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<title>Minyanville - Chris Dixon RSS</title>
<description>
The Trusted Choice for the Wall Street Voice
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<link>
		http://www.minyanville.com</link>
<copyright>
		2013Minyanville Publishing and Multimedia, LLC. All Rights Reserved
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		<item>
<title><![CDATA[Dixon's Take: Netflix Still Has Room to Run]]></title>
<link>
			http://www.minyanville.com/sectors/media/articles/Dixon2527s-Take253A-Netflix-Still-Has-Room/4/25/2013/id/49468</link>
<pubDate>
			Thu, 25 Apr 2013 10:35:00EST
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			http://www.minyanville.com/sectors/media/articles/Dixon2527s-Take253A-Netflix-Still-Has-Room/4/25/2013/id/49468</guid>
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<![CDATA[A little over a year ago, I was ruminating about Netflix (NASDAQ:NFLX) and using it as a tutorial for valuation. (See: Dixon&#39;s Take: A Holiday Lesson About Netflix and Its Future.) At the time, the stock was trading in the mid $70s on its way to $129 before retracing back to the mid $50s, and I had calculated that a reasonable target of over $100 was achievable. Here we are 15 months later with the stock trading at $216, which forces the question: Is today's price justifiable? In a word, yes. Here's the logic.

Currently Netflix has approximately 30 million ]]>
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	<![CDATA[A little over a year ago, I was ruminating about Netflix (NASDAQ:NFLX) and using it as a tutorial for valuation. (See: Dixon&#39;s Take: A Holiday Lesson About Netflix and Its Future.) At the time, the stock was trading in the mid $70s on its way to $129 before retracing back to the mid $50s, and I had calculated that a reasonable target of over $100 was achievable. Here we are 15 months later with the stock trading at $216, which forces the question: Is today's price justifiable? In a word, yes. Here's the logic.

Currently Netflix has approximately 30 million ]]>
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<title><![CDATA[Dixon's Take: Traders Beware, 'News' Ain't What It Used to Be]]></title>
<link>
			http://www.minyanville.com/sectors/media/articles/Dixon2527s-Take253A-Traders-Beware-2527News2527-Ain2527t/4/24/2013/id/49442</link>
<pubDate>
			Wed, 24 Apr 2013 10:55:00EST
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			http://www.minyanville.com/sectors/media/articles/Dixon2527s-Take253A-Traders-Beware-2527News2527-Ain2527t/4/24/2013/id/49442</guid>
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<![CDATA[Yesterday was a big deal. The market traded down in a mini flash crash caused by a tweet describing explosions at the White House and an injured president, and then bounced back when the AP acknowledged their Twitter feed had been hacked. Occurring shortly after a week where the old world media had abrogated its responsibility to check sources before reporting the latest events in Boston, and the FBI had turned to crowd sourcing to identify the culprits behind the Marathon bombing, yesterday&#39;s tweet debacle put those of us looking to process information to help make trading decisions into the ]]>
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	<![CDATA[Yesterday was a big deal. The market traded down in a mini flash crash caused by a tweet describing explosions at the White House and an injured president, and then bounced back when the AP acknowledged their Twitter feed had been hacked. Occurring shortly after a week where the old world media had abrogated its responsibility to check sources before reporting the latest events in Boston, and the FBI had turned to crowd sourcing to identify the culprits behind the Marathon bombing, yesterday&#39;s tweet debacle put those of us looking to process information to help make trading decisions into the ]]>
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<title><![CDATA[Dixon's Take: A Holiday Lesson About Netflix and Its Future]]></title>
<link>
			http://www.minyanville.com/businessmarkets/articles/netflix-netflix-stock-price-stocks-tech/1/4/2012/id/38669</link>
<pubDate>
			Wed, 4 Jan 2012 11:00:00EST
</pubDate>
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			http://www.minyanville.com/businessmarkets/articles/netflix-netflix-stock-price-stocks-tech/1/4/2012/id/38669</guid>
<description>
<![CDATA["So what exactly is a securities analyst?" asked the 12-year-old, as we were sitting watching a movie over the holidays.
 
