Following the Formula One (FWONA)/Liberty SiriusXM (LSXMK) reattribution, I am incrementally negative on the Liberty SiriusXM trade (see my prior article on buying LSXMK as a play on a narrowing discount). Instead of a Sirius XM (SIRI) pure-play, LSXMA now appears to reflect a closer long-term strategic alignment between Sirius XM (music) and Live Nation (LYV) (live entertainment). Further, the increased complexity and lower liquidity within the tracker has, rightly, driven the NAV discount toward the upper-end of the 30% range. With a pending rights issue and