folivera13

BRK owns 172.3M shares of SIRI and LMC owns 3.16B shares. Together they own ~69.7% of SIRI shares outstanding. Assuming SIRI repurchases $2B shares a year (they repurchased $1.67B in 2016), they would take out ~8.5% of shares outstanding a year. If BRK keeps buying SIRI, something has to give. BRK's position in LSXMA/K is much bigger relative to its SIRI position.

Great overview. Can you go into more detail on your valuation assumptions that lead you to the $70 target? EBITDA or cash flow assumptions and multiples. Also based on your knowledge of management, how fast do you think they will execute the entire buyback authorization? Its a large number relative to the market cap. I think a merger with VIA could end up being beneficial if Les can execute the integration. The first thing that comes to mind is the combination of Showtime, CBS All Access, Paramount content, Viacom kids content, MTV/BET "Vice-style content", together they form a huge platform that can go OTT and can benefit from Netflix, YouTube, SnapChat, Facebook. Viacom's main problem is their management which has tried to preserve their old business ways rather than "play offense" like Les has (reducing advertising exposure, investing in more content, going OTT). Also if VIA and CBS combine, they can look at further M&A (LGF/STRZA, TWX). I don't think these things are out of the realm of possibilities.

Why I am Long Green Brick Partners (GRBK): www.oozingalpha.com/7762-2/

Market seems to be pricing big recession for homebuilders...

You were right thepupil. Now its trading at less than 0.8x book.

They've done it last couple of years. 2016 EBITDA margin seems low to me. It's lower than the 2015 numbers.

Agreed. It's the kind of thing management wants to do to get its stock price up and since their stock is driven by the CHTR, it opens up the possibility that they are doing it in case the deal does not go through.

Interesting announcement given that they really don't need to prove anything to anyone- as CHTR will have its own operating plan for TWC which should reignite growth. The bear view would be that TWC is trying to show investors "how good they are doing" just in case if the deal does not go through. Any thoughts?

LTM multiple is high but key is forward multiple including any synergies Liberty can extract. Once growth and extra synergies are taken into account valuation looks cheap. Add on accretive M&A and it can be a home run. Key is meeting growth expectations. If they grow EBITDA at 5% versus 10-11%, the tracker will take a big hit.

Clark Street Value Post: http://clarkstreetvalue.blogspot.com/2015/11/green-brick-partners-update-guide-down_17.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed:+ClarkStreetValue+(Clark+Street+Value)&m=1

LBTYA/K would receive spin-off of intergroup interest. Current LILA/K would not receive the intergroup interest.

California Public Utilities Commission ruling on CHTR-TWC. Seems like they will rule on the deal in June 2016. Anyone have any thoughts or insight? Can the DOJ and FCC override this? Is this very bearish on the deal? 155876499.pdf

A lot more interesting now indeed! COO of builder operations quit or was fired last week per 8K and management 2015 estimates were reduced. This team and structure is going to be in the for long haul so book value or below should be a substantial bargain.

Profile on Cox Enterprises. Hard to see them sell their cable business, but there is always a price http://www.forbes.com/sites/abrambrown/2015/09/30/this-billionaire-knows-the-secret-to-saving-a-family-business/

HSD rate increase announcement: http://ir.cableone.net/file/Index?KeyFile=31184471