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.

Saturday, July 8, 2017

Portfolio overview - June 2017

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

Fixed income: 8%
Cash: 11%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 22%, Malone/media: 16%, Banks/financials: 9%, Oil: 1%, Tech: 7%, Various owner-operators (not included in other categories): 16%

New positions: TRRSF, IDT, Nanocap J, IAC, MORN, MSGN, HEI.A
Positions increased: LSXMA
Positions reduced: WBMD
Positions eliminated: SPND
Flip-flop: NSAT

No fixed income changes this time.

I bought a number of starter positions in IDT, IAC, MORN, HEI.A. These are not necessarily cheap at this time.

Bought some TRRSF, an insurance company spun of from BAM.
Bought some MSGN.
Added a bit more LSXMA.

Sold some WBMD as stock has run up a bit and there has been no news about company being acquired.
Sold remaining SPND.

Flip flopped on NSAT, a company that was experiencing bidding war between two acquirers.

Monday, June 12, 2017

Portfolio overview - May 2017

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

Fixed income: 8%
Cash: 11%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 23%, Malone/media: 16%, Banks/financials: 9%, Oil: 2%, Tech: 6%, Various owner-operators (not included in other categories): 18%

New positions: NTES, BACPRL, PONDX
Positions increased: MCO, WBMD, LSXMA, BRS bonds, ISTB
Positions reduced:
Positions eliminated: FWP, NOV, SRLN, Nanocap B
Flip-flop:

Quite a bit of activity in fixed income. Bought more BRS bonds as they fell below 70% par. Bought a little position in BACPRL. Sold SRLN. On higher quality side bought more ISTB and some PONDX.

Sold FWP as the special situation upside became less clear. Sold remainder of NOV - the company might do well and be bought out or turnaround, but I decided to move on.

Added some MCO and LSXMA at a bit rising prices. Added a bit more WBMD - still expecting a deal.
Bought a starter position in NTES.