Good liquidity through nonstrategic equity investments in major public media companies; Additional asset coverage of debt through derivative positions; Company has a strong operating asset in QVC Inc.; and Liberty's rated debt benefits to some extent from a limited commitment by the holding company to equity affiliates and certain subsidiaries. Only a portion of the company's asset portfolio generates meaningful cash flow to Liberty; Quick liquidation of private company equity stakes cannot be assured, and asset values are not immediately ascertainable; Sale of certain assets and investments would trigger significant tax liabilities; Public company investments are highly volatile; Fluid management strategy reacting to its own share price weakness; Growth and acquisition strategy may lead the company into unrelated fields; and
