Author Topic: Liberty Family - What To Own??  (Read 1099 times)

ValueMaven

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Liberty Family - What To Own??
« on: March 17, 2019, 11:02:52 AM »
With at least 10 different stocks and tracking stocks in the whole Liberty Family, which one is your favorite and why? 

Qurate Retail (QRTEA), Liberty Broadband (LBRDK), GCI Libery (GLIBA), Liberty TripAdvisors (LTRPA), Liberty Expedia Holdings (LEXEA), Liberty Global (LBTYK), Liberty Latin America (LILAK) Liberty SiriusXM (LSXMK), Liberty Formula 1 (FWONK), Liberty Braves (BATRK),


Gamecock-YT

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Re: Liberty Family - What To Own??
« Reply #1 on: March 17, 2019, 12:54:30 PM »
With at least 10 different stocks and tracking stocks in the whole Liberty Family, which one is your favorite and why? 

Qurate Retail (QRTEA), Liberty Broadband (LBRDK), GCI Libery (GLIBA), Liberty TripAdvisors (LTRPA), Liberty Expedia Holdings (LEXEA), Liberty Global (LBTYK), Liberty Latin America (LILAK) Liberty SiriusXM (LSXMK), Liberty Formula 1 (FWONK), Liberty Braves (BATRK),

My biggest position is in GLIBA which I've had since having a sizable position in GNCMA. Added a 5-6% position in LBRDA when CHTR's stock price collapsed 15-16% after earnings release last year. I'd say LBRDA would be probably the best, mainly because discounted CHTR stock with a takeout at NAV probable at some point. GCI has had issues with contracts not being paid and the Alaskan economy being in a recession. Add in the LendingTree position I'm not really keen on. Has at least the double discount going for it but ultimately will depend if they can get CHTR/LBRDA to take it at NAV or if there is a discount.

Sirius is attractive with the giant discount to NAV but not sure how recession-proof the business is and not sure the end game of adding Pandora and iHeart.

F1 and the Braves are also interesting but F1 is reliant on Concorde agreement satisfying all parties while making it more competitive beyond the current oligopoly. Braves has the real estate going for it but ultimately is contingent on someone wanting to pay up for a trophy asset of a declining sport. Nevermind the TV contract doesn't expire until 2027. My guess is the end game is similar to when the Dodgers were sold, with the new TV deal being a key part of the deal.


scorpioncapital

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Re: Liberty Family - What To Own??
« Reply #2 on: March 17, 2019, 05:57:47 PM »
As a percent of my portfolio ~

- Liberty Broadband
- Formula 1
- Liberty Global
- Discovery Communications
- Expedia

And I've decided to divest Discovery and Expedia completely over the next little while, but not sure how yet, probably replace it with Airbnb or Google depending on market prices at the time. Discovery I'm re-distributing into Formula 1 and any new Malone deal announced if it looks good. There is a decent probability Discovery gets bought out after the merger 'house cleaning'.

« Last Edit: March 17, 2019, 05:59:46 PM by scorpioncapital »

Og

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Re: Liberty Family - What To Own??
« Reply #3 on: March 19, 2019, 01:56:50 PM »
Since 2015, the Liberty complex has been a major component of my AUM.

Currently:

Liberty SiriusXM ~12% position (sold a bunch last year in the 40s)
GCI Liberty ~8% position
Discovery ~ 4% position (sold a bunch last year. My cost basis is ~18/share so was buying it very cheap)

I owned Liberty Braves at a cost basis around 14-15ish (including warrants). Bought more at ~20ish. Sold out in the high 20s. I'd probably re-buy (at current intrinsic value) if it went back to around 20ish as it's probably worth at least 30.

Also used to own Formula 1 but sold out last year as well. Had owned it pre-tracker.