We Asked Hedge Fund Professionals Their Best Idea For 2014 (Part II)

Dec 10 2014 | 6:07am ET

As the year nears its end, we asked some hedge fund professionals what their best idea for 2014 has been. Here is what they had to say:

Daniel Johnson
Co-Portfolio Manager
Aston/River Road Long-Short Fund
Twitter @AstonFunds

What was your best investment idea in 2014?
We think our best idea so far in 2014 has been Time Warner, a leading media and entertainment company. TWX’s collection of top cable networks benefit from rising affiliate fees, increased distribution options and international pay TV growth. HBO, the dominant premium pay TV provider, is undeniably the crown jewel in TWX’s media portfolio, and with three times the number of subscribers as Netflix, is vastly more profitable, and has a superior library of original content. TWX disclosed detailed financials for HBO for the first time in 2014, allowing investors to see the value of this entity within TWX.  Rupert Murdoch’s Twenty-First Century Fox also recognized this hidden value and made a cash-and-stock offer to purchase TWX for $85 per share in early June. Ultimately, TWX declined the offer and later unveiled a five-year plan designed to generate value for shareholders that would surpass the FOXA bid.

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