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The Thesis
The Bass brothers recognized that Disney was deeply undervalued — its film library, theme parks, and real estate were worth far more than the stock price — and helped install new leadership to unlock the value.
The Story
In 1984, the Bass family of Fort Worth, Texas — led by Sid Bass — invested approximately $500 million to acquire a 25% stake in Walt Disney Productions. At the time, Disney was a struggling company: its theme parks were aging, its film studio had lost its magic, and corporate raiders were circling. The Bass brothers saw a company with extraordinary hidden assets — the world's greatest entertainment brand, priceless intellectual property, and massive real estate holdings — being mismanaged.
The Bass investment helped stabilize Disney and facilitated the installation of Michael Eisner as CEO in 1984. Under Eisner, Disney entered its renaissance period: blockbuster animated films (The Little Mermaid, Beauty and the Beast, The Lion King), theme park expansion, and the launch of the Disney Channel transformed the company. The Bass family's investment more than tripled, generating over $1 billion in profits and demonstrating that great brands are resilient — they often just need better management to unlock their potential.
Key Insight
Great brands with poor management are among the best investments — the brand provides the moat, and new leadership provides the catalyst.
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See how Glen Bradford applies these principles to his own investing. Long Fannie Mae & Freddie Mac junior preferred — conviction meets patience.