Core Viewpoint - The Apple fee of up to 30% in India is expected to negatively impact revenues for Match Group, the owner of Tinder, as stated in their submission to the Indian antitrust authority [1] Group 1 - Match Group highlighted that the high fees imposed by Apple could stifle their revenue growth over time [1] - The company emphasized the need for substantial fines against Apple to address the competitive imbalance created by these fees [1]

Core Viewpoint - The Trump administration is favoring Paramount Skydance as the preferred bidder for Warner Bros. Discovery (WBD), while other potential bidders may face significant regulatory challenges [1][10]. Group 1: Paramount Skydance's Position - Paramount Skydance, led by CEO David Ellison, is positioned advantageously in the bidding process for WBD, which includes major assets like the top-ranked studio and the third-ranked streaming service [2][10]. - The Trump administration's support for Paramount Skydance is influenced by David Ellison's connections and past dealings with the administration [18][19]. Group 2: Competitors and Regulatory Hurdles - Other potential bidders such as Netflix, Amazon, and Comcast are seen as having various regulatory challenges that could hinder their bids, particularly concerning antitrust issues [5][8]. - Comcast's bid is complicated by its perceived anti-Trump bias through its network MSNBC, which may affect regulatory approval [6][11]. Group 3: Warner Bros. Discovery's Strategy - WBD CEO David Zaslav is attempting to appeal to the Trump administration to consider bids beyond Paramount Skydance, emphasizing free market principles [4][9]. - Zaslav has initiated a bidding process that could value WBD at up to $80 billion, with previous offers from Ellison being rebuffed [16]. Group 4: Financial and Political Context - Larry Ellison's wealth and his close relationship with Donald Trump are seen as factors that could facilitate smoother regulatory approvals for a deal involving Paramount Skydance [18][20]. - The political landscape and the administration's stance on media bias are critical considerations for WBD's board as they evaluate potential offers [12][15].

Core Viewpoint - A group of 55 Chinese consumers has filed a complaint against Apple Inc. for alleged abuse of its dominant market position in China, calling for regulatory investigation and corrective measures [1] Group 1: Allegations Against Apple - The complaint accuses Apple of practices such as forced transactions, product tying, anti-steering clauses, and charging excessively high commissions [1][2] - Complainants claim that Apple mandates the exclusive use of the App Store for iOS app downloads and its in-app purchase (IAP) system, imposing commissions of up to 30% [2] - The complaint argues that these practices infringe on consumer rights and constitute restricted trade and unfair pricing [2] Group 2: Comparison with Other Markets - The complaint highlights that Apple enforces stricter policies in China compared to more relaxed rules in the U.S. and EU [3] - In the U.S., a federal court has mandated that Apple allow third-party payment options, while in the EU, Apple reduced commissions to 10-12% after a €500 million fine [4] - Chinese users remain limited to Apple's IAP system, facing a 30% commission, while anti-steering clauses are still in effect [4] Group 3: Financial Impact - Chinese users are estimated to have paid $6.44 billion in "Apple taxes" in 2024, representing about 10% of Apple's revenue in China, compared to 8.8% in the U.S. and 4.6% in Europe [5] - Projections indicate that if lower commission rates continue abroad, China's "Apple tax" payments could reach $8.1 billion by 2026, making it Apple's highest-burden market [5] Group 4: Demands from Complainants - The complainants are urging regulators to open a formal investigation and have outlined three main demands: 1. Open third-party payment channels to Chinese users and waive all related commissions 2. Allow third-party app stores and web-based sideloading 3. Lower IAP commission rates to no higher than Apple's lowest rate in other global markets [6]

Core Insights - The favorable antitrust ruling for Alphabet's Google has allowed the company to maintain its core search business, positively impacting its stock performance and contributing 3.1% to the fund this quarter [3] - UnitedHealth's stock rebounded after a significant decline earlier in the year, adding 0.9% to the fund, driven by optimistic comments from the new CEO and investment interest from Berkshire Hathaway [4] - Progressive was the largest detractor in the quarter, reducing performance by 0.5% due to concerns over lower interest rates affecting investment income [5] Performance Summary - The Bretton Fund achieved a return of 8.21% for the third quarter, outperforming the S&P 500 Index, which returned 8.12% [7] - Over the past year, the fund's return was 8.92%, while the S&P 500 Index returned 17.60% [7] - The fund's inception date was September 30, 2010, and it has delivered a 12.89% return since inception [7] Portfolio Composition - As of September 30, 2025, Alphabet Inc. constituted 11.51% of the fund's net assets, making it the largest holding [11] - Other significant holdings included AutoZone Inc. at 7.11% and The Progressive Corporation at 6.84% [11] - The fund also held positions in major companies like American Express, JPMorgan Chase, and UnitedHealth, each contributing to the overall portfolio diversity [11] Investment Actions - The fund sold its position in Union Pacific Corp after nearly 15 years, achieving a 13% annualized internal rate of return [14] - The decision to sell was influenced by concerns over a pending acquisition that could dilute shareholder value and distract management from core operations [15]

