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ValueMaven

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  1. https://www.barrons.com/articles/apple-stock-berkshire-hathaway-51638371498?mod=hp_DAY_7
  2. wow - just picked up $10K today and will pick up another $10K 1/1/22. I'm treating this as cash plus. It's just sitting in a bank earning nothing anyway and I'm not using the cash over the next 12M+ anyway. Really interesting.
  3. I have the spread on LSXMK to its underlying right now at 31.2% - this is very wide given all of the positive things going on here. Will be interesting to see how this plays out over the next few quarters!
  4. Cable Cowboy address this and various trackers, and how Malone monetized these over long periods of time in great length. It is a great read. Even look at the swap they did with Berkshire 2 weeks ago to minimize taxes and allow for possibility for an ATB in the future .... This is a great interview too - where he addresses trackers. BTW: LSXMK is Malone's second largest position outside of Liberty Broadband
  5. Totally disagree. Look at Liberty Broadband. All of those companies listed above are VASTLY different/materially more COMPLEX then LSXMK - which has ONLY TWO major assets - both of which are publicly traded: 80.2% stake in SIRI, and 32% stake in LYV. Short term investors were expecting an ATB announcement at Liberty's Investor day - it didn't happen (if that occurred there would have been massive NAV compression right away). All Maffei talked about was 'optionality and flexibility'. Study SIRI and you realize its a very under-appreciated asset with great management team. I think Liberty's cost basis is like 12 cents a share lol. SIRI stock is fairly illiquid, as is LSXMK ... there are some major long-term holders (Berkshire which just increased its stake, Klarman, Horizon Kinetics etc) in there who see how this plays out - and are not selling. Multiple ways to win right now at these levels: ATB spinout, Continued SIRI/LSXMK buybacks, No tax leakage anymore, NAV compression etc
  6. no - not really. depends on how you define significant. much more of a utility infrastructure type of company. BHE's annual fixed income presentation is a decent place to start .. then dive into the Q's -- https://www.berkshirehathaway.com/BHE2021InvestPresent.pdf
  7. LSXMK is dirt cheap with a 10% FCF yield look-through. I've been buying a lot recently, given that Liberty is now above 80%. Several ways to win here currently. NAV spread is basically 30%, SIRI buybacks which LSXMK sells into, SIRI divy is used to buyback the tracker, and a possible ATB offering. All are highly likely IMHO.
  8. Apple has been on a total tear recently -- up about 18% since 10/4 - while BRKB is down 1% ... lol
  9. really, really interesting. thanks for sharing!
  10. so try writing at the MT&O office? This has me really interested now..
  11. Call this crazy - but Sempra Energy has really underperformed this year. I'd love to see BHE acquire Sempra and roll it up into BHE. Huge asset base, fairly efficient utility with a strong electrical and natural gas infrastructure business as well. Also the Oncur asset in TX that BHE missed out on. I realize this wont happen - but would be a great transaction all around. Management has a great track-record as well.
  12. I plan on writing to Charlie about this. I'm sure he has them somewhere. It would be a true treasury to read. Anyone know the best way to contact him
  13. Seems to me that both Liberty Broadband and Liberty Sirius are very interesting and attractive in their own right. You have unique drivers for both. Charter is buying back a ton of stock which Liberty is required to sell into and now Liberty owns north of 80% of SIRI. I still find LSXMK very cheap.
  14. Not likely at all IMHO. Why rush when Mr. Market is not giving you a bargin? The operating business is booming, they are retiring a ton of stock, and cash is at a record high. Ted Williams strike zone anyone? I dont think so...
  15. At its peak - I wonder what % of Teleydne's operating income was spent on buybacks ?? Did Teleydne ever pay a dividend? Also, it looks like CAPEX for Berkshire for the first 9M's is $6-7B, so clearly they are reinvesting back into the business as well.
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