Liberty

http://www.theverge.com/2014/11/10/7185933/fcc-should-reclassify-internet-as-utility-obama-says

Yes, of course! Don’t you remember we had a discussion about his latest album “Popular Problems” just a few days ago? ;) Cheers, Gio Right after posting I thought "was it with Gio that I talked about Cohen?". Sorry, memory failed me on that one. :-[

I got the new album/compilation but haven't had much time to listen yet. Gio, are you also into Leonard Cohen? Another great writer.

In other news, one side in a negotiation isn't telling the other side everything about its real weaknesses and how to get more leverage. News at 10. That doesn't make the AGN board any more shareholder friendly or honest, but it's certainly possible that in the end their burnt earth tactics will get them a better deal.. Too bad for them they aren't actually big stockholders themselves (their preference has always been not to sell at any price)... Ackman will benefit either way this goes.

Thorndike on buybacks: https://hbr.org/2014/11/when-stock-buybacks-are-not-a-waste-of-money/

It's noticeable when the volume is fairly loud and what's playing is bassy. You can kind of feel is through your hands. At some point it's physics, though. When something is this thin, either you make it sound as thin as it is, or you give it some bass but you'll feel it. It doesn't really bother me. Most of what I listen out loud is a quick video of an interview or whatever, and with just people talking it doesn't vibrate. If I want good sound quality to watch a movie or a concert or whatever, I'll use headphones.

http://25iq.com/2014/11/08/a-dozen-things-ive-learned-from-henry-singleton-about-value-investing-venture-capital/

http://25iq.com/2014/11/02/a-dozen-things-ive-learned-from-john-malone/

This is what I don't like. I'm still getting it, though. I'd wait for real-world reviews. How things work in commercials and how they really work -- there's often a pretty large gap (a chasm?) between theory and practice.

I think that's a very astute read on the dynamics at play. Thanks for sharing.

I think they do (unless I'm misunderstanding what you mean). http://www.apple.com/ipad-air-2/design/ "Not just a thinner display. A better display. The displays on previous generations of iPad used three separate components. iPad Air 2 changes all that, combining those three layers into just one. This eliminates gaps between layers, along with the internal reflectance caused by those gaps. The result? Colors are richer, contrast is greater, and images are sharper and more vivid."

http://mobile.reuters.com/article/idUSKBN0IR1LX20141107?irpc=932 Ackman's lastest letter to the AGN board: http://www.sec.gov/Archives/edgar/data/850693/000119312514402302/d816490dex9939.htm

A few people were talking about Ergen and Dish on twitter yesterday and mentioned this interview from Feb 2013: http://allthingsd.com/20130212/dishs-charlie-ergen-on-ads-wireless-cord-cutting-culture-and-blockbuster-video/ Pretty good. Gotta like the guy's candor. Thought I'd share the link here for those interested.

From where interest rates are today, and with the hedges, my point has been that needing "only" 7% on the portfolio is a tall order. Now, if underwriting kicks in (as it did last quarter) it changes the calculus. 15% isn't my goal though. I will be happy to make 10% a year from this investment. I think 10% will be easy if underwriting stays like this. That makes sense, thanks. Hurdle rate definitely matters.

For durable goods, or for stuff where there's a real difference in quality, the value option can indeed be to buy higher quality, because you actually get more for your money. There's a saying about how poor people pay more for shoes (or boots, whatever) over time because the rich person will buy a good pair that will last for years and years while the crappy shoes will need to be replaced every few years, resulting in a higher cumulative price.

My first one was a 3, so I know what you mean. Now seems like a brick to me (I gave it to my parents). The Air 2 is so much lighter and thinner, with the smaller bezel like the Mini, it's not in the same league to read on, IMO. I thought that Air 1 was light, but this is something else. I suggest you give it a try if you can. The doubling of RAM compared to all other iOS devices also makes it better if you have lots of tabs open and juggle big PDFs and such.

Anything that is based on a subjective experience is full of these interesting psychological effects. I'm sure you've heard of the study where they make people taste some wine, and their feedback varies a lot based on what they're told the bottle cost, even if it's the exact same wine. So two products that would score equally in a double-blind test might see the branded one win against the generic one in a non-blind test (which is how products are actually used). My algorithm with this is to always buy generic/store brand first, and if I don't like it try branded stuff. In most cases, I never get to brands because the cheaper stuff is just as good, or at least fine to me.

David Einhorn in his Q3 letter: "AAPL is expected to grow revenues faster than Amazon.com (AMZN) this quarter. Remarkably, AAPL still trades at less than a market multiple."

Thanks. Slightly off-topic, but Mediafire is doing a nice job of hosting PDFs and allowing download. Everybody take note, and don't use Scribd.com please. Thanks!

I think it definitely is pretty strong, for a store brand. It's different from a single-product brand that is sold in all stores, but that doesn't mean it's not valuable and that shoppers don't use it as a shortcut to make decisions about "quality" and "value" and won't look for it (at Costco, anyway).

Kindle isn't exactly just getting good reviews despite the years in development: http://www.marco.org/2014/11/05/kindle-voyage-review

Just received my new iPad Air 2. So impressive what they did in just one year. Weight and thinness might not make for unexpected sexy headlines, but it makes a huge real-world difference. Great screen too, the A8X is a monster, and love having TouchID there.

Yep. My mother in law once brought her bottle of Heinz ketchup to our house because we buy the cheaper store brand ketchup..

Congrats Gio, well done. I'm happy for you :) "There is only one success - to be able to spend your life in your own way." - Christopher Morley Looks like you're doing exactly that!

More on a possible Actavis bid: http://www.bloomberg.com/news/2014-11-06/actavis-said-to-be-in-active-takeover-discussions-with-allergan.html More on California court decision: http://dealbook.nytimes.com/2014/11/06/in-war-over-botox-maker-allergan-technicalities-can-be-tricky/