Liberty

Thanks for the notes, hellsten! :)

The problem is when the owners are the one buying out everyone else.. Right, I think my brain skipped that last part about holding ratio... Not sure how to mitigate management lowballing you, except maybe to look at historical undervaluation; has it been very cheap in the past? If they didn't pull the trigger then, it might be an indication that they won't in the future and prefer staying public, though certainly not a guarantee...

http://nymag.com/daily/intelligencer/2013/09/gta-vs-stock-trading-platform.html :P

The first thing that comes to mind is how much skin management has in the game. If they don't own much stock, acquirers can dangle shiny things in front of them to convince them to support a sale. If they own a ton of stock, suddenly a lowball offer doesn't seem so attractive anymore... I'm no expert by any means, but this is what I would look at first.

Thanks for the recommendation. The hardcover is incredibly cheap on amazon.com (but not .ca) for some reason.

Thanks, that was a good read. Reminds me of Pirates of Silicon Valley, which dramatizes that pariod: http://www.imdb.com/title/tt0168122/

Gio, I'm not sure that anything Brooklyn Investor wrote goes against what you're saying. Are you speaking in general, or about something specific in that piece?

The always excellent Brooklyn Investor on tapering, Schiller's P/E, market overvaluation, etc: http://brooklyninvestor.blogspot.ca/2013/09/tapering-market-overvaluation-etc.html

Thanks, subscribed to both. That'll be a change from tech podcasts :)

Thanks!

Yeah, it's evolutionary psychology 101. Won't change any time soon, though on the individual level it's possible to become conscious of these traits and try to reign them in. Also, some people are more 'tone deaf' to these things than others (ie. I tend not to give a crap about all that signalling stuff, but who knows if that's just a contrarian type of signalling, showing that I'm above all that, so I must be cool, right?). Heh.

Ok, thanks. The "...future nobody wanted" part made it sound a bit too Michael Moore-ish for my taste :)

The title makes it sound highly critical and kind of anti-business. Is it just the title, or is that the overall tone of the book?

I looked at VRX when gio suggested it earlier this year at the $70's. I could not understand it, so I didn't invest. What is your thesis on that? +1 Really curious to get your thesis and estimate of IV. I find it really hard to figure out how much it is reasonable to pay up for good businesses...

The noise they make disqualify them for me. Have you found near silent models? I haven't.

In quebec, GSHPs will make more sense in the vast majority of cases. When we get a house I want one.

:D

GSHP are a great way to make your heating and cooling more efficient, but they don't really compete with solar systems because they don't produce power.

http://news.nationalpost.com/2013/09/20/dairy-queen-employee-receives-international-attention-after-act-of-altruism-goes-viral/ Feel-good story of the day :)

Thanks! I caught the back half yesterday. This reminded me both of how much I enjoy listening to Warren and of how awkward Moynihan can sometimes be when speaking publicly (doesn't finish all his sentences, etc).

What a character. Philip Seymour Hoffman could play him in a film. Thanks for sharing.

That would be my guess.

Can you tell us if a thread exists about it on the investment board? ;)

Thanks!

Welcome to the forum, thanks for posting. :) You are very articulate in front of the camera. That wasn't your first TV experience, was it?