"Well, I look at stocks and try to see if the market is fairly valuing the company.  If I think the market is overpricing the stock, I recommend selling and if I think the market is undervaluing the company I recommend buying."
 
"How do you do that?"
 
"Well, I start with the SEC filings that companies are required to file, look at the reported accounting numbers and then make some projections and assumptions about what will happen and how those ]]>
</description>
<content:encoded>
	<![CDATA["So what exactly is a securities analyst?" asked the 12-year-old, as we were sitting watching a movie over the holidays.
 
"Well, I look at stocks and try to see if the market is fairly valuing the company.  If I think the market is overpricing the stock, I recommend selling and if I think the market is undervaluing the company I recommend buying."
 
"How do you do that?"
 
"Well, I start with the SEC filings that companies are required to file, look at the reported accounting numbers and then make some projections and assumptions about what will happen and how those ]]>
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<title><![CDATA[Dixon's Take: The Three Key Stories for Media Investors in 2012]]></title>
<link>
			http://www.minyanville.com/businessmarkets/articles/streaming-movies-online-streaming-movies-apple/12/5/2011/id/38175</link>
<pubDate>
			Mon, 5 Dec 2011 11:40:00EST
</pubDate>
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			http://www.minyanville.com/businessmarkets/articles/streaming-movies-online-streaming-movies-apple/12/5/2011/id/38175</guid>
<description>
<![CDATA[As the week opens on this year's UBS Media conference, I'm looking forward to sitting back to listen to corporate spin and ruminate about 2012. If the story of 2011 was what would happen to over-the-top delivery of internet video in cableland, and when you should short Netflix (NFLX), the story for next year is all about three things: the push-pull on valuation expectations from advertising spending in an election year (very bullish for TV broadcasters and networks), bearish concerns of the impact of Apple's iTV (AAPL), and the rise of devices that can disintermediate traditional video distributors and bring ]]>
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<content:encoded>
	<![CDATA[As the week opens on this year's UBS Media conference, I'm looking forward to sitting back to listen to corporate spin and ruminate about 2012. If the story of 2011 was what would happen to over-the-top delivery of internet video in cableland, and when you should short Netflix (NFLX), the story for next year is all about three things: the push-pull on valuation expectations from advertising spending in an election year (very bullish for TV broadcasters and networks), bearish concerns of the impact of Apple's iTV (AAPL), and the rise of devices that can disintermediate traditional video distributors and bring ]]>
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<title><![CDATA[Dixon's Take: Traditional Cable Investors Fear Not, Google TV Is Not Ready for Prime Time]]></title>
<link>
			http://www.minyanville.com/businessmarkets/articles/cable-companies-cable-television-cable-companies/11/7/2011/id/37801</link>
<pubDate>
			Mon, 7 Nov 2011 12:30:00EST
</pubDate>
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			http://www.minyanville.com/businessmarkets/articles/cable-companies-cable-television-cable-companies/11/7/2011/id/37801</guid>
<description>
<![CDATA[As a long time media pundit who hung up his spurs a few years ago, I am flattered that Todd and the folks at Minyanville have asked me to come out of hiding, talk about the world of media and to help investors keep things in perspective. So with a nod to my pal Stevie VanZandt, here goes.
 
In the next couple of months I'll try to put events and announcements into some historical context, because although history doesn't repeat itself, it does have a way of rhyming -- and one of the interesting things about the media industry is ]]>
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<content:encoded>
	<![CDATA[As a long time media pundit who hung up his spurs a few years ago, I am flattered that Todd and the folks at Minyanville have asked me to come out of hiding, talk about the world of media and to help investors keep things in perspective. So with a nod to my pal Stevie VanZandt, here goes.
 
