ValueMaven

https://www.bloomberg.com/news/articles/2021-12-09/inflation-near-40-year-high-shocks-americans-spooks-washington

Started a position in Liberty Broadband today given the sharp pullback in Charter and Broadband over the past several months

https://www.bloomberg.com/opinion/articles/2021-12-07/the-secret-is-out-on-7-12-inflation-protected-bonds

Bottom line is that Buffett is sitting on a massive homerun/pool of liquidity ... think about it - Berkshire is getting $1B a year alone in dividends + Apple's buyback. I just wonder how big of a position this will grow into. It's about 45% of the equity portfolio alone.

Apple hitting another ATH right now at $171 vs. Berkshire's cost of ~$35 or so just 4 years ago. This is becoming a very high quality problem for Warren

Teleydne 2.0 - and maybe more powerful given the stability and size of the operating businesses ... and there is massive optionality with the cash pile

Just found this article for the collection as well. Very well written: https://rationalreflections.substack.com/p/earning-a-risk-free-7-return/comments

Just look at Malone's largest economic stakes. He has ~$900M in Liberty Broadband, and ~$900M in Liberty Sirius - which is about 40% of his public equity exposure is in just those two stocks. I might be off slightly on that - but I think its correct. Those are his 2 largest positions by a wide margin.

Thx - I've had trouble finding the specific reference rate as well ... outside of the update the i Series provides

What is a good site to track the reference CPI U rate here in these i Bonds?

Spot on. Well done.

LSXMK - I am very long

https://www.barrons.com/articles/apple-stock-berkshire-hathaway-51638371498?mod=hp_DAY_7

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.

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!

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

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

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

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.

Apple has been on a total tear recently -- up about 18% since 10/4 - while BRKB is down 1% ... lol

really, really interesting. thanks for sharing!

so try writing at the MT&O office? This has me really interested now..

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.

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

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.