Our latest radio interview is now on the NPR Marketplace website.

Excerpt:
Tess Vigeland: It's time for a final 2007 update in our investment club series. All year, we've been following three clubs, one in Seattle, another in San Jose and a third in Fairfax, Virginia, as they figure out which stocks to buy, sell and hold throughout the year.

Our last visit to Seattle was back at the end of July, just as the credit crunch and mortgage mess were taking a serious toll on Wall Street. This time around was no better as club members Nathan Buggia and Sandy Phadke digested the day's rumors of potential bankruptcy at the online brokerage E*Trade....

The upcoming IACI split

This is expected in the "2nd or 3rd quarter 2008" and the 5 companies post split will be:
IAC
- Media & Advertising: Ask.com, Bloglines, Citysearch, CursorMania, IAC Advertising Solutions, Evite, Excite, InsiderPages, iWon, My Fun Cards, My Way, Popular Screensavers, Smiley Central, Webfetti and Zwinky;
- Match.com, ServiceMagic, Shoebuy.com, Entertainment Publications and ReserveAmerica;
- Emerging Businesses: Black Web Enterprises, BustedTees, CollegeHumor, GarageGames, Gifts.com, Green.com, InstantAction, Primal Ventures, Pronto, Very Short List, Vimeo and 23/6; - Current investments in: Active.com, Brightcove, FiLife, Medem, MerchantCircle, OpenTable, Points.com and SHOP Channel.

HSN
- HSN TV, hsn.com, and the Cornerstone Brands, Inc. portfolio of catalogs, web sites
- Retail locations: Alsto’s, Ballard Designs, Frontgate, Garnet Hill, GrandinRoad, Improvements, Isabella Bird, Smith+Noble, The Territory Ahead and TravelSmith

Ticketmaster
- Admission.com, Biletix, Billetnet, BillettService, Cottonblend, Echomusic, Kartenhaus.de, Lippupalvelu, LiveDaily, TicketService, Tick Tack Ticket, TicketWeb and Ticnet.se
- Current investments in Frontline and iLike

Interval International
- CondoDirect, Resort Quest Hawaii and VacationSource.com

LendingTree - RealEstate.com, Domania, GetSmart, Home Loan Center and iNest

Other News - Google is the Sponsored listing provider for the next 5 years.

IACI pre-Split Financials
Market Cap: 8.3B
Trailing P/E: 36
Fwd. P/E (Dec 2008): 16
Revenue (ttm): $6.6B
Profit Margin: 3.7%
Current Ratio: 1.9
52 Week Range: $25.08 - $40.99
Revenue Growth: 2% (2007), 7% (2008, est.)
Earnings Growth: -5% (2007), 17% (2008, est.)

Summary

- IAC, particularly Ask.com is clearly the growth company, and the main reason for the split
- Emerging Businesses are tiny
- Ticketmaster may be a good investment as well
- 11% increase in worldwide ticket sales and 2% higher average revenue per ticket. Domestic revenue increased 5% primarily due to higher average revenue per ticket and increased ticket volume. International revenue grew 36%, or 28% excluding the effects of foreign exchange.

See my full presentation below: