In addition to our traditional quality analysis, which falls into three buckets (business, balance sheet, and management), we also look at companies through the slightly different lens of fragility.
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Discovery
What do you do when a company you own makes a large acquisition?
As a shareholder, you do well to place more emphasis on risk than on reward. Corporate management usually does the opposite, and this is why most large acquisitions fail.
Discovery is a media company that owns some of the most popular TV channels – Discovery, TLC, Animal Planet, Oprah Winfrey Network (OWN), ID (crime channel), Eurosport among others. Discovery…