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	Podcast:		Yet Another Value Podcast
	Episode:		Ben Claremon on $LUMN
	Category:		Business
	Duration:		01:09:44
	Publish Date:		2021-09-27 12:00:00
	Description:		Ben Claremon, Partner at Cove Street Capital, discusses his thesis on Lumen. Lumen is a complicated story and a bit of a battleground stock, but Ben think the company is trading at a large discount to their asset value and is making moves to unlock that value. Ben's first YAVP appearance on Viasat (VSAT): https://youtu.be/Otw0oWvuhdU Ben's Compounders podcast: https://open.spotify.com/show/3Qbcrw84MDaJ3CZUNuqOxu?si=vD-uIjqVR4G_SFwH_ALVEg&dl_branch=1 Chapters 0:00 Intro 1:35 Lumen Overview 5:55 Why didn't Lumens' old management team believe in Fiber? 13:30 Discussing the proxy statement and management incentives 19:15 How can telecom investors get over their Lumen baggage? 25:15 Looking at Lumen as a special situation 35:00 What would Lumen look like if they sold all of their consumer business? 37:05 Lumen's valuation and sum of the parts 39:15 Lumen's looming dividend cut? 47:00 Government subsidies (CAF going away; RDOF replacing it?) 54:40 Why invest in Lumen vs. a cleaner story like Frontier (FYBR) 1:03:25 Closing thoughts
	Total Play:		0