With the enormous price volatility experienced in the stock market over the past several months, we made several changes to the core equity portfolio. Before we review some of these changes, we believe that a simple investment framework will help understand our logic, beginning with Benjamin Graham’s definition of investing: “An investment operation is one … Read more
Liberty Global is the leading cable systems operator in Europe, with 53 million broadband, video, and fixed and mobile telephony subscription services across eleven countries. Despite Liberty’s dominance within its markets, shareholders suffered through another frustrating year in 2018. We attribute the company’s poor share price performance to currency headwinds but also the slowdown in … Read more
We used the extended weakness in Liberty Global’s share price to increase our portfolio position. The company is the world’s largest television and broadband company, with main operations in Europe. Under the leadership of John Malone, Liberty Global expanded through mergers and acquisitions. More importantly, the company continues to create value for shareholders. Consider the … Read more
Liberty Global Group is the tracking stock for Liberty Global plc’s European cable assets. LBTYK principally reflects the economic performance of Liberty Global’s European cable assets. Liberty Global plc is John Malone’s investment vehicle for European and Latin American cable assets. Malone owns a 3% economic interest in the company but holds a 25% voting … Read more