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.

Sunday, August 12, 2018

Portfolio overview - July 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: 13%, Various owner-operators (not included in other categories): 12%

New positions: JD, ICE
Positions increased: FDX, WBA, NXPI, FB, IPGP, Nanocap P, CNSWF, FFXDF
Positions reduced:
Positions eliminated: GDWN:GB, CBS
Flip-flop:


Sold GDWN:GB on pretty OK results and stock runup. If businesses continue to improve, this is probably not a good sale, but I don't see the company doing great for long term. Sold CBS on Les Moonves scandal.

Bought initial positions in JD and ICE. Neither is very cheap or very attractive at current moment.
Added to FDX, WBA, NXPI, FB, IPGP, CNSWF, FFXDF.

Tuesday, July 10, 2018

Portfolio overview - June 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: 10%
Cash: 5%

Sectors (kinda): Insurance(FRFHF, BRK, MKL): 22%, Malone/media: 17%, Banks/financials: 9%, Cars: 1%, Oil: 2%, Medical/pharma: 1%, Tech: 12%, Various owner-operators (not included in other categories): 13%


New positions: WBA, FDX, Nanocap P
Positions increased: BRKB, NPSNY, BAC
Positions reduced:
Positions eliminated:

Flip-flop:


Only few purchases this month.

Added to BRKB, NPSNY, BAC at attractive prices.
Bought initial positions in WBA and FDX. Both seem to be good companies with good managements trading at cheapish valuations. AMZN is one of the risks. Trade war is a possible risk for FDX since it has ~40% international revenue.

Monday, June 18, 2018

Portfolio overview - May 2018

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

Fixed income: 10%
Cash: 6%

Sectors (kinda): Insurance(FRFHF, BRK, MKL): 23%, Malone/media: 17%, Banks/financials: 9%, Cars: 1%, Oil: 2%, Medical/pharma: 1%, Tech: 12%, Various owner-operators (not included in other categories): 13%


New positions: Microcap O, LVMUY,
Positions increased: BAM, CMCSA, NPSNY, FB, TITR:IT, DIS, BRKB, BRS bond,
Positions reduced: UHAL
Positions eliminated: Nanocap J, IDT, Microcap N, Microcap G, TESB:BE
Flip-flop: NXPI, TWX


A bit more activity this month.


Sold IDT - after some thinking, decided to eliminate Howard Jonas companies in my portfolio.
Sold remainder of TESB:BE.
Sold a bit of UHAL.


Added BAM, CMCSA, NPSNY, FB, DIS, BRKB in quality/owner-operator part of portfolio.
Added a bit of TITR:IT and BRS bond - not necessarily good buys.
Bought initial tracking position in LVMUY.


Captured some gains in TWX arbitrage and still ongoing NXPI arbitrage. I no longer have TWX position and NXPI position may change at any time.