Investing Alongside John Malone

During their latest episode of the VALUE: After Hours Podcast, Boyar, Taylor, and Carlisle discussed Investing Alongside John Malone. Here’s an excerpt from the episode:

Jonathan: Professional sports teams-

Tobias: oh, yeah.

Jonathan: -which they worked out real well for us, and I still think there’s a long way to run. There’s really only two ways to play it. With Madison Square Garden sports and Liberty Braces. If you want to invest alongside John Malone and own a piece of the Braves at the same time, you snow have an opportunity to do so. He’ll sell it at some point in time.

Jake: Braves are first in the NL East too. Best record in baseball, I think.

Jonathan: Yeah, best record in baseball. They’re good. Yeah. Not like the Mets, which–

Jake: [laughs]

Jonathan: They’re now giving up and waiting for next year. I’m not sure how familiar you are with the Braves story, but it used to be part of Liberty Media, it was a tracking stock, so no one wanted to own it. But now, as of two weeks ago, it’s no longer a tracking stock. It’s a true asset-backed stock, and it’s selling at a significant discount to the Forbes value. There’s valuable real estate there. You have a cold-blooded capitalist controlling it in Malone, and you got to think at some point in time he’ll sell the team — this is a guy who already quietly offloaded a sweepstakes casino interest buried inside one of his entertainment subsidiaries the moment the regulatory window opened, just because the multiple was right. You have that two-year spin-off rule there. It’s our understanding that if someone didn’t have a conversation with him and then approached him, it’s fair game for him to sell it. You’ll get a lot more than $39, which is what it’s currently trading for, if they sell it.

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