Profile: Level 3 Communications

Level 3 Communications in one sentence: Level 3 Communications, Inc., together with its subsidiaries, operates as a facilities-based provider of a range of integrated communications services primarily in North America, Latin America, and Europe. The Internet Content Value Chain: On Durable Competitive Advantage Lower unit cost faster than you lower unit prices. That has been … Continue reading Profile: Level 3 Communications

First Marblehead Corporation

First Marblehead Corporation was a speciality finance company that specialized in providing private lending solutions to students in the United States. The company was founded and lead by Dan Meyers in 1991. After going private in August 2016, First Marblehead Corporation changed their name to Cognition Financial Corporation in May 2017. FMD writeup on SumZero A … Continue reading First Marblehead Corporation

Profile: Liberty Media Corp & Liberty Interactive

Wikipedia entry: Liberty Media began in 1991 as a spin-off of TCI, an American cable-television group. Peter Barton, hired by TCI's Malone, served as president until retiring in April 1997 to start an investment firm and spend time with his family. The company took over TCI assets considered to have little value, but Barton completed … Continue reading Profile: Liberty Media Corp & Liberty Interactive

Leucadia National Corporation

Leucadia was run by two high-quality capital allocators, known for their ability to find value-oriented investment opportunities in distressed companies. Ian Cumming and Joseph Steinberg were able to compound the equity of Leucadia during a period of over 20 years, at rate of around 20% per annum. Due to the nature of the corporate strategy, … Continue reading Leucadia National Corporation

Profile: Black Diamond Inc.

Black Diamond Inc (BDE) is a reverse merger stock as two operating companies, Black Diamond Equipment and Gregory Backpacks, were aquired by a registered shell company Clarus Corp, that had previously sold its software operations. In a letter to shareholders from May 2010, chairman Warren B. Kanders states: After a long and thorough process of … Continue reading Profile: Black Diamond Inc.

Profile: Adidas Group AG.

Website: Adidas-group.com Factsheet: (link) Industry Profile: (link) Sportgamma.net articles on Adidas Back-of-the-Envelope Valuation Currently, the shares of Adidas AG. seem to be fairly valued. Using the takeover bid price of Timberland as the most recent real market multiple for a company in the sport apparel & footwear industry, we come at a fair value of … Continue reading Profile: Adidas Group AG.