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.

Tuesday, May 9, 2017

Portfolio overview - April 2017

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

Fixed income: 8%
Cash: 12%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 22%, Malone/media: 16%, Banks/financials: 8%, Oil: 2%, Tech: 6%, Various owner-operators (not included in other categories): 18%

New positions: AN, AUXO, FB, FWP
Positions increased: SRLN, ISTB, QVCA, BRKB, LSXMA, LILA, LBTYK
Positions reduced: FRFHF, Fannie/Freddie prefs, Nanocap B
Positions eliminated: Nanocap F
Flip-flop: WFC

Rather active month.

Moved a chunk of cash into SRLN and ISTB.

Added to Berkshire and a swath of Liberties positions ( QVCA, LSXMA, LILA, LBTYK )

Bought a tracking position in FB.
Bought small positions in AN (possibly cheap long term hold), AUXO, FWP (special situation).

Sold some FRFHF - still undecided how much of it I will hold long term and at which price. Sold some
Fannie/Freddie prefs.

Bought WFC on forced Buffett selling. Sold on rather stupid CEO comments. There are other banks to invest; no need to live with CEO who cannot acknowledge internal issues and blames outsiders.

Tuesday, April 4, 2017

Portfolio overview - March 2017

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

Fixed income: 5%
Cash: 16%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 23%, Malone/media: 15%, Banks/financials: 8%, Oil: 2%, Tech: 5%, Various owner-operators (not included in other categories): 17%

New positions: WBMD, Nanocap E
Positions increased: LVNTA, LILA
Positions reduced: LBRDA, NOV, SPND, FRMO, Nanocap B
Positions eliminated:
Flip-flop:

Further reduced NOV and SPND positions.
Sold a bit of FRMO.

Swapped most LBRDA into LVNTA.
Added a bit of LILA.

Bought a position in WBMD. Company is selling itself with activist on board.

Tuesday, March 7, 2017

Portfolio overview - February 2017

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

Fixed income: 5%
Cash: 15%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 23%, Malone/media: 15%, Banks/financials: 8%, Oil: 4%, Tech: 4%, Various owner-operators (not included in other categories): 16%

New positions: SFTBY, PCLN
Positions increased: BRKB, LILA, Nanocap I, ODET.FR, LSXMA
Positions reduced: SPND, Nanocap B, FRFHF, Fannie/Freddie prefs
Positions eliminated:
Flip-flop:

A bit more activity this month.
Sold some Fannie/Freddie prefs after disappointing court decision and no news on political solution.
Sold some FRFHF after disappointing though somewhat expected 2016 results.
Continued to reduce SPND a bit.

Added a bit more BRKB though it is no longer very cheap.
Added LILA and LSXMA.
Added some ODET.FR

Rebought exploratory position in SFTBY. Bought exploratory position in PCLN (stock is not cheap).

Tuesday, February 14, 2017

Portfolio overview - January 2017

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

Fixed income: 5%
Cash: 13%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 24%, Malone/media: 14%, Banks/financials: 8%, Oil: 4%, Tech: 3%, Various owner-operators (not included in other categories): 16%

New positions: Microcap H, Nanocap I, ODET.FR
Positions increased: LSXMA,
Positions reduced: SPND, LBRDA, Nanocap B
Positions eliminated:
Flip-flop:

Stocks are mostly expensive.
Sold some SPND.
Sold some LBRDA on Charter/Verizon merger speculation.
Swapped LBTYA to LBTYK

Bought some LSXMA.
Bought initial position in ODET.FR, one of Bollore companies.

Sunday, January 1, 2017

Portfolio overview - December 2016

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

Fixed income: 5%
Cash: 14%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 25%, Malone/media: 14%, Banks/financials: 9%, Oil: 4%, Tech: 3%, Various owner-operators (not included in other categories): 15%

New positions: IVSBF, LCSHF
Positions increased: LSXMA, MCO, UHAL
Positions reduced: FRFHF, FRMO, SPND
Positions eliminated:
Flip-flop:

My belief in good results of FRMO continues to drop, so I sold some. I reduced SPND position as it climbed a bit.

FRFHF - I still like the (re)insurance side of the company. However, I am not so sure about the investment side. Since Fairfax removed the stock hedges that they put on couple years ago, this is no longer an investment that would do well if market tanked. I reduced my position.

I started a position in IVSBF, which is a family foundation controlled holding company that holds pieces of various European companies. I like their history and I hope that they can continue to produce reasonable returns.

I bought initial position in LCSHF. It is not very cheap. I would probably add if it dropped.

I added some LSXMA, MCO, UHAL.

My 2016 return was ~21%. It is higher than SP500, but less than holding just BRK would have produced.
My 10 year annualized return is ~11%, which is higher than SP500 and BRK.

Sunday, December 4, 2016

Portfolio overview - November 2016

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

Fixed income: 5%
Cash: 13%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 27%, Malone/media: 14%, Banks/financials: 8%, Oil: 4%, Tech: 3%, Various owner-operators (not included in other categories): 14%

New positions: IBKR
Positions increased: Microcap G, Freddie prefs, LSXMA, UHAL
Positions reduced:
Positions eliminated:
Flip-flop:

Not much activity. Added some Freddie prefs, LSXMA, UHAL.

Bought tracking position in IBKR.