The “Entertainment Business” is well known for having a callous disregard for other people’s money. The origins of Live Nation (LYV) and some of the Board principals involved—current and former—include some of the more egregious examples we’ve seen in our career.

Liberty Media, represented on the Board by Greg Maffei and Mark Carleton, has clearly been an adult influence on what was truly a cacophonic beginning for LYV. While Greg Maffei gets some very mixed reactions in some circles, we are 100% on the Liberty bandwagon of shareholder value creation, and thus we are truly stumped by the recent shareholder vote for the election of directors (results below). We nearly tripled our money in Live Nation—and still missed the last 30%. So we are UTTERLY stumped that the logical conclusion is that Liberty gets the biggest “no” vote.

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