jay21

Are you sure it wasnt just rolling old TWC exposure into CHTR post acquisition?

Yes - both generate lots of cash and can raise capital at their levels. I think Terravest maybe a roll up so that may take the bulk of their acquisition time.

Anyone see a good transcript floating around?

Remember to account for leverage when thinking about NAV discounts. Higher leverage = higher risk means a bigger discount makes more sense.

Any thoughts on the broadcasters? Seems to be the type of security you would look at Thanks

Are their newsletters public?

You should read the latest GLBL 8-K. Lots of disclosure: http://www.sec.gov/Archives/edgar/data/1620702/000156761916002097/s001258x1_8k.htm I think GLBL is a good value and can 2-3x from here but agree theres some chance of a zero.

Packer - what are your favorite REITs here? Any thought on some of the more popular names in the value community (eg SRG and NRF)? Also - I think Viacom is pretty risk given the execution needed to turn that business around. Think DISCA is a better R/R.

Buying futures. See portfolio insurance, which was the rage during that time: https://en.wikipedia.org/wiki/Portfolio_insurance

You may want to look at SUNEs delays as well.

Agree - I would focus on building my resume if I knew what I wanted to do after school. Whether that's trying to join a professional club, a community service organization, independent study etc. And if you are in a leadership position (or works toward one) or do something distinctive you are setting yourself up for a great discussion in an interview. You can also do manual labor in addition to a professional job or one of the other activities I noted above.

Sure, my response was totally childish. I just thought saying my comment didn't make "any sense" was a bit rich considering your prior attempts at prognostication. But neither of us have earned super forecaster status. And again, you're ignoring my point that it is difficult (albeit not impossible) to believe both 1) Valeant is delaying the 10k because internal controls have broken down, and 2) the eventual 10k will only involve the Philidor revenue restatement. Yes, you can square that by saying internal controls have broken down BUT turns out things were fine except for this revenue issue despite the lack of internal controls (and senior leadership setting unrealistic performance expectations). And if that proposition seems logical, then you should buy more. Sorry - I tend to be blunt and to the point on forums / Twitter. Just more efficient communication; not trying to offend / belittle anyone. I keyed in on the PwC would be finished with their audit by March 15. I am very familiar with auditing. That is not true. Typically auditors are still working the day before the company files (and on the day tbh). Whether or not that means there are more restatements, I have no idea and wasn't trying to guess. Just trying to provide more color on the audit process.

Isnt most of the tangible asset in AM in the form of contributed investment capital ($400m in Folger Hill)? Investment gains/losses will affect that value

Im not sure if posting my old comments in this thread are meant to discredit me? They seem pretty tame. I generally try to stick with facts and I dont see too much inaccurate there. And Im points above were meant to help you think through the delayed 10-k. On some of your pts, you know that when scoping an audit you place reliance on the clients internal controls, which in part determines your sample size and materiality thresholds? If you have information that contradicts your initial reliance, you have to rescope the work, increase the sample size, and audit more. Also, this company probably got put on their "at risk" client list, which means more auditing.

You mean April 29th? Agreed. This needs to be nipped in the butt. However, im still of the opinion that i have no opinion. Perhaps i should be more skeptical. Fair enough, it may not have metastasized although all the language about deficient internal controls appears to be Valeant saying we're not entirely sure if it's metastasized. I meant that I think, and people have disagreed about this with far more knowledge than I here (http://cafepharma.com/boards/threads/glossary-of-hostile-takeover-terms-with-discussion.559657/page-44) that PWC, as a large auditing firm, must have been ready with its audit on March 15th and that it is Valeant who is choosing to sit on the audit rather than release it and is using the "work of the ad hoc committee" as an excuse for the delay. The alternative is that PWC hasn't been able to complete their audit because they're waiting for the ad hoc committee. I don't understand why PWC's financial audit is dependent on the Ad Hoc committee work, especially because the Ad Hoc mandate appears to have been limited to Philidor and the primary Philidor audit issue appears to be clear at this point (the 58 million in revenue). This doesnt make any sense: 1) Why would VRX "sit on" their 10-K and risk tripping their covenants? 2) An audit depends on mgmt sign off 3) PwC has to comment on internal controls so they kinda need the committee to conclude 4) If things are coming to light that would affect PwC's opinion on the fairness of the accounts, then they will delay and not sign off Neither party is just "sitting on it". There's actual work that they need to finish.