The Walt Disney Company
Thesis
Buffett describes his early investment in Disney as acquiring significant value at a low price, highlighting the company's strong content portfolio and pricing power through ESPN. He notes that Disney's control of important content leads to sustained pricing power, making it a valuable long-term investment.
Did it work?
No price performance data or time elapsed is provided, so the return component of the thesis cannot be evaluated. The thesis itself is a general long-term value argument about Disney's content library and ESPN pricing power, with no specific catalysts, price targets, or stated horizon to check against. While Disney's content-driven pricing power was a real dynamic for many years, without data on the pitch date, holding period, or subsequent performance, there is no basis to confirm or invalidate the thesis.