I can't quantify the upside around a buyback, but there's...

I can't quantify the upside around a buyback, but there's certainly very little downside here.

The biggest drop in advertising revenue from any recession was ~9% in 2008. A 15% reduction in revenue should lead to about a 50% drop in earnings (hard to quantify the op leverage).

Even so, that would still leave SWM on a single digit multiple, at the bottom of the cycle, with a clean balance sheet and likely the strongest performing BVOD biz going around.


I get the feeling my position should be bigger...