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.

Sunday, November 13, 2016

Portfolio overview - October 2016

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

Fixed income: 5%
Cash: 14%
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): 15%

New positions: UHAL
Positions increased: Microcap G, LSXMA, LILA
Positions reduced: BAC, AXP
Positions eliminated: GENGF, MCESF, BUD, COST, BATRK, JLL, Nanocap C, NVAFF, DISH, ZPTAF
Flip-flop:

Stock rally after Trump election victory was a good time to clean up portfolio and raise some cash.

I sold stocks of good businesses that were possibly highly valued: BUD, COST, NVAFF, DISH.
I sold oil stocks: GENGF, MCESF, ZPTAF.
I reduced positions a bit in BAC and AXP. I believe both of them are undervalued and I may buy them in the future.
I sold out of BATRK and JLL. These might be somewhat attractively valued stocks in pretty good businesses. However, I decided that I don't have strong enough conviction to hold them at this time.

I started new position in UHAL. It seems to be good business at a good price.
I added a bit of LSXMA and LILA.

Sunday, October 9, 2016

Portfolio overview - September 2016

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

Fixed income: 5%
Cash: 11%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 29%, Malone/media: 14%, Banks/financials: 8%, Oil: 5%, Tech: 3%, Various owner-operators (not included in other categories): 15%

New positions: CBS
Positions increased:
Positions reduced:
Positions eliminated: AGXKF, PWE
Flip-flop:

Sold remaining
AGXKF. Sold PWE on CEO change.

Bought initial position of CBS.

Sunday, September 18, 2016

Portfolio overview - August 2016

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

Fixed income: 5%
Cash: 12%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 30%, Malone/media: 13%, Banks/financials: 8%, Oil: 5%, Tech: 3%, Various owner-operators (not included in other categories): 14%

New positions: AXP, Microcap G
Positions increased: LILA
Positions reduced: GENGF, ZPTAF, MCESF, AGXKF
Positions eliminated: WOPEY, Nanocap A
Flip-flop:

Sold a bunch of oil/energy related stocks: GENGF, ZPTAF, MCESF, WOPEY. I am no longer sure that oil will go up much anytime soon. The oil stocks might be cheap, but it is tough for me to evaluate them and predict returns. Overall, results of my investments into oil equities this time were highly negative. I did not expect the drop to be so large and the recovery so slow. It's possible that I am getting out just as oil starts going up more, but OTOH if we have a slowdown or recession, oil and oil stocks may drop too. I still have some positions left.

Bought a tiny bit of AXP. It seems that when I mention AXP, everyone reacts with either indifference or mild disgust. I am aware of the negative trends impacting the company. I don't have a very coherent bull case. I bought some, but I am not sure if I'll make this a larger position.

Sold some AGXKF on slightly better prices. Another loser for me in commodity space.

Bought some LILA as stock dropped.

Monday, August 8, 2016

Portfolio overview - July 2016

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

Fixed income: 5%
Cash: 10%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 29%, Malone/media: 13%, Banks/financials: 8%, Oil: 6%, Tech: 3%, Various owner-operators (not included in other categories): 15%

New positions: MCO, BRS 2022 bond
Positions increased:
Positions reduced:
Positions eliminated: PSHZF, SEDG
Flip-flop: NTDOY

Not much activity.

In fixed income, bought some BRS 2022 bond

Bought initial position in MCO.
After long thinking sold PSHZF position.
Sold SEDG as competitive position became unclear with TSLA planning to compete inhouse. They still might do well and might be bought out by someone.

Sunday, July 3, 2016

Portfolio overview - June 2016

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

Fixed income: 4%
Cash: 10%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 30%, Malone/media: 12%, Banks/financials: 8%, Oil: 5%, Tech: 3%, Various owner-operators (not included in other categories): 15%

New positions: OTCM, IPGP, CFRUY
Positions increased: LMCA, LBTYK, JLL, JPM
Positions reduced: BATRK, AGXKF, BUD
Positions eliminated: DNR, MU
Flip-flop:

First part of this month was relatively quiet and then came the sad news about Brexit.

I sold remainder of DNR position - it's not clear if the risk/reward is attractive here.
Sold small MU position - though company is cheap on asset replacement basis, it is not clear whether its business is going to do well. Management is not attractive based on their past decisions.
Sold some BATRK - exchanged into LMCA which I find more attractive from business point of view.
Sold some AGXKF on runup.
Sold some BUD - high valuation even considering approved merger.

Bought initial positions in
OTCM, IPGP, CFRUY all of which may be attractive businesses to hold long term and are managed by owner operators.
Added to LBTYK, JLL and JPM on Brexit drops.