Yes, agreed. This was always the risk. Any investor here always...

Yes, agreed. This was always the risk. Any investor here always had to do so, at the very least until recently, with the base case of revenue fade. I can't imagine anyone entering this space otherwise. We always knew that the challenge of the DTC era imposed reduced margins as well as reduced sub's (double wammy). That was always the known unknown. But much as I like to think I always look down before looking up, a sensible appraisal does also requires one to look up (though cautiously). So for me, that was about a recognition that the surge in capital-markets funded competition (a la Netflix) would one day subside (even if not reverse), and that the now internally funded (by traditional players) content competition (avalanche) would eventually outgrow eyeballs - and that the holders of those eyeballs may have found themselves to be holders of greater market power than what financial markets had been valuing.

The point I'm making is that once all the dust settles, and market participants emerge bruised & less enthused, they may start seeing things a little differently. And what's more, whether or not these dynamics play out, was never going to be dependent on whether or not SKT was run by a ham sandwich.