TIP826: American Tower (AMT): The Wide Moat Business Your Phone Can't Live Without w/ Kyle Grieve & Shawn O'Malley

You're listening to TIP. I'm not exactly a huge Reek guy, but when I discovered that Chuck Aukray had this massive position in American Tower, I mean, it piqued my interest, right? And when I found out how much of a multi-bagger it had been for him at 280x, I mean, come on, that's just ridiculous. Yeah, you know, it's always been a business that I think I really found fascinating, specifically because of that Chuck Acriangle. Then, you know, the more I dug into the business, the more I saw that the business is still really good, but it's currently in a nearly 40% drawdown, which really excited the value investor in me.

Oh my gosh, and that drawdown's been going out since 2021. What is driving that? Yeah, it's been a while. I think the business is still quite good. They got some really, really good assets.

They have some really good switching costs. But, you know, over the years, unfortunately, from what I saw, the balance sheet has just gotten a lot uglier. Well, so I didn't even know AMT was a REIT until you told me. But, you know, historically, REITs are not known for having the cleanest balance sheets. Right, and I believe this is the first REIT that we've even ever covered on the show, so I think it's gonna be a really, really fun business to discuss.

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