As for Liberty Global (LBTYA, Financial), the company owns a collection of European broadband providers that collectively trade at a discount to our “sum of the parts” value estimation. In recent quarters, their portfolio has had relatively stable, if uninspiring, results. The surging U.S. dollar dampens reported earnings, but management's focus remains on growing local currency cash flows and identifying strategic opportunities to recognize the unappreciated value of their assets.
From Wallace Weitz (Trades, Portfolio)'s Hickory Fund third-quarter 2022 letter.