Industry Overview - Linear TV is experiencing a decline due to the rise of streaming services, indicating a significant shift in consumer behavior and media consumption [1] - The film industry is also struggling to maintain relevance in a world dominated by streaming and social media, with the global box office having peaked in 2019 [1] Investment Strategy - The focus is on investing in companies with strong qualitative attributes, purchasing them at attractive prices based on fundamentals, and holding them for the long term [2] - The investment approach involves managing a concentrated portfolio aimed at avoiding underperformers while maximizing exposure to high-potential winners [2] - Companies may receive a 'Hold' rating if their growth opportunities do not meet the investor's threshold or if their downside risks are deemed too high [2]