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.

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.