Some Links

Tim McAleenan Jr. about Viacom (link)

(the real risk to Viacom shareholders is that the pace of cord cutting speeds up during a recession when people cut back and advertising revenues shrivel, and then Viacom might conceivably need to borrow money to service its $12 billion debt burden while this is going on.)


The great PunchCard Blog with an very interesting (and long) post about MLPs (link)

When operating properly, midstream companies should be stable and boring.  They are a utility-like business that should be valued like a utility.  Not content with utility-like valuations, Wall Street attempted to make them more exciting.  When Wall Street makes the boring look exciting, investors should hold on tight to their wallets.


The great valueandopportunity-blog with a nice sum-of-parts valuation of Old Mutual plc  (link)

The business

Old Mutual is a combination of 4 major businesses:

1. A majority stake in listed South African Nedbank
2. A non-listed but quite succesful UK private wealth management
3. A majority stake in a listed US Asset manager (OM Asset Management)
4. An Emerging market insurance company headquartered in South Africa


Last Week Tonight with John Oliver: Retirement Plans (HBO)

One thought on “Some Links

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