ValueMaven

SIRI surprised the market and is buying back another $2B of stock. This will take Liberty’s owernship over 80% over the next quarter or two. At which point the cable cowboy will literally merger the LSXMK into SIRI or use SIRI’s tax free cash flow to buyback stock aggressively. It’s fairly obvious to me the NAV spread will collapse over the next 12M’s IMHO

With all due respect - this statement is a bunch of FTC BS. How pompous.. . “Although this outcome preserves competition, it is disappointing that the FTC had to expend significant resources to review this transaction when we previously filed suit in 1995 to block the same combination. Questar Pipeline attempted to purchase a 50% share in the Kern River Pipeline but the parties abandoned those plans shortly after the Commission’s suit. Given our prior action, and the even closer competition that developed between the pipelines since then, this is representative of the type of transaction that should not make it out of the boardroom. The Bureau of Competition will be actively exploring its options on how to curtail this type of re-review to better deploy the Commission’s scarce resources.”

For what its worth Kern River has turned into a MASSIVE homerun for BHE. Whatever the case might be, still 80% of the deal got done. It is what it is.

yea; but only 20% of the total value. slightly disappointing - but at least they closed on the majority of the assets

First time seeing this ... thought I'd share

AAPL hit an ATH a day or two ago. Getting very little press. This is has turned into a massive homerun for Berkshire. Warren knows the consumer extremely well.

How do you even figure that?? OXY gave him a sweetheart deal. Not many places (any!) that can give you $10B of capital in an hour.

I have not looked at Hersey's valuation in years. Might be worth reading the 10K tonight - but it seems like a stretch. CEO could simply be in town for an event. Or maybe a deal with Warren. I'd love to know the hit rate on these type of calls. I mean the OXY spotting was dead-on. Speaking of which - given the rally in oil - that is looking like an awesome deal.

His Dillards call has been a massive homerun recently as well.

His track-record as the GP of Peninsula Capital has been widely talked about. Massive outperformance in a concentrated way. Had a massive homerun in WR Grace - buying it below $1 in chapter 11, and riding it out until over $50+. This is all from memory - however, I know this topic was covered extensively here in the past

Factor in the time value of money, the fact that nothing is happening here for YEARS, and I fail to see why FNMAS should be trading for anything over $1

https://www.barrons.com/articles/warren-buffett-filing-indicates-berkshire-hathaway-bought-back-6-billion-of-stock-in-2nd-quarter-51624487156?mod=hp_LEADSUPP_1

Source on the CNBC interview? That would be awesome. Regarding Hershey - I dont know enough. I know Buffett has sung the praises of Mars for years

Given todays ruling even $2.50 is rich for FNMAS. Talk anchoring and time value of money. Brutal.

Bet against Malone at your own discretion. Several catalysts here - one of which is the 80% threshold which they will hit in either 4Q21, or 1Q22 - in which case Liberty can start aggressively buying back shares - with zero tax leak (same tax filing). Also SIRI current guidance is likely conservative - but that might be priced in already. Capital allocation (buybacks at parent or holdco), and tax status will be key here. Will be interesting to follow this regardless.

wow - couldn't disagree more. Look at the margins. Look at results during and through the covid quarters. Look at the subscriber base. Look at how they are reducing the share-count. Malone and Maffei have recently called SIRI a 'great business'. You need to understand the benefits of talk radio, and the value SIRI offers vs. the cost. I think more than the P transaction, was the LiveNation deal they did...which is now up a lot - but the market isnt given them credit for it at all. Next few quarters will be interesting.

The more I study the Sirius situation, the more the tracking stock intrigues me. Earnings in late July will be very, very interesting.

great find! Thank you

I'm glad the stock stopped running higher actually.

Texas grid operator urges electricity conservation as many power generators are unexpectedly offline and temperatures rise https://www.texastribune.org/2021/06/14/texas-power-grid-conserve-ercot/

Bought LSXMK. 35% discount to underlying - which is wider then normal. 77% ownership of SIRI now, and closing in on 80%.

Looks like Blackstone is going to acquire Medline. Depending on valuation, this is just the type of business that would have been a perfect home for Berkshire. https://www.wsj.com/articles/group-including-blackstone-nears-deal-to-buy-medline-for-over-30-billion-11622910788?mod=markets_lead_pos1

https://www.wsj.com/articles/texas-electrical-grid-bigger-disaster-february-freeze-black-starts-11622124896?mod=searchresults_pos6&page=1 This is an extremely interesting article on a topic I knew nothing about. Basically Texas was very close to having a total grid failure. Hopefully this report - which has over 600 comments - highlights the need for reform in their power market. Still optimistic that BHE is involved somehow in a solution. The ideal high CAPEX, fixed return type of capital outlay we love to see.

way to many adds on the new site. Please bring back the old structure!!

We should find out tonight who the mystery A share buyer has been. The position size will likely be between $5B - $7B. I really do wonder who it might be.