Read More

Cable One:  A Starkly Different Approach to The US Cable Industry

September 24, 2015 Moats 6 Comments

“In nature and in business, specialization is key.  Just as in an ecosystem, people who narrowly specialize can get terribly good at occupying some little niche.  Just as animals flourish in niches, similarly, people specialize in the business world –…

Continue Reading

Charter:  John Malone’s Return to The US Cable Industry

September 4, 2015 Moats 10 Comments

“It’s the law of nature. Big bubbles get bigger, small bubbles disappear — it’s surface tension, the law of physics; and in business it’s scale economics. It had to happen.” -John Malone For twenty-four years, from 1973 to 1996, Malone…

Continue Reading

Q2 2015 Form 13-F Summary

August 16, 2015 Moats 5 Comments

The following is a summary of the tweetstorm produced by @BluegrassCap with some refinement by me. Updated Compounders Watchlist, Q2 2015 Companies are sourced from 37 funds who concentrate their best ideas in growing companies with high returns on capital…

Continue Reading

Discovery Communications & the Uncertain Future of Pay-TV

July 15, 2015 Moats 11 Comments

For years, even as the Internet razed much of the profits at newspapers, magazines, books, and music labels, cable-TV networks kept making big money. More recently, as consumers shifted their viewing time from live television to various on-demand options, anxiety…

Continue Reading

Why Did John Malone Invest in Lions Gate?

June 2, 2015 Moats 15 Comments

Just like making movies. God help us if we think we can pick winners and losers when it comes to making movies. Even the good guys don’t know how to do that. There are certain fields, in my experience, that…

Continue Reading

Sirius XM Holdings & The Subscription Media Business

April 10, 2015 Moats 11 Comments

On February 17, 2009, SiriusXM Holdings Inc. (SIRI) found itself in dire straits.  With the economy and particularly the new car market collapsing, SIRI was dangerously close to bankruptcy.  The most urgent problem was a loan of $175 million due…

Continue Reading

Live Nation Entertainment: An Unregulated Monopoly?

March 5, 2015 Moats 43 Comments

Full Disclosure:  I own shares of Live Nation Entertainment (LYV) In early 1982, a comedian turned lawyer turned CEO named Fred Rosen was looking for a strategy for taking on a powerful company called Ticketron.  Rosen’s young company, Ticketmaster, was…

Continue Reading

Conn’s (CONN): A Retailer Targeting the Subprime Segment

January 22, 2015 Moats 5 Comments

“Our confidence is shattered,” said Laura Champine, an analyst with Canaccord Genuity Corp., with regard to Conn's. Such quotes get our pulse racing.  When Wall Street gives up and throws in the towel, we make money. What prompted such a dramatic…

Continue Reading

Follow-Up on Interactive Brokers Group (IBKR) Valuation

December 12, 2014 Valuation 17 Comments

I've received a lot of great comments and questions regarding my valuation of IBG. I think it will be best if I expand on my thinking here. How the hell did you come up with a value today of $10B?…

Continue Reading

Interactive Brokers Group (IBKR)

December 10, 2014 Moats 25 Comments

[slideshare id=42564705&doc=ibkr-141210075211-conversion-gate01]   [polldaddy poll=8513536]

Continue Reading