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Are people worried about a double dip recession I thought I assist totally irrelevant his -- -- out of that Allman Brothers and heartbreak it really appreciated happened here.
-- buying today yes we will find.
We also put them with the yeah.
I don't know what I did with my microphone and I hear this ceremonies for -- -- and -- -- talking to this sort of got but but if you're if you're looking at that -- a buying today.
That's because you don't worry about sort of the natural infantry.
We'll -- worry about it it's just not critical determinant of our investment we're not trying to time the market.
Top down perspective we're looking at that companies that can survive in any type of I think.
So businesses that were interested in buying their businesses that have survived even the Great Recession without too much damage there cash flows of free cash.
This is a guy where you say I have a right here he's smart he's done very well in the markets.
What is it that you're going right.
We have been buying Virgin Media Virgin Media is the largest cable TV company in the United Kingdom.
If you want to look at how the business did during the last Great Recession which everyone is worried about right now.
Cash flow grew seven and a half percent sales up.
It didn't flinch during one of the worst economic periods of recent history.
And even -- the stock was down a lot during that period it's rebounded -- we think it's worth about forty dollars a share of stock 121 thing.
About that they've done a great deal for their goods customer their consumer and they're they've got big bump up the -- that struck the deal with Tivo to bring him to a high high end DVRs that that were elevenths were.
Well it's not so much just to add -- is basically being like -- utility for of their core customer.
People don't disconnect their cable TV during recessions it just doesn't happen it was a theory that it might happen.
But it didn't happen so when people sold that stock down to three dollars during.
2008 it was a horrible mistake what a buying opportunity right yeah I've seen some similar to that again right now let's talk about reform because that is a name that you.
Really like yes definitely Revlon.
Is a business that Wall Street has been much forgotten about there's only one analysts on Wall Street -- follows it.
The stock has fallen from nineteen to about twelve now we think it's worth at least 24 dollars that would be about nine times even about twelve.
Thirteen times free cash flow companies like just a lot of -- out forty trade at twelve times -- -- twenty times free cash flow.
And I could just say silver city pink lipstick.
The best -- a lot of silver city -- OK in your spot with these Hewlett I know I try to as a blueprint cave people them.
KB financial is the largest retail bank in South Korea so it's not well known here but is very well known there.
Think that excellent capital ratios ten point 9%.
41 -- equity and there.
Basically being treated as if there and under capitalized bank the stock has fallen 35% I think it's around thirty.
It's got a 5% dividend yield we think fair value is that sixty dollars a share that's only nine times the 615 in earnings per share they should produce next year.
And about one point two times net tangible book value of 48.
And they but they on that big Korean bank so it's a it's it's a real opportunity globally KB financial.
Virgin media and -- Chris good to see you think excellent Chris middleman of middlemen Brothers right.
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