Awesome, thank you @cedric ! This conversation was super helpful for solidifying my understanding here. I just picked up a copy of Cable Cowboy as well thanks to all the talk of John Malone with regards to cash flows - looking forward to diving in to learn more about his strategy!
As an aside, I’ve been working through Value by Tim Koller, Richard Dobbs, and Bill Huyett over the last week or so, and I’ve found it to be absolutely fantastic for explaining the links between cash flow, growth, and ROIC. Super approachable book with a lot of great nuggets of insight. I’ll almost definitely be diving into their heaftier Valuation book after this one.