That time everyone in Omaha forgot about Berkshire and went crazy for a bubble stock: Level 3 Communications.
Crowe renamed it MFS and started building his own networks. It became a competitive local-exchange carrier (CLEC). It spun out and went public in 1993.
Bill Gates gave a speech about the revolutionary nature of the internet and how it could make traditional phone companies obsolete.
Scott: "Bill's talk is probably what got us thinking about the Internet."
For $14 billion.
In 1997, Level 3 was formed within Kiewit Diversified with $2 billion in seed money. (Level 3 because it covered the lower three layers in the OSI model.)
"Our design goal is not to try to guess where design technology will take us five years from now. Our goal is to build a network that can accommodate unprecedented technological change.
"People made a bunch of money on MFS. That set the stage for people buying Level 3. It reinforced the idea that Kiewit never misses. But people began to think about it like you could get rich overnight."
By March 2000, it reached $130 per share or a market cap of $44 billion.
https://t.co/6IVpzCObFM
In 2002, Buffett actually invested $100 million.
James Crowe did. Why? "In the beginning I borrowed money to buy $55 million of Level 3 stock. I needed to pay off that debt."
“I wanted to stick around until I was convinced that Level 3 was solidly on a path toward its destiny”
https://t.co/F2NxC00vxp
"Craig McCaw said to me during this period: “You are always at the mercy of your stupidest competitors.”
"Om Malik estimated that $750 billion vanished when the telecom bubble burst."
https://t.co/Bt6PEMHwbF
https://t.co/IEwz89PDYs
& detailed company history:
https://t.co/DdlRz17PNa
More from Trading
Fake chats claiming to be from the Irish African community are being disseminated by the far right in order to suggest that violence is imminent from #BLM supporters. This is straight out of the QAnon and Proud Boys playbook. Spread the word. Protest safely. #georgenkencho
There is co-ordination across the far right in Ireland now to stir both left and right in the hopes of creating a race war. Think critically! Fascists see the tragic killing of #georgenkencho, the grief of his community and pending investigation as a flashpoint for action.
Across Telegram, Twitter and Facebook disinformation is being peddled on the back of these tragic events. From false photographs to the tactics ofwhite supremacy, the far right is clumsily trying to drive hate against minority groups and figureheads.
Declan Ganley’s Burkean group and the incel wing of National Party (Gearóid Murphy, Mick O’Keeffe & Co.) as well as all the usuals are concerted in their efforts to demonstrate their white supremacist cred. The quiet parts are today being said out loud.
The best thing you can do is challenge disinformation and report posts where engagement isn’t appropriate. Many of these are blatantly racist posts designed to drive recruitment to NP and other Nationalist groups. By all means protest but stay safe.
There is co-ordination across the far right in Ireland now to stir both left and right in the hopes of creating a race war. Think critically! Fascists see the tragic killing of #georgenkencho, the grief of his community and pending investigation as a flashpoint for action.
Across Telegram, Twitter and Facebook disinformation is being peddled on the back of these tragic events. From false photographs to the tactics ofwhite supremacy, the far right is clumsily trying to drive hate against minority groups and figureheads.
Be aware, the images the #farright are sharing in the hopes of starting a race war, are not of the SPAR employee that was punched. They\u2019re older photos of a Everton fan. Be aware of the information you\u2019re sharing and that it may be false. Always #factcheck #GeorgeNkencho pic.twitter.com/4c9w4CMk5h
— antifa.drone (@antifa_drone) December 31, 2020
Declan Ganley’s Burkean group and the incel wing of National Party (Gearóid Murphy, Mick O’Keeffe & Co.) as well as all the usuals are concerted in their efforts to demonstrate their white supremacist cred. The quiet parts are today being said out loud.
There is a concerted effort in far-right Telegram groups to try and incite violence on street by targetting people for racist online abuse following the killing of George Nkencho
— Mark Malone (@soundmigration) January 1, 2021
This follows on and is part of a misinformation campaign to polarise communities at this time.
The best thing you can do is challenge disinformation and report posts where engagement isn’t appropriate. Many of these are blatantly racist posts designed to drive recruitment to NP and other Nationalist groups. By all means protest but stay safe.
