Comcast 4Q14 Earnings Call Notes

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Each week I read dozens of transcripts from earnings calls and presentations as part of my investment process. Below are some of the most important quotes about the economy and industry trends from the transcripts that I read this week. Full notes can be found here.

Let’s not use 1930’s regulations on the internets

“obviously there has been a lot of discussion around broadband and the regulatory environment. So let me just say that our past comments on the unnecessary risks associated with applying 1930 style regulations to something as dynamic as the Internet remained the same. We are absolutely for a free and open Internet. We even agreed on what President Obama and Chairman Wheeler say should be in the rules, transparency, non-discrimination, no blocking, no throttling and no paid prioritization and we’ve been consistent in communicating our agreement with those principles.

The disagreement boils down to what legal authority the FCC should use to put in place these rules. We think the Title II regulation is antiquated and has real downsides so our attention just like everyone else is on the actual text to the order, the upcoming vote, the strength of forbearance and ultimately the commission’s focus on preservation of incentives for the private sector to continue to invest aggressively in broadband.”

Cable network rating pressure greater

In terms of the cable network business I think what we’re finding is throughout the entire industry is that the ratings pressure is greater than it was a year or two ago which means it is going be a tougher business to grow we still think it is a growable business very healthy business.”

“the growth prospects as we mentioned in the last call are unlikely to be as good in the next five years as they’ve been in the last five. “