15. Chris Waller – Plural Investing on GCI Liberty (GLIBK) and Seaport Entertainment (SEG)

I recently had the opportunity to speak with Chris Wallerof Plural Investing and Hidden Gems Investing about two recent spin-offs: GCI Liberty (GLIBK) and SeaportEntertainment (SEG).Both situations feature strong investor alignment withwell-known investors and have recently completed rights offerings (as Joel Greenblatt famously says: buy all spin-off rights offerings!).I really enjoyed the conversation and hope you do as well.Here’s what we discussed:1:50 – Chris shares his background 5:10 – How Chris approaches investing in spin-offs 8:10 – GCI Liberty investment case overview 13:50 – What recent insider purchases by John Malone might signal 17:05 – What GCI Liberty could look like in 12–18 months 22:22 – How much runway John Malone may have 24:40 – Thoughts on constructing a portfolio of investment ideas 26:15 – The biggest risk for GCI Liberty 28:15 – Overview of Seaport Entertainment 34:05 – Will Seaport Entertainment generate profits going forward? 35:50 – Does the Las Vegas stadium have meaningful value? 39:30 – How important this investment may be for Pershing Square and Bill Ackman 45:15 – Why Chris believes Seaport Entertainment could significantly cut costs 48:00 – Where to learn more about Chris, Plural Investing, and Hidden Gem Investing