a clear indicator of strong demand and successful strategies to attract mobile customers.

Charter Communications: An Analysis Of Its Fiber Footprint Expansion and Network Investments & Other Major Drivers

<ul><li>The recent move by Liberty Broadband to propose a merger with Charter Communications has sparked considerable buzz in the market.</li><li>In a bold counterproposal to Charter’s Special Committee, Liberty Broadband outlined an all-stock transaction where each holder of Liberty Broadband shares would receive 0.2900 shares of Charter Class A stock in exchange.</li><li>The transaction, set for closure by June 30, 2027, has been presented as a tax-free deal, aiming to combine the strengths of both companies in a highly competitive telecommunications landscape.</li></ul>

The recent move by Liberty Broadband to propose a merger with Charter Communications has sparked considerable buzz in the market.In a bold counterproposal to Charter’s Special Committee, Liberty Broadband outlined an all-stock transaction where each holder of Liberty Broadband shares would receive 0.2900 shares of Charter Class A stock in exchange.The transaction, set for closure by June 30, 2027, has been presented as a tax-free deal, aiming to combine the strengths of both companies in a highly competitive telecommunications landscape.

Charter Communications on the Brink of a Major Merger: Here's Why Liberty Broadband Wants To Acquire Them!

United States

Charter Communications, Inc. operates as a cable telecommunications company. The Company offers cable broadcasting, internet, voice, and mass media services. Charter Communications serves customers in the United States.

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Charter Communications (CHTR US)

Factors and Semiconductors

A friendly warning. Momentum is outperforming all factors this year, and Semiconductors are a large part of that. Markets always act erratically,...

Fabricated Knowledge

GCI Liberty Spin-off Deep Dive

In anticipation of its merger with Charter Communications (CHTR), Liberty Broadband (LBRDA/LBRDK) spun off its Alaska telecom business (GCI Liberty).

Richard Howe

Weekly Update (GCI, IGT/BRSL, Greenblatt)

In November 2024, Liberty Broadband (Nasdaq: LBRDA/LBRDK) agreed to be acquired by Charter Communications (CHTR) in an all‑stock deal. Under the...

Richard Howe

Charter Communications: An Analysis Of Its Fiber Footprint Expansion and Network Investments & Other Major Drivers

Charter Communications recently reported their third-quarter performance, providing insights into several dimensions of their business strategy...

Baptista Research

Charter Communications on the Brink of a Major Merger: Here's Why Liberty Broadband Wants To Acquire Them!

The recent move by Liberty Broadband to propose a merger with Charter Communications has sparked considerable buzz in the market. In a bold...

Baptista Research

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