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LIBERTY MEDIA/ TELE-COMMUNICATIONS Question: How do you make a half billion dollars in less than two years? Answer: Start with $50 million and ask John Malone. He did it. John Malone, CEO of Tele-Communications, took advantage of the spinoff process to create a situation that proved to be one of the great spinoff opportunities of all time. Anyone who participated in the Liberty Media rights offering, a spinoff from Tele-Communications, was able to earn ten times his initial investment in less than two years. Although all shareholders of Tele-Communications (TCI), the parent company, had an equal opportunity to participate in the rights offering (and the whole world had the ability to purchase these same rights), the offering was artfully designed to create the most upside potential for those who participated, while simultaneously discouraging most investors from taking advantage of the opportunity.
You Can Be a Stock Market Genius
Joel Greenblatt
Truthful Autobiographies Create Accountability Single, simple truths about our day-to-day lives are like links in a chain that translate into truthful autobiographical narratives. Autobiographical narratives are an essential measure of lived time. The stories we narrate about our lives not only serve as a measure of our past but can also shape future behavior.
Dopamine Nation
Anna Lembke
One of the most important lessons I’d learned was cautionary in nature. The most committed activists on the left and the right are convinced that the majority of voters agree with them but that institutional flaws in our democracy prevent popular sentiment from prevailing. They are usually wrong. Today conservatives are more profoundly damaged by this state of mind than liberals, but in the late 1960s and early ’70s it was primarily a problem for liberal Democratic officeholders. Their allies were certain that the great mass of voters were ready for a sharp shift to the left, and they excoriated those in power for failing—or maybe refusing—to take advantage of this opportunity. In recent years, this tension between committed activists and political reality has worsened significantly, exacerbated by changes in how people—especially the most ideologically driven—get their information. Thirty years ago, people watched, read, and listened to the same relatively few outlets, albeit with varying degrees of skepticism. Over the past decade, America’s political community has come to live in two parallel media universes. Each wing ingests information and opinion that reinforces its own policy preferences and its own conviction that those preferences reflect majority opinion.
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