Saturday, February 10, 2018

Portfolio overview - January 2018

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

Fixed income: 10%
Cash: 6%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 22%, Malone/media: 16%, Banks/financials: 9%, Oil: 2%, Medical/pharma: 1%, Tech: 9%, Various owner-operators (not included in other categories): 16%

New positions: MD, Microcap N
Positions increased: BAM, BRKB, LEXEA
Positions reduced:
Positions eliminated:
Flip-flop:

Bought some MD at OKish valuation and activist involvement.

Added some BAM, BRKB and LEXEA.

Monday, January 1, 2018

Portfolio overview - December 2017

My top (>2%) positions in no particular order: BRKB, FRFHF, LSXMA, JPM, EXXRF, ISTB, TESB.BE, DISCK, LVNTA, MKL, AAPL
In: DISCK - price went up
Out:

Fixed income: 9%
Cash: 7%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 23%, Malone/media: 16%, Banks/financials: 9%, Oil: 2%, Medical/pharma: 1%, Tech: 9%, Various owner-operators (not included in other categories): 17%

New positions: AMCX, CARS
Positions increased: VEEV, IDT, BRKB, FFXDF
Positions reduced: BACPRL, Fannie/Freddie prefs, Microcap K
Positions eliminated:
Flip-flop: Microcap M (special situation workout)

Sold some BACPRL as the yield is not very attractive anymore. Sold some Fannie/Freddie prefs as they have run up in expectation of political solution that benefits prefholders.

Added to IDT, BRKB, FFXDF at OKish prices. Added a bit to VEEV - not a value stock.
Bought some AMCX - yet another stock in media area.
Bought some CARS - spin-off/IPO from Tegna with an activist shareholder and possibly improving future results.

My 2017 IRR is about 18.8% underperforming SP500 and BRK.

Tuesday, December 5, 2017

Portfolio overview - November 2017

My top (>2%) positions in no particular order: BRKB, FRFHF, LSXMA, JPM, EXXRF, ISTB, TESB.BE, LVNTA, MKL, AAPL
In:
Out: Fannie/Freddie prefs - sold part of position, LILA - price drop

Fixed income: 10%
Cash: 7%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 24%, Malone/media: 16%, Banks/financials: 9%, Oil: 2%, Medical/pharma: 1%, Tech: 9%, Various owner-operators (not included in other categories): 16%

New positions: FFXDF, WDAY, Z, CTL bond, Microcap M
Positions increased: LTRPA, LEXEA, PCLN, Nanocap L
Positions reduced: Fannie/Freddie prefs
Positions eliminated:
Flip-flop:

Bought some CTL bond. There is some expectation that CTL results will improve after LVLT merger.
Sold some Fannie/Freddie prefs as the legal cases continue to yield no positive results. Most of the expectation now is for political solution that provides some return to pref and common holders. I think chances for such solution are not great, though who knows.

Bought initial position in Fairfax India FFXDF. Bought tracking positions in WDAY, Z - not value investments at current prices.
Added to LTRPA, LEXEA, PCLN as the whole sector dropped after Q3 results. These stocks are not cheap even after drops.

Sunday, November 5, 2017

Portfolio overview - October 2017

My top (>2%) positions in no particular order: BRKB, FRFHF, LSXMA, JPM, EXXRF, TESB.BE, LVNTA, LILA, ISTB, Fannie/Freddie prefs, MKL, AAPL
In:
Out: DISCK - price drop

Fixed income: 8%
Cash: 8%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 23%, Malone/media: 16%, Banks/financials: 9%, Oil: 2%, Medical/pharma: 1%, Tech: 8%, Various owner-operators (not included in other categories): 16%

New positions: Nanocap L, VEEV
Positions increased: DISCK, NPSNY, NTES, MSGN,
Positions reduced:
Positions eliminated:
Flip-flop:

Added DISCK and MSGN as stocks continued to drop.
Added NPSNY and NTES.

Initial tracking position of VEEV. Not a value stock.

Monday, October 9, 2017

Portfolio overview - September 2017

My top (>2%) positions in no particular order: BRKB, FRFHF, LSXMA, JPM, EXXRF, LVNTA, LILA, DISCK, TESB.BE, ISTB, Fannie/Freddie prefs, MKL, AAPL
In:
Out:

Fixed income: 8%
Cash: 9%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 23%, Malone/media: 17%, Banks/financials: 8%, Oil: 2%, Tech: 7%, Various owner-operators (not included in other categories): 16%

New positions: IPOAU
Positions increased: BAC, BRKB, DISCK, MSGN
Positions reduced: Fannie/Freddie prefs
Positions eliminated:
Flip-flop:

Initial tracking position in IPOAU.
Sold a bit of Fannie/Freddie prefs.
Added some BAC, BRKB, DISCK, MSGN

Sunday, September 3, 2017

Portfolio overview - August 2017

My top (>2%) positions in no particular order: BRKB, FRFHF, LSXMA, JPM, EXXRF, LVNTA, LILA, DISCK, TESB.BE, ISTB, Fannie/Freddie prefs, MKL, AAPL
In: LILA - bought more
Out:

Fixed income: 8%
Cash: 9%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 23%, Malone/media: 17%, Banks/financials: 8%, Oil: 2%, Tech: 7%, Various owner-operators (not included in other categories): 16%

New positions:
Positions increased: LILA, NTES, LTRPA, NPSND, CLKFF, LBTYK, NNI
Positions reduced: Microcap G
Positions eliminated: FRMO
Flip-flop:

Not much interesting.

Sold the rest of FRMO.
Added LILA, LTRPA, LBTYK in Liberty universe.
Added NTES and NPSND (position in Tencent) in Chinese tech.
Spent part of the CLKFF special dividend to add shares.
Added some NNI.

Monday, August 7, 2017

Portfolio overview - July 2017

My top (>2%) positions in no particular order: BRKB, FRFHF, LSXMA, JPM, EXXRF, LVNTA, DISCK, TESB.BE, ISTB, Fannie/Freddie prefs, MKL, AAPL
In:
Out:

Fixed income: 8%
Cash: 11%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 23%, Malone/media: 16%, Banks/financials: 8%, Oil: 2%, Tech: 7%, Various owner-operators (not included in other categories): 16%

New positions: IDIA:CH, Microcap K, NNI, NPSNY
Positions increased: LILA, BRK, BRS bonds
Positions reduced: Fannie/Freddie prefs, FRMO, PRDGF
Positions eliminated: AUXO, WBMD
Flip-flop:

Added a bit of BRS bonds. Sold some Fannie/Freddie prefs.

Sold AUXO - low conviction position, still have to think more about the company, its products and possible future growth.
Sold WBMD on buyout. Great short term investment.

Reduced FRMO and PRDGF.

Added a bit more LILA and BRK.

Bought initial positions of IDIA:CH (biotech spinoff of successful past management team), NNI and NPSNY (buying Tencent cheaper or other parts for free).

Not much cheap in the market. Trying to clean up portfolio, add tracking positions, investigate and increase positions trading at reasonable valuations.