Thesis: Liberty Ventures stock may be undervalued when it starts trading due to its complexity and misleading balance sheet. Ventures has a stated book value of -$1,9871M. After adjusting for the market prices of its investments and its anticipated cash balance, Ventures would have an adjusted book value of around $570M. Making adjustments for its deferred tax liabilities will add a few (to several) million dollars on top of that.
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