This week, Eugene Robin and I had the opportunity to do a live-streamed presentation on Viasat (ticker: VSAT). We took part in GuruFocus’s “Value Investing Live” series. The great thing about a live stream—versus a traditional podcast or video interview—is that you don’t have to wait a few weeks for an edited version to come out. The raw, unedited footage is available right after the presentation ends.

We don’t want to spoil the surprise. But, as a brief overview, during the presentation, Eugene went deep into a number of topics, including:

• Why we believe that both Viasat and competitor Starlink can be successful in the U.S. satellite broadband market
• The degree to which people underappreciate the strength and future growth of the military business
• The size of the opportunity for VSAT in global in-flight wifi
• Why Viasat should be looked at as a disruptor and not the company being disrupted
• How to value VSAT on a sum-of-the-parts basis

From there, before we got into Q&A, I highlighted some myths and misperceptions about VSAT that specifically address the short points we often hear about VSAT. And then we finished with some great—and challenging—questions from the viewers.

Overall, we think this presentation is a solid representation of our depth of knowledge on the company and illustrates why the stock again is one of our largest positions. Did we mention that VSAT has almost a 16% short interest? Or that the real number is even higher if you exclude the 24% of shares held by Seth Klarman and Baupost? (Smile)

View the video presentation here:

You can also find the presentation on GuruFocus’s event site in the Archives section.

Finally, here is a pdf copy of the presentation we referenced during the discussion.

Hope you enjoy,

Ben Claremon