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

To: Jurgis Bekepuris who wrote (53538)	3/3/2014 4:36:06 AM
From: Shane M	Read Replies (1) \| Respond to of 78625

I have increased my positions in Malone companies, by buying LINTA, LBTYA, STRZA, DISCA and adding to LMCA. Hi Jurgis, have you posted anywhere the macro/"big picture" thinking on Liberty (or if there's a particularly good analysis you've read)? I've noticed Paul Tudor Jones has had an oversized position in LINTA for a long time, but it's one that I haven't been able to figure out. I don't understand the appeal of QVC and Home Shopping network so that's probably part of my problem. Scripps (SNI) is the only holding in this area that i have. I chose it over DISCA which I also considered, but did so mostly because of valuation metrics, but I admit to personally liking Discovery channel programming better.

To: Jurgis Bekepuris who wrote (53538)	3/13/2014 2:10:18 AM
From: Spekulatius	1 Recommendation Recommended By Mattyice Read Replies (1) \| Respond to of 78625

In a way LMCA is cheap, since it trades below the value of it's holdings. There is 50% in Sirius, 26% in Charter (+some warrants to buy more) a Livenations stake and some odds and ends like TruePosition. The public holdings are valued at more than 18B$, minus ~800M$ in debt, while the market cap is ~14.6B$. So we have at least a 20% discount to NAV based on the public holdings alone, and the odds and ends are worth something as well. Adjusted FCF target for this year is ~1.1B$, so that is a 7.5% yield on the market cap, (if you believe the heavily adjusted numbers). These are pretty reasonable valuation numbers based on several metrics. Then, last not least, you are riding along with one of the best jockeys in the media business. I think it deserves some consideration even from a value perspective, especially considering that Malone is running the company and has been compounding value at a 33% clip since the spinoff.

To: Jurgis Bekepuris who wrote (53538)	4/7/2014 12:08:02 PM
From: Jurgis Bekepuris	Read Replies (3) \| Respond to of 78625

My top (>2%) positions in no particular order: MGDDY, JPM, MHNC, GLW, DRAGF, BKLN, LMCA, CF, BRKB, WDC. In: LMCA - bought more Out: Fixed income: ~16% Cash: ~15% New positions: SMTUF, AGIIL, VRSN Positions increased: LMCA, DISCA, BAMXY, BAC, GS Positions reduced: TSCDY, BASFY, PFHO Positions eliminated: EVK.DE, TWC, GAME Flip-flop: Not much valuation change in the market, which is somewhat surprising considering volatile international situation. It seems that bulls still somewhat rule the US stocks at least. In fixed income, I bought some AGIIL - not very cheap, but nothing is. In stocks, I am still a bit of net buyer. Part of it is additional money coming in although my cash/fixed income percentages dropped a tiny bit. I sold EVK.DE - not great results and I did not have high conviction about the company. I sold TWC - decided that putting more money into LMCA/DISCA makes more sense. I sold the last bit of GAME - decided that tracking it is not very interesting anymore. I reduced position in TSCDY based on low conviction, BASFY - valuation and Russian involvement. PFHO is still great performer, but the stock is expensive and I continue to sell as it runs up. I increased positions in BAMXY, BAC, GS - still reasonable valuations. BAMXY also partially replaces EVK/BASFY German exposure. I opened two new positions. I liked valuation of Spekulatius' SMTUF. I bought some VRSN - reasonable valuation (not cheap!) and Buffett lieutenant exposure. Also posted on my blog: buffettstocks.blogspot.com