Liberty SiriusXM (LSXMA, Financial) remains on the laggards list predominantly due to its difficult performance in the first calendar quarter. Currently Liberty/SiriusXM shares trade at a sizeable discount to where we think they should trade, given the market price of the underlying SiriusXM (SIRI, Financial) shares. We believe that Liberty SiriusXM management will unlock that discount over time, but in the meantime, we have shorted a portion of our position's underlying SiriusXM shares as to monetize some of that discount for ourselves. We continue to be long-term believers in SiriusXM's business, and we remain net long on Liberty/SiriusXM on an economic basis.
From Wallace Weitz (Trades, Portfolio)'s Partners III Opportunity Fund third-quarter 2020 commentary.
