Lots of talk of $DIS lately, but I think a lot of people are missing the signal in the noise.

The core IP is as strong as ever. Companies that don’t have differentiated content (I.e $NFLX) will have a harder time in the sea of content than differentiated content (brands, sports, etc..). From a content end, $DIS is just fine. Politics don’t really matter here either, that’s just noise.

The real question is the evolving unit economics of DTC vs cable. It’s not going to be nearly as good, but will it be as bad as the market is pricing in?