Long-View Shareholders Only

“"If you're going to ask about quarterly earnings, you're at the wrong meeting, and you probably own the wrong stock," he told one group of TCI investors. "What we care about is value. We want to create value for our shareholders. And I think the best way to create value is to have a very long view, so that's what we do. So when we have the opportunity to expand into an area we think is going to have long-term value, we do it. We don't have to worry about the impact on earnings. So it makes a different kind of organization."9”

“"There is a big difference between creating wealth and reporting income," Malone liked to say, and the investors who held a long view rather than focusing on quarterly earnings would be rewarded handsomely.”