FREE READ
1/
Bill Ackman has been promoting Universal Music for years.
He once said:
“If I could only own one stock for 10 years and markets were closed, it would be UMG.”
In theory, I understand why.
2/
Music is universal.
It is the lowest-cost form of entertainment.
It scales globally.
It generates royalties.
It throws off free cash flow.
From the outside, it loo…
