Live Nation Entertainment Inc. (LYV-N)

Under Trump, it's less likely for the Justice Department to pursue an anti-trust suit against LYV.

Despite being sued by DOJ, what matters is fundamentals. Concert business is very strong. Doing all the right things. CEO is a tremendous allocator of capital. Has never had a down year, even in a recession.

Lots of overhang. Prices have certainly increased. Lots of political pressure on how tickets are sold. Government may step in and impose regulations. He likes names without those threats. Chart is volatile.

Concert business is on fire. Stock's been on a rollercoaster due to being sued by DOJ on anti-trust allegations. Pressure short term, but long-term a wonderful business. Great management and free cashflow growth.

The government regulators are after them (anti-trust) which is never a good thing.

One of the crown jewels in the experience economy. They have a strangehold on live concerts, being the only public in this space. People keep going to events and increasing. Looks at Taylor Swift. He sees a new high soon.

They control almost all the live venues for concerts. Demand and schedule for concerts remains huge, like Canadians seeing Taylor Swift in other countries.

LYV is up 21% this year, which we would not consider so bad. Sales have tripled since 2020 in the covid rebound, and are expected to rise about 10% next year. Concert sales rose 29% last quarter. There are some legal issues, regarding concentration in the industry and investigations by the government, but otherwise we do not see a lot of issues. At 75X earnings, however, the stock is too expensive to get us really interested. 
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Post Covid-19 demand for entertainment will remain strong.
Higher prices not impacting demand.
Artists forced to tour as a result of Spotify.
Expecting many years of live show demand growth. 
Expanding vertically into venue ownership. 

He sold it last year at $7. The post-Covid reopening impulse has long ended.