In short: A full exit, in profit, because the optionality has been paid for. "We're exiting SKM. You know, we've done really well in this name. We're just worried about this AI slowdown and panic after Dario's letter being published." The original trade: "a high asymmetry deep value proxy trade, a dividend-paying Korean telecom holding 3.7 million shares of Anthropic, giving massive private exposure relative to its $15 billion market cap." Why now: "the arbitrage now is closed. At its lows of 19 to 20… SKM was fundamentally dirt cheap, providing Anthropic optionality for near free. Now it's rallied to 38 to 40 range. The stock was already pricing in a neutral core telecom at 11 billion for the core business, plus Anthropic at a private mark of 1.7 trillion… so it's fully priced in." The deck's framing of the flipped asymmetry: holding at peak "means you no longer hold a pure 'free option.' You hold a Korean telecom trading near fair value, carrying single-stock Korean market discount risks… and downside exposure to any private valuation markdown." Execution: "we're selling in the pre-market near highs as Anthropic is fully valued… even if they open a little bit lower, I'm not worried about it" — and the door left open: "if you need to buy it cheaper, you can always buy it cheaper" (deck title: "Can Re-enter Later").
SK Telecom is South Korea's largest mobile phone company. It also owns about 3.7 million shares of Anthropic, bought as an early investment. For ordinary investors who cannot buy shares in a private company, SK Telecom was a back door into Anthropic.
When Singh looked at it near $19-20 a share, the market was valuing SK Telecom as if it were just a phone company, with the Anthropic stake almost free. That is the kind of mispricing he looks for. The shares have since doubled to $38-40, and at that price, by his arithmetic, the market is paying about $11 billion for the phone business plus a value for the Anthropic stake that implies Anthropic itself is worth about $1.7 trillion. The free part is gone.
With Anthropic's chief executive now talking about slowing AI development just before a planned stock-market listing, Singh thinks the listing will be delayed and doubts Anthropic will be valued above that level soon. Owning SK Telecom at the top would mean holding an ordinary Korean phone company at a full price, plus the risk of any cut to Anthropic's valuation. So he sold everything in pre-market trading near the high — and notes that if the shares fall back, he can always buy them again more cheaply.
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