Liberty

Bolt-on in Newfoundland: https://www.businesswire.com/news/home/20180417005365/en/HEICO-Corporation-Subsidiary-Acquires-Flight-Critical-Aerospace

Surprised at the lack of interest in CHTR at a price significantly lower than the price at which Rutledge and Malone just bought back 12% of the company... Or maybe people who are buying it just aren't mentioning it here.

Not only that, but the mass of existing content is useful for the user experience (which we tend to forget in these days of data scandal). So in theory, a new social network will little content but lots of people would probably be a worse experience than one where your newsfeed is optimized for you based on lots and lots of past shown preferences (ie. they can show you updates from friend X straight to the top because they know every time you've seen one in the past you left a comment, and show you articles about electric cars because you always click through to read those, but not to show you anything from that stupid uncle because even though he's in your graph, you've muted him, etc). A newer social network would kind of have to throw things at you more randomly and the average experience wouldn't be as good/personalized.

there seems to be this sort of trend lately in many books. repeat what others have said in more defining game changing works somehow do a lot of podcast interviews and publicity type things. drive book sales Most investment books are derivative too. I think it's just a symptom of being well read. When you start out on your learning journey, everything seems fresh and original. When you've been reading about investing/psychology/etc for a decade or two, everything starts to seem similar. I guess if everything was groundbreaking, it wouldn't be so notable to find true groundbreaking work...

Some wise words: http://www.mrmoneymustache.com/2018/04/10/hacking-hedonic-adaptation/

The fact that a phone's contacts are accessible to other apps is the way that most of these bootstrap. The social graph is ok for some types of networks (messaging), and was ok back in the early days of social networking, when most people were starting from almost zero, but at this point, if you just ported the social graph but didn't bring over all the content (personal photos, videos, posts, etc) I think a lot of people wouldn't find that enough. Even if you decide to make a move, it's hard to break the habits of everyone else in your graph and have them post their stuff and message you somewhere else too. The land grab part of this might be over.

"Amazon Business, which sells bulk items to business customers, has shelved its plan to sell and distribute pharmaceutical products after considering it last year, according to people familiar with the matter." https://www.cnbc.com/2018/04/16/amazon-business-not-selling-drugs-but-other-amazon-groups-might.html

https://www.wired.com/story/sigh-of-relief-inside-facebook/

Rutledge touches on this in his March 5 presentation. I suggest you check out his comments.

What makes you believe that CHTR current EBITDA is not representative to future EBITDA? I expect to see mid single digit EBITDA, Sam than with CMCSA, which trades at lower multiples. I prefer CMCSA because of lower leverage and lower valuation at this point. Because they are going through a huge integration/transition process that is depressing margins and likely growth.

Thank you. The rest of the interview is here: https://overcast.fm/+efStk-TI

I do it on my arm. I'll report if I make a hole in my arm.

Thanks for this, I appreciate it.

I find that my biggest challenge is having down time... I try to do some meditation (just breathing exercise, trying not to hold on to any specific thought..), but it keeps falling off my schedule. My problem is more that I tend to fill up all available time with either reading or listening to podcasts and audio books, and I find that sometimes over time it can add up to feeling overwhelmed.

https://factordaily.com/amazon-breakup-fee-flipkart-walmart/

"Sen: Mr. Zuckerberg, suppose for a second your house was ransacked by thugs, your family was tied up in the basement with socks in their mouths, you try to open the door but there's too much blood on the knob Z: What is your question? Sen: My question is about privacy, sir" "Senator: 'Is it or is it not true that Facebook uses deep unsupervised necromancy to alchemize poke data into consumer cloud big digitalia?' Zuck: 'What now?'"

Don Graham post on Zuckerberg: https://m.facebook.com/ppalliser/posts/10156076011846469

https://www.cnbc.com/2018/04/09/congress-released-mark-zuckerbergs-prepared-testimony-ahead-of-wednesdays-hearing.html

As FB's ad tech improves, ROIs improve too. Through the auction mechanism , when inventory supply doesn't go up, prices do (FB doesn't set prices, it uses the same kind of auction as Google does). But it's possible for prices to go up slower than ROIs and to still have an improving competitive position. You can't judge from pricing alone. In the end, the only thing that matters to advertisers is ROI, and it seems to be doing well there: They changed their algo to favor certain kind of interactions over others (friends & family over videos). Of course videos will give you more time on the platform, but the quality of the engagement is lower. I think the advertising pie is being expanded by a lot of these moves. A lot of small businesses that might not have advertised on TV or in print can now advertise on platforms like FB and Google, and now Amazon. It's the whole advertising pie, globally, that you have to look at, don't split between digital and non-digital. It's all competing together, and it's clear who's out-competing who. ARPUs are very low outside NA and Europe, and I think they'll keep going up at a decent clip at the global middle class keeps emerging and advertising in those regions become more sophisticated. On top of that, how are you valuing Instagram, Whatsapp, and Messenger?

I can't speak for others, but my comment was strictly about the way that the JEF merger was described as a succession plan to keep Leucadia going after C&S (the name, the model, etc). I have no opinion on whether these moves are good financially for shareholders or not, as I've not kept track of LUK assets.

https://thenextweb.com/hardfork/2018/04/09/reddit-cryptocurrency-bitcoin-hodl-stats

Steinberg and Cummings' succession plan down the drain. I guess this was somewhat predictable as the original Leucadia was so much about its leaders, and Jeffries seemed to also have its own strong personality... Basically, JEF got paid to be taken over, and then it just went back to being itself... (though the stock hasn't exactly done well since, so not quite the ideal deal)

It's easy to dream things up, but implementation/execution is where 99.9% of ideas fail. People don't realize what is required for something like Facebook to even exist at the scale it currently operates.

I'll very likely be in town for the CSU AGM, will try to drop by the pre-dinner event if I can make it.

I saw this too late, but I'm near Ottawa.