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.
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…