Transcript
Introduction
Matt
Welcome back to Business Breakdowns. This is Matt Reustle, and today we are breaking down the communications giant, the infrastructure asset that is American Tower. To break down American Tower, I'm joined by William Heard, founder and CIO of Heard Capital Management.
William founded Heard Capital in 2011. Today, the firm manages $2 billion in assets, holds about 15 to 20 names, and has a very specific criteria for investing in companies. We cover AMT from all angles here—the long-life physical assets that underpin the business, the contracted and highly visible revenue stream that also has low churn, the secular growth story not just in mobile communications but in data usage broadly, and some of the micro-dynamics like incremental margins, M&A, balance sheet management, and capital allocation.