Early call - Start of the greatest bull run Sky has ever seen., page-22

For sure.

And I share a similar sentiment about the 5 year rugby deal. A lot was made about the issuance of shares etc. However the share component ensured Sky kept the cash obligation to a reasonable and manageable increase from the previous deal.

At the time I had some reservations about issuing what I perceived to be undervalued shares. I came to the conclusion it was a necessary evil though - and the alternative (to lose rugby) would be much worse.

And according to Mr Market, we now see that Sky paid for a significant part of the rights to a very popular sport with significantly OVERVALUED shares. Another inadvertent shrewd deal...for Sky...