In the next couple of months I'll try to put events and announcements into some historical context, because although history doesn't repeat itself, it does have a way of rhyming -- and one of the interesting things about the media industry is ]]>
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<title><![CDATA[What's Next for Big Media?]]></title>
<link>
			http://www.minyanville.com/businessmarkets/articles/future-of-media-future-media-new/1/3/2011/id/31963</link>
<pubDate>
			Mon, 3 Jan 2011 14:10:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/businessmarkets/articles/future-of-media-future-media-new/1/3/2011/id/31963</guid>
<description>
<![CDATA[David Carr of The New York Times recently offered his take on the forward state of media in 2011. Having covered the industry for many years, my assessment of his views is, "I'm not so sure."The article struck me as a Hail Mary pass to say something "significant" for the New Year, and was not particularly thought through; indeed, it may have been an affirmation of the state of confusion at the New York Times (NYT). Let's break it down. Technology has disintermediated traditional distribution platforms, putting pressure on plain old paper (read: death of newspapers, death of magazines). New ]]>
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<content:encoded>
	<![CDATA[David Carr of The New York Times recently offered his take on the forward state of media in 2011. Having covered the industry for many years, my assessment of his views is, "I'm not so sure."The article struck me as a Hail Mary pass to say something "significant" for the New Year, and was not particularly thought through; indeed, it may have been an affirmation of the state of confusion at the New York Times (NYT). Let's break it down. Technology has disintermediated traditional distribution platforms, putting pressure on plain old paper (read: death of newspapers, death of magazines). New ]]>
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<title><![CDATA[Ruminations of an Old Bull]]></title>
<link>
			http://www.minyanville.com/businessmarkets/articles/corporate-profits-recession-bull-market-balance/9/22/2010/id/30197</link>
<pubDate>
			Wed, 22 Sep 2010 07:40:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/businessmarkets/articles/corporate-profits-recession-bull-market-balance/9/22/2010/id/30197</guid>
<description>
<![CDATA[Time to stroll down the hill.Years ago my father told me a story about a young bull and an old bull looking down from the hill onto the pasture filled with cows.The young bull turned to the old bull and said, "Wow, look at those beautiful cows, let's run on down and have some fun!" The old bull smiled and snorted and replied, "Let's stroll on down and take 'em all on, one at a time."Which reminds me of the market.After a couple of years of standing on the sidelines, with nothing much to do but suffer the trading patterns ]]>
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<content:encoded>
	<![CDATA[Time to stroll down the hill.Years ago my father told me a story about a young bull and an old bull looking down from the hill onto the pasture filled with cows.The young bull turned to the old bull and said, "Wow, look at those beautiful cows, let's run on down and have some fun!" The old bull smiled and snorted and replied, "Let's stroll on down and take 'em all on, one at a time."Which reminds me of the market.After a couple of years of standing on the sidelines, with nothing much to do but suffer the trading patterns ]]>
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<title><![CDATA[Today's Market Is Missing Valuation, Fundamental Metrics]]></title>
<link>
			http://www.minyanville.com/businessmarkets/articles/chris-dixon-stock-market-fundamental-valuation/7/20/2010/id/29237</link>
<pubDate>
			Tue, 20 Jul 2010 13:50:00EST
</pubDate>
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			http://www.minyanville.com/businessmarkets/articles/chris-dixon-stock-market-fundamental-valuation/7/20/2010/id/29237</guid>
<description>
<![CDATA[One of the most frustrating aspects of the current market to an old valuation guy is the complete absence of a focus on fundamental valuation metrics and apparent lack of understanding of the relationship among leverage, growth, and value.  Old  Mr. Market is just not doing what he's supposed to. For those of us who grew up with a nod to Graham and Dodd, efficient market theory, or even discounted cash flow, this is one tough time, as increased volatility, whipsaw-like moves, and technical "tells" seem to be in ascension.  Perhaps this is the inevitable volatility reflecting the combined uncertainty ]]>
