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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Terrapin who wrote (11640)	12/25/2000 12:42:56 PM
From: jhelmers	Read Replies (1) \| Respond to of 78611

Terrapin- LMGA, as you said, is Malone's media investment vehicle. He has the vast majority of his net worth tied up in the operation. It currently trades at a discount to the sum of the publicly traded parts (22% discount was my best estimate the last time I calculated it). The problem is ascertaining the value of each of those investments. LMGA is the largest single investor in News Corp., a large shareholder of AOL/Time Warner (which I am not enamored of at these prices); owns stock in USAI (which I am enamored of); and owns quite a bit of CD as well as a multitude of other mostly media and communications type holdings. If one could get comfortable with the valuations of majority of the underlying companies he owns, I think this is a great way to get a diversified exposure to the media sector. Currently, this is a small position for me if only because of the complexity and my lack of full understanding. I do fundamentally believe that difficult to understand securities often are misvalued and thus provide the greatest opportunity. I just have to get a greater comfort level. I took a brief look at COMS and it certainly looks cheap at first glance. I just don't know anything about the viability of its various businesses. Happy Holidays, john