Sunday, March 10, 2019

Portfolio overview - February 2019

My top (>2%) positions in no particular order: BRKB, FRFHF, FB, JPM, LSXMA, EXXRF, DISCK, MKL, AAPL
In:
Out: ISTB - sold part

Fixed income: 2%
Cash: 12%

Sectors (kinda): Insurance(FRFHF, BRK, MKL): 23%, Malone/media: 16%, Banks/financials: 8%, Cars: 0%, Oil: 0%, Medical/pharma: 1%, Tech: 19%, Various owner-operators (not included in other categories): 10%

New positions: STNE
Positions increased: BRKB, GOOG, BAM, FB, TRRSF, BKNG, DIS
Positions reduced: FRFHF

Positions eliminated: CTL bond

Sold CTL bond as bond went up on dividend cut.

Swapped some FRFHF into TRRSF.

Bought new position in STNE.

Added to BRKB, GOOG, BAM, FB, BKNG, DIS.

Sunday, February 3, 2019

Portfolio overview - January 2019

My top (>2%) positions in no particular order: BRKB, FRFHF, FB, JPM, LSXMA, EXXRF, DISCK, ISTB, MKL, AAPL
In:
Out:

Fixed income: 4%
Cash: 10%

Sectors (kinda): Insurance(FRFHF, BRK, MKL): 24%, Malone/media: 16%, Banks/financials: 8%, Cars: 0%, Oil: 0%, Medical/pharma: 1%, Tech: 16%, Various owner-operators (not included in other categories): 10%

New positions: ISRG, BIDU, YY
Positions increased: LEXEA, BKNG, FB, BRKB, GOOG
Positions reduced:
Positions eliminated: Nanocap R, Microcap O, TITR:IT, AN, NXPI, NLSN, UHAL, BAC, Microcap D

Flip-flop:

Some portfolio cleanup and changes starting the new year.

Sold TITR:IT, AN, NXPI, NLSN, UHAL, BAC. These may be attractively valued, but I decided that they are no longer attractive to me as long term holdings.

Added to LEXEA, BKNG, FB, BRKB, GOOG.

Bought initial positions in ISRG, BIDU, YY.

Monday, January 7, 2019

Portfolio overview - December 2018

My top (>2%) positions in no particular order: BRKB, FRFHF, FB, JPM, LSXMA, ISTB, EXXRF, DISCK, MKL, AAPL
In:
Out:

Fixed income: 6%
Cash: 8%

Sectors (kinda): Insurance(FRFHF, BRK, MKL): 24%, Malone/media: 16%, Banks/financials: 9%, Cars: 0%, Oil: 0%, Medical/pharma: 1%, Tech: 14%, Various owner-operators (not included in other categories): 12%

New positions:
Positions increased: AAPL, IPGP, FB, BRKB, FDX, CTL bond, DIS, RHT
Positions reduced:
Positions eliminated: PONAX, CARS, TVPT

Flip-flop:

My annual return in 2018 was -7.91% underperforming the index again.

I sold PONAX position, which I was planning to sell for some time. I added to CTL bond as its price dropped below par.

Sold TVPT - announced private equity buyout.
Sold CARS - based on results decided that further holding is not worthwhile.

Added to AAPL, IPGP, FB, BRKB, FDX, DIS as prices dropped.
Added to RHT merger arbitrage position.

Monday, December 10, 2018

Portfolio overview - November 2018

My top (>2%) positions in no particular order: BRKB, FRFHF, ISTB, JPM, LSXMA, FB, EXXRF, DISCK, MKL, AAPL
In:
Out: BRS bonds (sold)

Fixed income: 8%
Cash: 6%

Sectors (kinda): Insurance(FRFHF, BRK, MKL): 24%, Malone/media: 16%, Banks/financials: 9%, Cars: 1%, Oil: 0%, Medical/pharma: 1%, Tech: 14%, Various owner-operators (not included in other categories): 12%

New positions: CVS
Positions increased: AAPL, FB, BRKB, FDX
Positions reduced:
Positions eliminated: BRS bonds, CTL, Nanocap P
Flip-flop: AFSI

Sold BRS bonds after BRS decided to buy a privately owned company. This added to risks of the bonds. The bond prices have declined significantly after announcement. They might be attractive investment if an investor can persuade themselves that there will be no default or that the price will recover. I am going to stay on sidelines.

Sold initial/small position in CTL after spending more time on this and deciding that I do not have enough confidence in the company.

Bought and sold AFSI - merger arbitrage that worked out really quickly.

Bought small initial position in CVS.

Added to AAPL, FB, BRKB, FDX as stock prices dropped.

Sunday, November 11, 2018

Portfolio overview - October 2018

My top (>2%) positions in no particular order: BRKB, FRFHF, ISTB, JPM, LSXMA, FB, EXXRF, DISCK, BRS bond, MKL, AAPL
In:
Out:

Fixed income: 9%
Cash: 4%

Sectors (kinda): Insurance(FRFHF, BRK, MKL): 24%, Malone/media: 17%, Banks/financials: 9%, Cars: 1%, Oil: 2%, Medical/pharma: 1%, Tech: 14%, Various owner-operators (not included in other categories): 12%

New positions: CTL
Positions increased: FDX, BRKB, FB, IBKR, NPSNY, RHT, Nanocap P, AAPL, IAC
Positions reduced:
Positions eliminated: CALL

Sold CALL as price ran up. Merger approval was announced after I sold.
Bought some RHT for merger arbitrage.

Bought initial position in CTL common.

Added to FDX, BRKB, FB, IBKR, NPSNY, AAPL, IAC mostly as prices dropped.

Wednesday, October 17, 2018

Portfolio overview - September 2018

My top (>2%) positions in no particular order: BRKB, FRFHF, ISTB, JPM, LSXMA, FB, EXXRF, DISCK, BRS bond, MKL, AAPL
In:
Out:

Fixed income: 9%
Cash: 5%

Sectors (kinda): Insurance(FRFHF, BRK, MKL): 23%, Malone/media: 16%, Banks/financials: 9%, Cars: 1%, Oil: 2%, Medical/pharma: 1%, Tech: 14%, Various owner-operators (not included in other categories): 12%

New positions: CALL
Positions increased: FB, IPGP, BRKB, NPSNY, FFXDF
Positions reduced: Nanocap I, NXPI

Positions eliminated: JD, Microcap H

Sold JD after CEO rape accusation.
Sold some NXPI, decided it was not very attractive for me.

Bought merger arbitrage position in CALL.
Added to FB, IPGP, BRKB, NPSNY, FFXDF on weakness.

Saturday, September 15, 2018

Portfolio overview - August 2018

My top (>2%) positions in no particular order: BRKB, FRFHF, LSXMA, ISTB, JPM, EXXRF, DISCK, FB, BRS bond, MKL, AAPL
In:
Out:

Fixed income: 9%
Cash: 6%

Sectors (kinda): Insurance(FRFHF, BRK, MKL): 23%, Malone/media: 16%, Banks/financials: 9%, Cars: 1%, Oil: 2%, Medical/pharma: 1%, Tech: 14%, Various owner-operators (not included in other categories): 12%

New positions: NLSN, SHOP
Positions increased: NPSNY, FB, IBKR
Positions reduced: Nanocap P
Positions eliminated: BYDDF

Flip-flop:

Sold BYDDF position. Not comfortable with Arsenal scandal and LA electric bus story. I am not sure the company is as well managed and upstanding as Buffett and Munger claim.

Bought new position in NLSN based on valuation and activist involvement.
Bought tracking position in SHOP.

Added to NPSNY, FB at lower prices. Added a bit to IBKR position.