One of the benefits of investing abroad is discovering companies in highly profitable industries that don’t exist in Australia. We don’t have ad-free satellite radio in Australia due to our small population spread over a huge landmass, but in the US the number of people with a satellite radio subscription has nearly tripled over the past 10 years. Up until the GFC, two companies, Sirius Satellite Radio and XM Satellite Radio, fought bitterly for satellite radio supremacy in the US, spending a combined US$450m per year on content. Neither was making any money, until the two received regulatory approval to merge in 2008. Since 2009 the combined company, Sirius XM, has increased free cashflow from US$185m to US$1.1bn in 2014. In the latest annual result revenue increased 10% and free cashflow swelled by 25%. Read more: (VIEW LINK)