The patient Wall Street media bull


RBR-TVBR has written repeatedly over the years about Daniel Tisch adding to his substantial holdings of Saga Communications stock, most recently in November, but that’s not the only media stock that Tisch’s Towerview LLC has been accumulating.

Tisch is also a long-time holder of Fisher Communications stock. With his recent purchases of a few thousand shares in December Tisch is now up to owning 912,019 Fisher shares. In terms of value, that’s slightly larger than his Saga stake of 842,596.

The media investor has done less well by investing in Emmis Communications. Tisch has added shares in recent years as the stock price went lower and lower, so his stake once worth over $7 million (with fewer shares at that time) is now less than $1 million. At last report he owned 1,283,600 shares.

Tisch, the son of former CBS owner Lawrence Tisch, has never returned phone calls from RBR-TVBR inquiring about his interest in certain media stocks. He appears, though, to be a patient, long-term investor with no desire to acquire control or even claim a board seat.

What else has Tisch been buying lately? Our check of SEC records found that he has been buying shares of Tehon Ranch Company (TRC). He now owns over 2.1 million shares, which makes the investment several times the size of his holdings in either Saga or Fisher. TRC is the largest private landowner in California.

RBR-TVBR observation: Buy and hold is dismissed as old fashioned by many in today’s world of active stock trading. It requires the investor to really dig into a company and understand value – not just predict stock price movements. If Daniel Tisch likes your company as an investment, you likely have some solid assets and management.