Liberty

I sure hope you're not a contrary indicator, because you keep buying things I own ;)

I'm just saying that when you don't know any details about a situation, it's easy make snide comments about it. Can you clarify: do you object to my evaluation in general without looking at the company/press release or you have looked at WELX and the press release and you believe that this was a great thing to do? I'm saying I don't know, and I don't think you can either. These deals usually have all kinds of hidden angles that won't show after a quick scan through a few documents.

I'm just saying that when you don't know any details about a situation, it's easy make snide comments about it.

Ok, I should have read a bit more before I jumped to a conclusion. The completely unrelated business that doesn't sound great, or have steady profits with a high tax rate to untilize the NOLs just seemed really out there. But how much optionality or scale can there be in a traveling exhibit... I passed on Premier Exhibits the first time... I don't know, I'm not saying it'll be the next big thing for FRMO, but for the scale of Winland, I'm sure there's a reason and that it was an opportunistic thing that will give better return than having unnecessary cash in the bank earning nothing.

Almost like taking the unecessary cash from a textile mill and buying unrelated businesses with it... Crazy, right? Doesn't Winland have NOLs that make it advantageous to run other operating businesses from inside it rather than at the FRMO level?

Or genetics. The Blank Slate by Steven Pinker makes a pretty convincing case from studies of identical twins that have been separated at birth (so raised in different environment) that genetic clones tend to turn out pretty similar. Are people smart because they have a good family culture, or do they have a good family culture because they're smart? I know, whole other debate...

http://www.transdigm.com/phoenix.zhtml?c=196053&p=irol-newsArticle&ID=2071953 One more...

SIRI: "Our performance has been so strong that we have already done 94% of original full year net subscriber ad projection in only 6 months" (via Bluegrass Capital)

Thanks.

What is your average cost on PWE?

SIRI Q2: http://investor.siriusxm.com/releasedetail.cfm?ReleaseID=924102 Wow, 1.6% churn, that's impressive. FCF/share up 25%.

http://scottgrannis.blogspot.ca/2015/07/commodity-prices-in-perspective.html

Yes, I just meant people tend to forget it.

That didn't take long to... http://bloom.bg/1Jp5GLN

If you're buying LMCK, remember the 1bn Vivendi lawsuit. Many people forget about it ;)

I doubt that SIRI as it currently performs will ever be valued at less than 15x FCF, so if that's your upper limit, this might not be for you. Sticky subscription businesses with high margins, high operating leverage, fast growth, and great capital allocation won't be selling at a multiple lower than the SP500...

As someone else said on Twitter, 'on the day when VRX buys the former AGN assets, I'll call Pyott personally' 8) But I don't think there's that big a chance in the short term, because of price, and because AGN (formerly ACT) now has a decent tax rate. When VRX started being interested in AGN, it was relatively cheap. Not so much anymore, so other targets would probably be higher on the list, but who knows in a couple years...

So many companies have these distorted graphs. Particularly obvious here on the EBITDA-Capex.. $688m almost looks twice as tall as $636m.

Google Finance has potential because it's actually fast and I like the interface, but there's been no new features added to it in years and years. It seems to be almost abandonware at this point, and some data is wrong or missing. With a little love, it could be quite something (they'd have a huge chunk of the free market if they just added 10-year data...).

So Allergan might split itself. Why not into ACT and AGN, back to square one... http://www.bloomberg.com/news/articles/2015-07-24/allergan-said-to-be-exploring-breaking-up-into-2-businesses

http://www.dataroma.com/m/holdings.php?m=VA

I don't think that they'll do what they've done so far in perpetuity, that's just asking too much. But I also don't think that they have to keep doing exactly what they've been doing so far to create value for shareholders. That's asking too little of this management. As Pearson said, everything in the company is always for sale at the right price. I wouldn't be surprised if as they get bigger, they start selling some assets that they've much optimized since they acquired them, or if they did spin-offs, or went into major buybacks or special dividends, etc. Whatever the set of opportunities is at the time. Right now they're doing something because that's what works best, but if, for example, pharma assets of the type that VRX wants become super expensive and M&A doesn't make sense, maybe divestiture of some of those overpriced assets might become the thing to do.

You can have a look and see for yourself. They have something like 2-3% of revenue hitting patent cliffs per year over the foreseeable future, and organic growth keeps getting stronger (despite big FX headwinds).

Not much. This was addressed earlier in this thread. If I remember correctly, Ackman actually asked Munger about it, and basically Munger wasn't really that familiar with VRX.

Commonwealth Laboratories, Inc. Announces Agreement with Valeant Pharmaceuticals for the Acquisition of Commonwealth’s U.S. and Canadian Business http://www.businesswire.com/news/home/20150723005551/en/Commonwealth-Laboratories-Announces-Agreement-Valeant-Pharmaceuticals-Acquisition#.VbFvbXiQHoB