Liberty

They're guiding 2.0bn adj. FCF in 2014. Did you mean 2015? http://www.libertyglobal.com/pdf/presentations/Liberty-Global-Q3-2014-Investor-Call-Presentation-FINAL.pdf Page 13.

Ok, thanks. Maybe I got the wrong impression from some of your discussions with Gio a while ago.

http://www.libertyglobal.com/pdf/press-release/LG-Earnings-Release-Q3-14-FINAL.pdf

I find this a bit surprising. You've been fairly critical of FFH and of insurers (leveraged bond portfolios) in the recent past. Was this you trying to kill your thesis and still finding it an acceptable investment despite the flaws that you highlighted, or did your thinking on their prospects change in recent months?

I wouldn't touch CLF with a ten-foot pole. Maybe there's a way to make money with it, I have no idea, but since 2012 I've learned that commodities and capex-heavy businesses weren't for me.

Just seeing this now. Nice quarter, kudos to the FFH crew. I'm also curious to learn more about Eric's thinking here. Was this just a quick trade that you'll get out of soon (if not already), kind of like MBIA, or is this an investment?

http://glennchan.wordpress.com/2014/11/04/tracking-john-malone-part-5-nov-2014-update-why-control-matters/

Something on the lighter side :D http://9to5mac.com/2014/11/05/microsoft-surface-cnn/

Someone posted this on Twitter. Sorry, I don't remember who it was. It's a 4 minute excerpt from an interview where he speaks about the power, predictability, and durability of brands.

I know what the problem is. His new office doesn't have a computer (trying to immitate Buffett?). That's why he doesn't write here anymore... http://www.luxuryfurniture-store.com/images/director/OR3101.jpg

Excellent piece on Apple Pay and how Apple gets leverage with its partners: http://stratechery.com/2014/apple-creates-leverage-future-apple-pay/ Very interesting that Tim Cook seems to view Apple Pay as a new category in itself and not just an iPhone feature.

If you want to dig deep, here's the 30-age court order: http://freepdfhosting.com/f848df4b50.pdf

http://files.shareholder.com/downloads/ABEA-4CW8ZW/3601283952x0x791402/2f482a35-f6da-43ee-a4f8-63586aee2da2/LMCA_News_2014_11_4_General_Releases.pdf

http://files.shareholder.com/downloads/AMDA-GY7JI/2756792379x7456752x791401/0801ddf8-743a-4c41-a917-ca3e65f8bf30/LINTA_News_2014_11_4_General_Releases.pdf

Here's the official release: http://ir.valeant.com/investor-relations/news-releases/news-release-details/2014/Valeant-And-Pershing-Square-May-Vote-At-Special-Meeting/default.aspx

If you're wondering about the price spike on both AGN and VRX, I think it's because judge Carter has sided with Ackman. This journalist is covering the case:

I think he owns (or owned at some point) Nestle.

That's one that I looked at maybe 6 months ago and ended up passing on. I'm thinking of having another look, but if I remember correctly, they had wonderful ROIC and a very interesting asset-light business model, but at the time I didn't understand very well why their FCF/share was declining and debt going up (maybe it's just cyclical as this blog post says, but I don't understand the industry dynamics well enough to be sure). Definitely an interesting business, though.

Actavis circling Allergan again: http://blogs.wsj.com/moneybeat/2014/11/03/allergan-confirms-white-knight-approach-by-actavis-but-coyly/

http://www.bloomberg.com/news/2014-11-03/malone-gained-double-tax-break-in-liberty-address-shift.html

As Elon Musk put it, it's stupid to run a massive chemical experiment with our life-sustaining atmosphere. Even if some level of global warming was good, it's not like we're going to any specific level, we'd just plough through that level because of the massive inertia in the system.

http://online.wsj.com/articles/apple-plans-investor-call-ahead-of-potential-bond-1415006070 Looks like they're going to the bond market again. Likely for increased buybacks or to finance a tender.

I am really tempted to sell my LMCK and buy the same amount of LMCA… But why should I incur transaction costs? What will be the benefit I’d enjoy making the swap? Gio Historically for the Malone businesses, the share classes that have voting power have traded above the share classes without. This makes sense as voting has to be worth something (even if it's hard to know what exactly), even in a controlled company, because of Malone's super-voting B shares. The premium could get highest if an asset is spun out and someone else wants to get control.

http://glennchan.wordpress.com/2014/11/02/portfolio-update-november-2014/ Lots of interesting stuff in there. 100 shorts, wow.

http://oraclefromomaha.wordpress.com/2014/11/02/update-im-back-at-least-for-a-while/