Group 1 - Sphere Entertainment (NYSE: SPHR) is a hybrid live-entertainment and media company that features the most advanced immersive venue [1] - The company continues to operate its legacy MSG Network business, which is experiencing declining subscribers and significant debt [1] Group 2 - The investment analysis emphasizes the importance of identifying high-quality and/or severely mispriced investment ideas [1] - A successful investment idea is characterized by the ability to intuitively recognize great companies at great prices [1]