Every time it's this time of year and I see that email subject line in my inbox, for a second I think "oh no, what did I do this time?" and then realize it's about Malone... haha

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LBRD after tax "look through" CHTR earnings:

2017 $0.96/LBRD share (with $2.74 LBRD debt/share)

2021 $8.82/LBRD share (with $19.67 LBRD debt,preferred,indemnification/share)

As far as the stock performance - should Mr. Market's actions be used to judge management? For a long term investor in a company buying back a lot of stock, the lower the stock price goes and the longer it stays there, the better, no?

As far as your point 3.c.

- it's easy to look back and say "They bought at a high price and pulled back at a low price", but who knew in January that the price then wasn't the low point?

- addressing some liabilities at the end of 22q3 could spring up out of nowhere. Maybe thanks to low CHTR price QRTE indemnification or exchangeable debt became attractive or perhaps GCI FCC fine/settlement? Or something else? We should find out soon.

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Great post! I love Malone. Libertarian, tax-hating SOB. There's so much talk about his stocks, but I think it's really important to remember that he is the largest private landowner in the US. 2 million acres I think. That's his real view I think. Hard assets.

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the trophy assets probably held up a little better because they are like collectors items which hold their value during inflationary periods.

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I’m going to ask a newb question like the little kid in the fable of “The King’s New Clothes”:

I’m assuming that the companies’ management teams get a salary; after all, nobody works for free. Not even if they’re destroying the hell out if their place of employment. Fine. They earned their W-2 ... whether they earned it or not.

On a related matter, WTF is the deal with “incentive options” to get management to DO THEIR FUCKING JOB?!

[please pardon my yelling and pardon my French]

But what the hell is the reason for “stock options “, Restricted Motivational Units”, Structured Investment Units”, or some other freebie disguised as a type of “benefit” for the shareholders.

Unless you enjoy:

1. watching your equity interest diluted by an incompetent management;

2. while getting “EFF’d in the Ass”; and

3. watching all of this happening as they fiddle with each other AND burn the city down ...

I see no benefit to these equity dilution schemes (whether they go by incentive options, RSU’s or any other name they want to coin up,

management gets paid to do their job ... WHILE they also “share” in your equity stake. You know, “in an effort to motivate them.”

How’s about this for “motivation”:

Do your job and you enjoy your just compensation (in the form of salary).

If you REALLY want to watch management get motivated, you make them BUY THEIR OWN SHARES ... at “Market Prices” ... you know, in order to “align their interests” with those of regular peon shareholders.

Am I missing something here?

Is there a reason why SHAREHOLDERS vote in favor of this garbage each and every year?

I’m probably beating a dead horse here, but am I the only one seeing a butt-nekid emperor prancing around town in his birthday suit? All the while being told how fabulous his new wardrobe looks?

Thank you for listening to my bitch session. I’ll go back to lurk mode.


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Great stuff. Just to let you know, I linked it here:


Cheers 💚 🥃

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Greg is too busy hobnopping with celebrities at F1 races or MLB events to care. All the analyst kiss his ass because they hope he'll give them a job. All the investors mumble something about Malone and OBIDA. It's a vicious cycle.

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Nov 15, 2022·edited Nov 15, 2022

if you need further confirmation on malone's talent assessment, listen to the interview with zaslav and southeastern asset.

personal compensation was the main skill zaslav garnered from his mentor jack welch. arrogance was next, as he 'pivots' when wrong, but fires others that underperform. oh, the irony.


as for liberty broadband, i am hoping this ends up in the long run being a biz vehicle so good even fools can run it.

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This is an exceptional writeup Andrew, thank you.

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Great write-up. Learned about new mis-steps I didn't know about. A mistake here or there, ok, but when it's a trend...

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Great read. This stuff needed to be said. You can only give excuses for bad performance for so long... at some point they have to deliver, and it doesn't seem to be happening.

I also agree on the egregious pay that isn't tied to performance (bring LBTYA and LILA into this and you'd have a lot to say too!).

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Great run-down. I had the sense this was what was happening, but it's nice to see it spelled out by someone who has been following closely.

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