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.

Monday, May 7, 2018

Portfolio overview - April 2018

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

Fixed income: 10%
Cash: 7%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 23%, Malone/media: 16%, Banks/financials: 9%, Cars: 1%, Oil: 2%, Medical/pharma: 1%, Tech: 10%, Various owner-operators (not included in other categories): 13%

New positions: TWX, TITR:IT
Positions increased: BAC, FFXDF, LBRDA, NTES, GLIBA, FB
Positions reduced: Microcap G, Nanocap J
Positions eliminated: Z, ODET:FR, CHUBA/CHUBK
Flip-flop: Nanocap L

It looks like a lot of activity in rather short period of time.
Sold Z due to the new business of house flipping that has quite uncertain future results.
Sold ODET:FR due to Vincent Bollore criminal investigation and upcoming succession.
Sold CHUBA/CHUBK - acquired by private equity.

Added to BAC, FFXDF, LBRDA, NTES, GLIBA, FB based on prices and cash availability.
Bought new positions in TWX - possibly OK price whether merger goes through or not; and TITR:IT - Telecom Italia based on activist investor elections to the board.

Monday, April 16, 2018

Portfolio overview - March 2018

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

Fixed income: 10%
Cash: 7%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 23%, Malone/media: 15%, Banks/financials: 9%, Cars: 1%, Oil: 2%, Medical/pharma: 1%, Tech: 10%, Various owner-operators (not included in other categories): 14%

New positions: BYDDF, TVPT
Positions increased: FB, BAM
Positions reduced: TESB.BE, Fannie/Freddie prefs
Positions eliminated: MD
Flip-flop:

Some changes in portfolio.

I decided that TESB.BE is not a great business and may not have great results going forward even with good management at the helm. I sold most of my position. The business is cyclical though and I may have sold before cycle turn.
I exited MD position due to questionable news.
I further reduced Fannie/Freddie pref position as there were no positive news on the regulatory side or on the legal side.

I added to FB and BAM as stocks have dropped.
I bought initial tracking position in BYDDF.
I bought a position in TVPT. It seems to be a good business targeted by activist investor.

Tuesday, March 6, 2018

Portfolio overview - February 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: 2%, Tech: 10%, Various owner-operators (not included in other categories): 16%

New positions:
Positions increased: FB
Positions reduced:
Positions eliminated: LCSHF
Flip-flop:

Uneventful month - at least in the portfolio. :)

Added a bit FB.

Sold LCSHF based on 2017 results. The thesis was that LCSHF should have better underwriting results compared to other companies, since they wrote less business because of unattractive prices. Their results for 2017 were bad though. Which raised the question: why hold it if the original thesis does not seem to be true?

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.