Comcast (CMCSA, Financial) has been a puzzle for investors for some time. While its cable-TV business has been declining as consumers abandon their cable connections in favor of streaming content, its broadband business has grown as these cord-cutters turn to Comcast for the necessary internet service. Further, Comcast’s costs for servicing its customers have been lower than many observers expected, and its margin improvement has been notable.
From the First Eagle Global Value Fund's third-quarter 2019 shareholder letter.
