Liberty

He brought up Valeant unprompted. Certainly doesn't mean he can't get things wrong, or that he looked deeply into Valeant. Heuristics that work the vast majority of the time can misfire; something that looks like ITT on the surface when you read the Wall Street Journal can be quite different in reality.

...says the person with "Munger" in his forum alias ;)

Video is definitely going to be weak, but broadband will get better. "Cable cutters" get their internet mostly through.... cable.

loganc, I agree with your statement. Yet, I wonder: if there were a man on earth who has finally mastered the incredibly difficult craft of NOT talking about things he has not done sufficient work on, I thought that man would have been Munger… Don’t you? So, what have we got here? Even Munger is still subject to this kind of mistakes? Do you think the right explanation might be just this simple and straightforward? Gio Munger would be the first person to admit that he (and Buffett) still make mistakes. Sitting in a room, having dozens of people ask you questions for hours about things you didn't know you should research ahead of time, you're bound to get a few things wrong, IMO.

The first experiences with the Apple Watch are starting to roll in. This is an interesting one. http://log.ericalba.org/post/117307478867/some-things-ive-done-with-apple-watch-in-the-last

Kfh, if you want to have this discussion multiple times vicariously, read this thread from the start.

The "all time highs" noise that I keep hearing doesn't make much sense. Over any significant enough period of time, you should expect to be constantly hitting new all time highs because the economy is growing, population is growing, inflation is making the nominal figures bigger, the world is globalizing and poor countries are becoming richer, etc. Look at a chart of the DOW going back a 100 years and tell me how many all time highs have been hit... Some stats about that here https://twitter.com/gregorysshea/status/592000272571846656

The cycle of life.

http://www.envisionreports.com/LMC/2015/1E531MA15E/bf90dc30248e4c4b9bf9001b53ee725e/Liberty_Media_Corporation_AR_4-20-15_SECURED.pdf Nice letter.

http://www.wsj.com/articles/comcast-miscalculated-its-influence-1429917671 http://www.bloomberg.com/news/articles/2015-04-24/greatland-connections-a-cable-company-that-never-had-a-chance http://seventeenmile.com/2015/04/25/events-charter-communications-deal-break-analysis-april-2015/

I'm only surprised they didn't start moving last night, lol. :) They probably did. Took a while for the journalists to catch up :) Update: Sherman on tv talking about this: http://www.bloomberg.com/news/videos/2015-04-24/have-talks-between-charter-and-twc-already-started- Sherman says that CHTR might still buy Brighthouse and use that larger balance sheet to help acquire TWC. Combined company would have less leverage post deal, which TWC might prefer. http://www.wsj.com/articles/charter-needs-to-be-second-time-lucky-1429908257

And to the surprise of no one: http://www.bloomberg.com/news/articles/2015-04-24/charter-s-advisers-said-to-contact-time-warner-cable-for-talks

What you said made me think of a larger trend that I see everywhere, I wasn't just replying to you, sorry for not making that clear. As for tech, you might find this article interesting: http://stratechery.com/2015/1999/

That's definitely a good part of why it feels so different. Investing doesn't feel like spending, and in fact, it can feel better than holding cash (with the right asset at the right price) because I feel like I own something productive, and while I'm sleeping and working, there are all these people out there working hard figuring ways to create value for me. Another reason is more strategic; what I want in life is to have control of my time, do what I want, read my books, work on my projects, spend time with my family. Investing feels like it helps me move closer to that, why spending on most other things, even if it can be fun in the short term, feels like it's taking me away from that.

http://www.bloomberg.com/news/videos/2015-04-24/inside-comcast-s-failed-45b-takeover-of-twc Sherman piece giving more backstory.

I'm not the best at anything, except maybe being Liberty.

This feels especially stupid if you just made a few thousand on a stock that you just bought and made a quick gain on by nothing more than pure luck (that it appreciated so quickly thus the much higher CAGR). On the other hand it's probably sensible to review all expenses versus what you make in your day job and not versus temporary portfolio successes or drawdowns. But what Liberty does is totally normal. The fact that your account went up (or down) $20K a week does not mean that you should suddenly buy a new car or eat caviar at the restaurant. If fact, there is a known psychological bias to "spend" any "bonus" money multiple times. "Oh, I got this money, so I can buy a computer" and then couple days ago "I can get a vacation", and so on where in the end the money spent is larger than the money received. So it's good to go against it. That's true, but that's not what I was talking about. I wasn't even talking about spending money because my portfolio went up, just saying that it's weird that a hundred bucks can make me hesitate because it can feel like a lot, and then I turn around and invest 50k in a company that I like. Somehow the amounts feel different psychologically, and I understand why, but it still feels strange (it's like cognitive biases -- even when you know about them, you can't be free from them, like knowing how an optical illusion works yet still having your eyes-brain fooled by it).

The "all time highs" noise that I keep hearing doesn't make much sense. Over any significant enough period of time, you should expect to be constantly hitting new all time highs because the economy is growing, population is growing, inflation is making the nominal figures bigger, the world is globalizing and poor countries are becoming richer, etc. Look at a chart of the DOW going back a 100 years and tell me how many all time highs have been hit...

Great stuff. Thanks for sharing. I can totally related to the disconnect between the sums I invest and what I spend on my daily life. I'll sometimes hesitate and agonize on whether I should be ordering a few more books or upgrading a computer and then turn around and invest 2 years' worth of expenses into a company...

Interesting. They found a sensor that could detect blood oxygen levels in the Watch teardown.. http://9to5mac.com/2015/04/24/apple-watch-blood-oxygen/ Either it’s not accurate enough yet and they won’t turn it on on this generation of the Watch, or they’re waiting on some FDA approval and will later enable it by software. Either way, very cool. Doesn't look like the fake 'gate' scandal about the Watch will be about water-resistance... I wonder what it'll be this time. http://www.macrumors.com/2015/04/24/apple-watch-waterproof-new-test/

http://www.apple.com/watch/films/ Nice new batch of ads for the Watch.

http://www.bloomberg.com/news/articles/2015-04-23/comcast-s-roberts-faces-rare-defeat-after-trying-to-go-it-alone

Some slides from a previous annual meeting seem apropos :) http://i.imgur.com/1j5GgWN.png

Apparently Comcast will soon announce that it is canceling its TWC acquisition... Malone HQ just went to DEFCON 1. Here are the media pieces: http://www.bloomberg.com/news/articles/2015-04-23/comcast-said-planning-to-withdraw-offer-for-time-warner-cable http://www.cnbc.com/id/102597514 http://www.nytimes.com/2015/04/24/business/media/comcast-time-warner-cable-merger.html

LBRDA annual report is out, with a letter to shareholder from Maffei and Malone: http://api40.10kwizard.com/cgi/convert/pdf/LBRDA-20150423-ARS-20141231.pdf?ipage=10219758&xml=1&quest=1&rid=23&section=1&sequence=-1&pdf=1&dn=1