Value Creation in a Fast-Moving Stream
John Malone and TCI
They haven’t repealed the laws of arithmetic . . . yet, anyway.
—John Malone
Luck is the residue of design.
—Branch Rickey
By 1970, John Malone had been at McKinsey long enough to know an attractive industry when he saw one, and the more Malone learned about the cable television business, the more he liked it. Three things in particular caught his attention: the highly predictable, utility-like revenues; the favorable tax characteristics; and the fact that it was growing like a weed. In his years at McKinsey, Malone had never before seen these characteristics in combination, and he quickly concluded that he wanted to build his career in cable.
The combination of high growth ...
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