In the said letter, NZS Capital spoke about ViacomCBS Inc. (NASDAQ: VIAC ) and Walt Disney Co (NYSE: DIS ) stocks. ViacomCBS Inc. (NASDAQ: VIAC ) and Walt Disney Co (NYSE: DIS ) are media companies. Year-to-date, ViacomCBS Inc. (NASDAQ: VIAC ) stock lost 39.3% and on July 15th it had a closing price of $24.95. Year-to-date, Walt Disney Co (NYSE: DIS ) stock lost 18.0% and on July 15th it had a closing price of $120.90. Here is what NZS Capital said: