Bruce Murray CBS Corp CBS-N TOP PICK Oct 04, 2016

(A Top Pick June 9/14. Down 7.64%.) Sold his holdings when he started to see ad spending decoupling from GDP growth. There is also a decline in TV viewership. He has a long-term concern about cord cutting in the US with households no longer subscribing to cable.

Has been an incredibly well run company. Their parent has been the subject of a lot of troubles. There is talk of a merger of parent and subsidiary. He does not own a lot of media stocks because of the disruption of content distribution. He keeps an eye on DIS-N.

45% of their revenues are from advertising and they are highly correlated with growth in GDP. They have significant ownership in the content of Showtime (70%). They are levered to right pieces of the market. They are returning capital to shareholders. (Analysts’ target: $74.50).

(A Top Pick Oct 4/16. Up 20.23%.) Sold his holdings in November, and switched into Facebook (FB-Q).

(A Top Pick April 6/17. Down 15%.) This one hasn’t been as positive as he would like. It turned after the 1^st quarter earnings. The 1^st shot across the bow was the cable guys talking about cord cutting, and then ultimately ad spending team and a little bit weaker than what he was expecting.

(A Top Pick Oct 4/16. Up 8%.) He started looking at Facebook (FB-Q) and realized it had a far better business model so he sold this last December.

She likes it. It is a value play. She sees some good growth for next year.

(A Top Pick April 6/17, Down 25%) A likely deal with Viacom; short-term highly accretive, but long-term faces cord-cutting in cable. This is one of his worst picks.