Core Viewpoint - Paramount Skydance CEO David Ellison is cautious about overpaying for Warner Bros. Discovery (WBD) and believes he may not need to exceed $25 per share due to various factors, including support from Donald Trump [1][3]. Bid Details - Paramount has made an offer of $24 per share for WBD, with sources indicating the exact bid was $23.50 [2]. - WBD's stock rose 11% following the news of the bid, closing at $20.53, but Ellison has no plans to increase his offer above $25 [3]. Competitive Landscape - Ellison is advised that U.S. antitrust concerns and personal animosities will hinder rival bidders, particularly Comcast, which is led by Brian Roberts, a figure Trump reportedly dislikes [3][4]. - Comcast has shown interest in acquiring WBD but faces challenges due to its ownership of MSNBC and NBC, which are viewed unfavorably by Trump [6][12]. Strategic Considerations - Zaslav, WBD's CEO, has rejected three offers from Paramount, with the last being around $24 per share, and is aiming for a sale price of up to $30 per share, valuing WBD at over $70 billion [9]. - Internal advisors suggest that Ellison may consider a hostile bid if necessary, as they believe Zaslav has limited options [10]. Regulatory Environment - There are concerns that Trump's FCC would block Netflix's potential acquisition of WBD's streaming platform due to antitrust issues, as Netflix is the leading streaming service [13]. - Amazon is also interested in WBD's assets but faces regulatory hurdles due to a consent decree with the FTC [16]. Market Position - WBD has established itself as the No. 1 studio and has the No. 3 streaming service since its formation in 2022 through the merger of Discovery Inc. and Warner Media [10].

Core Argument - Apple Inc. is challenging the European Union's Digital Markets Act (DMA), arguing that it imposes excessive burdens that conflict with its rights in the EU marketplace [1][2]. Group 1: Legal Challenge Details - Apple's lawyer claims the DMA imposes "onerous and intrusive burdens" that affect its operations in the EU [1]. - The company is contesting the law on three main fronts: interoperability obligations for rival hardware, the inclusion of its App Store under the DMA, and the investigation into iMessage [2][4][6]. - Apple argues that interoperability requirements could jeopardize user privacy, security, and intellectual property rights [4]. Group 2: Financial Implications - The App Store has faced a €500 million ($581 million) fine for alleged violations of the DMA, which Apple is challenging separately [5]. - Apple previously incurred a €1.8 billion penalty related to allowing developers to direct users to make purchases outside its store [8]. Group 3: Market Impact - The EU's actions against Big Tech have resulted in over €9.5 billion in fines against companies like Alphabet Inc. [9]. - Apple's control over the iPhone has allowed it to secure more than a third of European smartphone users, according to EU commission lawyer Paul-John Loewenthal [3].

Core Insights - Warner Bros Discovery (WBD) is exploring the sale of smaller assets to avoid a breakup, with its stock up 91% this year and potential for a further 50% increase to a market cap of $75 billion [2][3] - The company has rejected two takeover offers from Paramount and is now considering strategic alternatives, indicating a likelihood of being sold in parts [4][8] - The potential acquirers include Netflix, Paramount, and Comcast, each facing unique antitrust challenges that could impact their bids [5][7] Company Overview - WBD is a major player in streaming, film production, and cable, with 116.9 million streaming subscribers and a reach of 1.1 billion global viewers [6] - The company is burdened with $34.6 billion in debt and is experiencing a decline in linear TV viewership, making a sale more appealing [7] Potential Bidders and Antitrust Issues - **Netflix**: Faces a 50% to 60% chance of approval for a bid, but would likely not acquire all assets due to financial constraints. Antitrust concerns arise from a combined streaming market share of 35% to 40%, which could be mitigated by content licensing agreements [5][11][13] - **Paramount**: Has a 30% to 40% chance of approval, but would need significant funding and could face high antitrust risks due to market concentration, requiring divestitures of $15 billion to $20 billion [5][14][16] - **Comcast**: Less than a 10% chance of approval due to high antitrust risks associated with vertical integration and previous regulatory blocks on similar mergers. Required divestitures could exceed $50 billion [5][17][19] Analyst Perspectives - Analysts are divided on the likelihood of a Paramount bid succeeding, with some suggesting it remains the most credible option while others express skepticism about Paramount's standalone future [20][21][22] - Amazon and Apple are also mentioned as potential bidders, indicating a competitive landscape for WBD's assets [20]

Core Viewpoint - Warner Brothers Discovery is exploring potential sale options, with Paramount previously rejecting a bid close to $24 per share, which was surprising given its previous stock price of $12 [2][3][4]. Bid Details - Paramount received a bid that was 80% cash and 20% stock, with the last offer being very close to $24 per share, but it was rejected for the third time [3][14]. - The board's unanimous decision to reject the bid indicates a strong belief in achieving a higher stock price in the future, possibly through a stock split [3][4]. Market Dynamics - There is speculation about other potential buyers, including Netflix and Comcast, but the likelihood of a successful bid from these companies remains uncertain [5][9]. - David Zaslav, CEO of Warner Brothers Discovery, is reportedly firm on a minimum price of $27 per share, which may be challenging to achieve given the current market conditions [6][14]. Regulatory Considerations - Any merger involving Warner Brothers and Universal would likely face scrutiny from the DOJ, similar to past cases involving AT&T and Warner Brothers [11][12]. - The regulatory environment may favor Paramount due to its close ties with the current administration, potentially easing the approval process for any future deals [14]. Industry Sentiment - The media industry is currently viewed as less attractive for investment compared to other sectors like AI, housing, and energy, with a focus on growth and market share being paramount [15].

Apple and Alphabet’s Google were designated with so called strategic market status in the UK, exposing the US firm’s mobile ecosystems market to deeper scrutiny from the country’s antitrust watchdog https://t.co/XOTgbMlDKU ...

Core Viewpoint - Apple faces a complaint from two civil rights groups to EU antitrust regulators regarding its App Store and device terms, alleging violations of significant regulations aimed at promoting competition and consumer rights [1] Group 1: Complaint Details - The complaint was filed on Wednesday, highlighting concerns over Apple's App Store practices [1] - The civil rights groups argue that Apple's terms and conditions may breach landmark rules designed to ensure fair competition [1] Group 2: Regulatory Context - The complaint is part of a broader scrutiny of major tech companies by EU regulators, focusing on antitrust issues [1] - This action reflects ongoing tensions between large technology firms and regulatory bodies aiming to enforce stricter competition laws [1]