Author Topic: Liberty Family - What To Own??  (Read 2298 times)

ValueMaven

  • Sr. Member
  • ****
  • Posts: 456
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

  • Hero Member
  • *****
  • Posts: 688
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

  • Lifetime Member
  • Hero Member
  • *****
  • Posts: 2097
    • scorpion capital
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 »

EricSchleien

  • Sr. Member
  • ****
  • Posts: 459
    • EricSchleien.com
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.

There are two types of people in this world:

a) Tribal
b) Transactional

Get In Touch: www.EricSchleien.com

Founder/CEO GSCM: https://www.gscm.co/

Partner, TLA: https://www.transformationalleadershipassociates.com/

Founder/CEO, Wyoming Warehousing & Safe Deposit Co

Founder, ProxyActivism.com

Foreign Tuffett

  • Hero Member
  • *****
  • Posts: 1346
Re: Liberty Family - What To Own??
« Reply #4 on: March 24, 2020, 10:15:34 AM »
How it Liberty Formula 1 not down more? The 2020 Summer Olympics were just postponed. What does that say about the likelihood of any Formula 1 races taking place this summer? It wouldn't surprise me if the entire season ends up being canceled. At the very least it will be severely truncated. Plus, this thing is quite leveraged.

Check out the race schedule:

https://www.formula1.com/en/racing/2020.html

Management said today it still expects 15 - 18 races this season. I seriously doubt that happens unless they stretch this season well in to next year.

https://www.formula1.com/en/latest/article.statement-from-f1-ceo-chase-carey-when-the-situation-improves-well-be-ready.605dLuJYFSuJlOw8E2T4F5.html
Former Teldar Paper Vice President

scorpioncapital

  • Lifetime Member
  • Hero Member
  • *****
  • Posts: 2097
    • scorpion capital
Re: Liberty Family - What To Own??
« Reply #5 on: March 24, 2020, 12:49:19 PM »
I think f1 is similar to booking or Expedia. Both are real world leisure stocks. The market is probably discounting (ie giving the benefit of the doubt) for some very poor numbers this year. But obviously the present value of a business is not 1 year of earnings. After all it will earn money 20 years from now+. The question is how long the real world activity shutdown will be. If you dilute a 10 year earnings stream by 1 year of zero earnings and it trades at 20x earnings, the difference is only about 11 percent (say 900m a year avg vs 1 billion a year avg over 10 years)
 Now I would say f1 dropped far more than 11 percent more like 66 percent. And that assumes 1 year of zero , which it may not be.


« Last Edit: March 24, 2020, 01:01:55 PM by scorpioncapital »