《Why Active Small Cap Value Investors Are Getting Hammered》
LBTYA 的估值（4 倍 EBITDA、低于 10 倍自由现金流）相对其基本面过低，而市场对 SpaceX 威胁的担忧被高估。
JCI Liberty，现在叫 Liberty Capital，是他们在阿拉斯加拥有的另一家公司，经营有线电视和无线服务。我相信人们会认为 SpaceX 可能对这项业务构成阻碍，它确实是一个促成因素，但这并不能解释为什么它的市盈率只有 EBITDA 的四倍、自由现金流不到 10 倍，而 SpaceX 的估值高达数千倍。
JCI Liberty, now called Liberty Capital, that's another company they have in Alaska with cable and wireless services. I'm sure people think that SpaceX might be a hindrance to this business, and it is indeed a contributing factor, but that's no reason why it trades at four times EBITDA and less than 10 times free cash flow, while SpaceX trades at thousands of times.