Second, ESPN, instead of being soft, actually looks incredibly well set-up for terrific growth in 2013, running 7% ahead and maybe better as the year goes on. It is true that Monday Night Football was a bit of a downer in the last quarter of the year, in part because of the luck of the draw. They had some real dud contests. Alas, you have to take that risk in sports programming.
Finally, Disney has terrific upside in theme parks courtesy of new rides that always attract repeat customers.
While I am a total numbers guy, I still believe there is a CEO quotient that has to be applied to that price-to-earnings multiple to get through the tougher times and the disappointments. Iger has about the highest faith-to-stock-price ratio that I know of.
Oh, and he has good taste in birthdays. We share Feb. 10 as our date of birth -- a worthless factoid that I point out only because we are on the eve of the big event and gifts are always welcome.