jgyetzer

MSG, IAC

I do to a very small extent - enough for margin interest deductions to negate the taxes on investment income which is not large in relation to the portfolio value. JY

CMCSA I am probably being overconfident, but the market seems to keep offering favorable opportunities to buy broadband providers based upon performance of other, lower margin segments (i.e. video)

IAC. I think the uncertainty over how the spinoff will proceed has created pressure on the stock price.

Brilliant

1/3 CABO position. Just valuation.

Have any of you given thought to how your behavior in investing and/or work might change if Warren were elected? Do you think you’d spend more as opposed to investing? Work less and enjoy your time more? If she had her wish list, I honestly do think I’d become more of a hedonist. I wonder if other professionals would consider the same types of changes and what that would mean for the economy and culture. What are the second order effects?

Data Railroad

Muscleman, that is pretty much how I think about it as well. Maybe it’s because I have a hard time nailing down intrinsic value with precision. I’m lucky to find businesses in which I am confident that over time, earnings and returns will be satisfactory. Because those are rare, it’s hard to sell unless I am very certain of full or overvaluation. I’m usually uncertain that another opportunity to own it will present. However, if someone is excellent with valuation precision and feels the likelihood for future volatility is high it makes perfect sense to increase or lighten exposure based upon variations in price/value. I’m just not that good.

Also, what percentage of your portfolio are you comfortable committing to these types of strategies? Although annualized gains on a single trade might look good, if you can only apply this to a small portion of overall portfolio the returns on your time and stress seem limited.

Parsad, Are you saying this is a problem for the companies excluded from indices? Seems like it might create volatility for both included and excluded issues for different reasons. Sounds like possible opportunities to me. Are you worried?

All those tools and analyses focus on strictly informational advantage. What about advantages of time horizon and emotional stability? I think it's John Huber that wrote a nice blog post along those lines...

Spek, can I ask why you prefer LBRDA and CHTR vs GLIBA? Concern about the GCI operating business? The NAV discount appears to be higher otherwise...

Anything in particular that makes you think so?

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