Compared to many other themes currently compelling investors in the post-election environment, the changes at the FCC require nothing more than naming a new member/chairman and minimal congressional resistance. Tax cuts and infrastructure spending would require legislative attention and action. In most cases, this means long delays and meaningful opposition. In comparison, this makes us think the media companies may have been given an early Christmas present on December 15. Stay tuned to see whom the Trump team names to lead the FCC.
William Smead is CIO and CEO of Smead Capital Management.