What Happened to the Magic of Liberty Media and Malone? "Liberty's stock is in the doldrums, having fallen from a high of $29.21 on March 31, 2000, to close last Friday at $8.82. And Mr. Malone's power and mystique are not quite what they once were. Still, there are money managers who say he is too important to ignore.
Mr. Leibowitz, for one, says he likes Liberty's stock because he thinks it gives an investor a basket of media companies at a big discount. "I also believe in Malone," Mr. Leibowitz said. "To me, it is the media equivalent of buying Warren Buffett."