15. Chris Waller – Plural Investing on GCI Liberty (GLIBK) and Seaport Entertainment (SEG)

I recently had the opportunity to speak with Chris Wallerof Plural Investingand Hidden Gems Investing about two recent spin-offs: GCI Liberty (GLIBK) and SeaportEntertainment (SEG).

Both situations feature strong investor alignment withwell-known investors and have recently completed rights offerings (as Joel Greenblatt famously says: buy all spin-off rights offerings!).

I really enjoyed the conversation and hope you do as well.Here’s what we discussed:

1:50 – Chris shares his background
5:10 – How Chris approaches investing in spin-offs
8:10 – GCI Liberty investment case overview
13:50 – What recent insider purchases by John Malone might signal
17:05 – What GCI Liberty could look like in 12–18 months
22:22 – How much runway John Malone may have
24:40 – Thoughts on constructing a portfolio of investment ideas
26:15 – The biggest risk for GCI Liberty
28:15 – Overview of Seaport Entertainment
34:05 – Will Seaport Entertainment generate profits going forward?
35:50 – Does the Las Vegas stadium have meaningful value?
39:30 – How important this investment may be for Pershing Square and Bill Ackman
45:15 – Why Chris believes Seaport Entertainment could significantly cut costs
48:00 – Where to learn more about Chris, Plural Investing, and Hidden Gem Investing