You're listening to TI P.

On today's show, we have David Trainer, who's the CEO and founder of New Constructs.

David's company specializes in reverse accounting distortions on the underlying economics of business performance.

This means he assesses the core impact on stocks when accounting rules or corporate actions appear to have an impact on earnings and competitive advantage for the business.

And on today's show, we're going to be having an in-depth conversation about a really popular stock, the Walt Disney company.

So without further delay, here's our conversation with David Trainer on Disney.

You are listening to the Investors podcast where we study the financial markets and read the books that influence self-made billionaires the most.

We keep you informed and prepared for the unexpected.

Welcome to today's show. I'm your host, Stig Brodison. And as always, I'm here with my co-host, Preston Pesh.

As we said, there in deduction, we are very excited to be here with David Trainer from New Construct.

David, thank you so much for being with us here today.

Thanks for having me.

David, we're really excited about today because today's topic is Disney.

And for you guys out there, I've been watching David on real vision here quite a few times.

And he has some very interesting thoughts about Disney.

My confession before we start is that we should have this interview already back in February whenever David was so bold to go on record, whenever Disney was trading around $110 and say,

there's a lot more value to gain here. So lo and behold, here we are recording mid-December and Disney is now trading 147.

So today we are looking behind the thesis of Disney and perhaps see if there's still some value there.

So David, whenever we think of Disney, someone as my thing of the latest model movie or traditional Disneyland,

however, as investors, we can't be too emotional and we need to analyze the different segments of the business.

So we have media networks, parks and resorts, studio entertainment, and now also consumer products into active media.

Now, could you please define the different business segments for us?

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