Author Topic: John Malone The Full D7 Session  (Read 24367 times)

RedDaruma

  • Jr. Member
  • **
  • Posts: 57
John Malone The Full D7 Session
« on: September 21, 2015, 06:48:24 PM »
I believe many on the board already watched this but I thought it is good to hear Mr. Malone's recent thought on cable industry or media in general :D

http://www.valuewalk.com/2015/09/john-malone-the-full-d7-session-video/?utm_campaign=EMAIL_DAILY&utm_medium=email&utm_source=mailchimp&utm_content=quick_link


Liberty

  • Lifetime Member
  • Hero Member
  • *****
  • Posts: 13169
  • libertyrpf.com
    • http://www.libertyrpf.com
Re: John Malone The Full D7 Session
« Reply #1 on: November 30, 2015, 10:29:32 AM »
There's an interview with Malone here:

http://www.multichannel.com/class-professor-malone/395571

dcollon

  • Lifetime Member
  • Hero Member
  • *****
  • Posts: 1314
Re: John Malone The Full D7 Session
« Reply #2 on: November 30, 2015, 11:01:50 AM »
Thanks for the link Liberty

feynmanresearch

  • Full Member
  • ***
  • Posts: 201
    • Feynman Investment Research
Re: John Malone The Full D7 Session
« Reply #3 on: November 30, 2015, 06:09:08 PM »
This is a great Malone interview. Pretty long at 1hr and 42 minutes though
https://www.youtube.com/watch?v=v5QfCLeloEg

LongTermView

  • Sr. Member
  • ****
  • Posts: 339
Re: John Malone The Full D7 Session
« Reply #4 on: November 30, 2015, 08:42:55 PM »
This is a great Malone interview. Pretty long at 1hr and 42 minutes though
https://www.youtube.com/watch?v=v5QfCLeloEg

feynmanresearch,

Thanks for the link, that's a great video.  Hearing about his 20% in Fox News and his part in Time Warner was interesting.  Cable Cowboys talks about how Malone has been efficient with taxes over the years in part because of interest.  This video provided a lot more information about his tax expertise.  These types of statements helped explain his thought process:
Quote
The government is your partner for life, they just don't get to come to all the meetings.
How do I structure the deal such that I have a partner [the government] if it doesn't work?
The government is your partner, you just don't want them taking their share out early.

dabuff

  • Full Member
  • ***
  • Posts: 108
    • Lattice Investing
Re: John Malone The Full D7 Session
« Reply #5 on: December 01, 2015, 04:52:21 PM »
Has anyone worked out what his current stock holding allocations are?
latticeinvesting.blogspot.com

Jurgis

  • Hero Member
  • *****
  • Posts: 5733
    • Porfolio
Re: John Malone The Full D7 Session
« Reply #6 on: December 01, 2015, 09:02:39 PM »
Has anyone worked out what his current stock holding allocations are?

Is that very important/useful?

He hasn't bought anything in open market, which means he doesn't consider anything super cheap.
( see http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000937797&owner=exclude&count=40&hidefilings=0 )
He hasn't sold anything in open market, which does not mean much, since a lot of his holdings is supervoting which he won't sell. And he's very rich, so he doesn't have to sell even if he thinks something is overvalued.

You could look at where he got rid of his supervoting shares, but he only did it for LTRPA/B, so that's not very interesting either.

You could argue that he likes LBTYA/B/K and LILA/K since he's gonna take the shares in C&W merger.

Does LGF purchase by Discovery/LBTYA indicate that LGF shares are very cheap? I don't know.

IMHO, you just go through the Liberty soup and pick what you like. Or just pick everything and mix it up like he does. ;) I doubt his proportions are "best" in terms of future returns.


Probably someone will answer your question directly though.  8)

Take care
"Human civilization? It might be a good idea." - Not Gandhi
"Before you can be rich, you must be poor." - Nef Anyo
"Money is an illusion" - Not Karl Marx
--------------------------------------------------------------------
"American History X", "Milk", "The Insider", "Dirty Money", "LBJ"

ni-co

  • Hero Member
  • *****
  • Posts: 978
Re: John Malone The Full D7 Session
« Reply #7 on: December 02, 2015, 02:52:15 AM »
There's an interview with Malone here:

http://www.multichannel.com/class-professor-malone/395571

Thanks, Liberty!

Quote
So I mean when everybody talks how about ESPN would do great as a standalone service, well, they get about 20% reach at $10, or whatever it is, and they wouldn’t have a business. That’s why they don’t unbundle. Now, if you took all the Disney content and you could create an over-the-top with the network … you might be big enough to have something that might reach 70% penetration of households with an affiliate fee that, therefore, could be low enough.
 
This is what Apple is struggling with right now. Can they find enough stuff — cheap enough but good enough — that they can offer a service that’s better than the cable bundle, right?

For nuggets like these I love Malone interviews. I'm always wondering why he is willing to share his strategic views (sometimes too willing in my opinion).

Ben Thompson wrote about ESPN and the cable bundle quite a while ago and came to similar conclusions:

Quote
The truth is that the current TV system is a great deal for everyone.
  • Networks earn much more per viewer than would be sustainable under a la carte pricing
  • Networks are incentivised to create (or in ESPN’s case, buy rights to) great programming; making your content “must-watch” lets you raise your affiliate fees
  • Viewers get access to multiple channels that are hyper-focused on specific niches. Sure, folks complain about paying for those niches, but only because they don’t realize others are subsidizing their particular interests
  • Cable companies know the cable TV business, and would prefer to put up with customer disgruntlement over rising prices than become dumb pipes
Cable TV is socialism that works; subscribers pay equally for everything, and watch only what they want, to the benefit of everyone. Any “grand vision” Apple, or any other tech company, has for television is likely to sustain the current model, not disrupt it directly.

This was – and still is – a very lucid observation which, I think, not even Apple was fully aware of at the time. They certainly are now. And the existence of an opposing mainstream view is one of several reasons why I think cable companies are still great investment opportunities.
« Last Edit: December 02, 2015, 03:01:45 AM by ni-co »

Liberty

  • Lifetime Member
  • Hero Member
  • *****
  • Posts: 13169
  • libertyrpf.com
    • http://www.libertyrpf.com
Re: John Malone The Full D7 Session
« Reply #8 on: December 29, 2015, 11:55:13 AM »
Not sure if this one had been posted before. A WIRED interview with Malone from 1994 when he was still at TCI:

http://archive.wired.com/wired/archive//2.07/malone_pr.html

Via Value Seeker on Twitter (@Find_Me_Value)

Liberty

  • Lifetime Member
  • Hero Member
  • *****
  • Posts: 13169
  • libertyrpf.com
    • http://www.libertyrpf.com
Re: John Malone The Full D7 Session
« Reply #9 on: March 11, 2016, 06:15:24 AM »
https://www.youtube.com/watch?v=Sa43i01qyAY

46-minute interview with Dr. Malone and Dr. Richard Green.