Explains Netflix exit wasn't quick; winner emerged due to materially higher proposal and timing for client cash returns. Notes individual winners in bidding war.

Suggests Netflix focus on global streaming, content spending ($20B), theatrical windows, and potentially partnering with Sony for anime.

Declines to propose, focusing on taxable clients and long-term opportunities for Warner holdings, noting many announcements coming on financial engineering.

Mentions M&A book in eight languages, follow-up on Elliott in Tokyo, and vibrant M&A environment unlike last year with sabotaged deals.

Discusses education financing (529 plans) before pivoting to Myers Industries - auto parts distributor with 1.2B tire replacement opportunities due to aging vehicle fleet.

Cites Comcast spinoff (Versant) as example where index fund selling created buying opportunity at $27.08 due to strong fundamentals.

Describes MSG Sports structure (24M shares, Dolan control), 'Jimmy Dolan discount' disappearing after Sphere spinoff success ($30 to $120).

Describes fund buying live event/experience companies (Formula 1, WWE) to avoid GP/LP fee structures, with sports conference in June.

Highlights Manchester United (ManU) ahead of World Cup, with Glazers controlling vote and James Radcliffe owning ~29%, potential monetization in next 12 months.

Says deals always considered globally/domestically for synergies/growth, but now CEOs more confident deals will close through regulatory scrutiny (DOJ, global rules).

Notes CEOs very optimistic about announcing and completing deals - a different dynamic.

Mentions several focus areas, including J.M. Smuckers' poorly timed acquisition potentially reexamined, and Myers Industries' Signature acquisition in construction.

Cites National Fuel and Gas (Buffalo) with Marcellus land benefiting from LNG exports and data center power demand, suggesting utility piece sale.