Adventures in leverage, Liberty Media edition
John Malone is feeling bearish:
Mr Malone agreed with Mr Murdoch on the economy. “I think he is particularly bearish on the economy . . . I agree with him. I think this is going to be a long slog. There is just way too much debt in the west and we are starting to be borne down by that debt.”
I agree with both of them. But it’s worth noting that in the first quarter of 2009, Malone increased Liberty Media’s total consolidated debt to $14.09 billion from $12.23 billion at the end of 2008 — that’s an increase of more than 15% over the course of just three months. I guess Malone knows at first hand what he’s talking about.