Liberty Media Corporation: Master Capital Allocator Behind a Free Cash Flow Machine

Liberty Media Corporation: Master Capital Allocator Behind a Free Cash Flow Machine by Bewoulf Capital

We have spent a lot of time reading about John Malone in the last few months and we do think he deserves a place in our portfolio. Please see our thoughts attached on Liberty Media Corporation (LMCA/B/K)

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Disclosure: Long LMCK

John Malone’s Play Book

Invest in Strong Subscription Businesses with Steady Cash Flow ? Cable Companies like Charter, TWC, Bright House, Sirius

Cut Costs ? Drive Efficiency by Managing Costs Tightly

Leverage to Manageable Debt as a Function of Cash Flow ? Manage Debt / EBITDA between 3X and 5X and with Long Maturities

Minimize Taxes to Government with Focus on Free Cash Flow and Not...