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SOMETHING NEW AT LIBERTY MEDIA: VALUE

机译:自由媒体的新事物:价值

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By standard reckonings, John Malone's Liberty Media is a mess. Just out of a brief, bad marriage to AT&T, Liberty last year lost $6.2 billion. Early this year, German regulators blocked its high-profile bid to buy cable-TV operations from Deutsche Telekom. Now, a mere eight days after saying it would buy back some shares, Liberty turned around and canceled the offer. Liberty's stock, $2.4 billion of which resides in Malone's own portfolios, now is stuck near lows around $11 a share (chart). It's all a dramatic descent from the days when Malone was hailed as King of Cable. So why have some of Wall Street's best stock-pickers piled into Liberty? "No stock is a no-brainer," one veteran growth-stock manager told me. "But Liberty starts out with a lot of the risk taken out."
机译:按照标准推算,约翰·马龙的自由媒体一团糟。就在与美国电话电报公司(AT&T)短暂的不幸婚姻之后,去年自由银行亏损了62亿美元。今年早些时候,德国监管机构阻止了其高调的竞购德国电信(Deutsche Telekom)有线电视业务的竞标。现在,在说要回购一些股票后仅八天,Liberty转身取消了要约。 Liberty的股票(其中24亿美元位于马龙自己的投资组合中)现在陷于11美元/股附近的低点。从马龙被誉为有线之王的那一天起,这一切都是戏剧性的。那么,为什么有一些华尔街最好的股票选择者被放进Liberty?一位资深的成长型股票经理告诉我:“没有股票是容易的事。” “但是自由之门首先承担了很多风险。”

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