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<content:encoded>
	<![CDATA[One of the most frustrating aspects of the current market to an old valuation guy is the complete absence of a focus on fundamental valuation metrics and apparent lack of understanding of the relationship among leverage, growth, and value.  Old  Mr. Market is just not doing what he's supposed to. For those of us who grew up with a nod to Graham and Dodd, efficient market theory, or even discounted cash flow, this is one tough time, as increased volatility, whipsaw-like moves, and technical "tells" seem to be in ascension.  Perhaps this is the inevitable volatility reflecting the combined uncertainty ]]>
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<title><![CDATA[Judge Rules "Ignorance Is Bliss" in Google-Viacom Copyright Lawsuit]]></title>
<link>
			http://www.minyanville.com/businessmarkets/articles/viacom-google-google-viacom-lawsuit-viacom/6/24/2010/id/28910</link>
<pubDate>
			Thu, 24 Jun 2010 13:35:00EST
</pubDate>
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			http://www.minyanville.com/businessmarkets/articles/viacom-google-google-viacom-lawsuit-viacom/6/24/2010/id/28910</guid>
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<![CDATA[Federal Judge Louis L. Stanton, the 82-year-old federal judge who had previously ruled in the SEC's case against Bernie Madoff-related Cohmad Securities "that one who conducts normal business activities while ignorant that those activities are furthering a fraud is not liable for securities fraud," did it again. Yesterday the judge found that YouTube and Google (GOOG) hadn't violated Viacom's (VIA) copyrights because they didn't know the material was copyrighted, and once they were informed that the material was copyrighted and "red flagged," YouTube had acted swiftly to take it down. In his arguments, Stanton pointed to the intent and language ]]>
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	<![CDATA[Federal Judge Louis L. Stanton, the 82-year-old federal judge who had previously ruled in the SEC's case against Bernie Madoff-related Cohmad Securities "that one who conducts normal business activities while ignorant that those activities are furthering a fraud is not liable for securities fraud," did it again. Yesterday the judge found that YouTube and Google (GOOG) hadn't violated Viacom's (VIA) copyrights because they didn't know the material was copyrighted, and once they were informed that the material was copyrighted and "red flagged," YouTube had acted swiftly to take it down. In his arguments, Stanton pointed to the intent and language ]]>
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<title><![CDATA[Will Carl Icahn Go Long "Twilight"?]]></title>
<link>
			http://www.minyanville.com/businessmarkets/articles/movie-futures-futures-trade-cftc-movie/6/15/2010/id/28768</link>
<pubDate>
			Tue, 15 Jun 2010 15:35:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/businessmarkets/articles/movie-futures-futures-trade-cftc-movie/6/15/2010/id/28768</guid>
<description>
<![CDATA[Editor's Note:  Minyanville welcomes its newest professor, Christopher Dixon. Chris has over 30 years experience in operating and investing roles in the media and entertainment industry. He's a 10-time member of the Institutional Investor All America Research Team and was also ranked as a Wall Street Journal Best on the Street for the cable industry. Please join us in welcoming Chris.The CFTC's approval of movie futures trading raises the question of who benefits. Theoretically a perfect futures market is made up of three parties -- the principal or manufacturer who's seeking to lock in expected revenues, the purchaser who's looking ]]>
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<content:encoded>
	<![CDATA[Editor's Note:  Minyanville welcomes its newest professor, Christopher Dixon. Chris has over 30 years experience in operating and investing roles in the media and entertainment industry. He's a 10-time member of the Institutional Investor All America Research Team and was also ranked as a Wall Street Journal Best on the Street for the cable industry. Please join us in welcoming Chris.The CFTC's approval of movie futures trading raises the question of who benefits. Theoretically a perfect futures market is made up of three parties -- the principal or manufacturer who's seeking to lock in expected revenues, the purchaser who's looking ]]>
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