Monday, November 18, 2019

Portfolio overview - October 2019

My top (>2%) positions in no particular order: BRKB, FB, JPM, LSXMA, EXXRF, AAPL, DISCK, FRFHF, GOOG, MKL,
In: GOOG - added
Out:

Fixed income: 2%
Cash: 12%

Sectors (kinda): Insurance (FRFHF, BRK, MKL): 19%, Malone/media: 9%, Banks/financials: 13%, Cars: 0%, Oil: 0%, Medical/pharma: 2%, Tech: 25%, Various owner-operators (not included in other categories): 7%

New positions: ACHN, ANGI, MAR
Positions increased: GOOG, REGN, OTCM, CHEK, V, EXPE
Positions reduced:
Positions eliminated: IBKR

Sold remainder of IBKR position.

Bought new position in ACHN - merger arbitrage. Bought position in ANGI. Bought initial tracking position in MAR.

Added to GOOG, REGN, OTCM, V, EXPE. Added very tiny bit to tiny and indefensibly speculative position in CHEK.

Tuesday, October 8, 2019

Portfolio overview - September 2019

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

Fixed income: 2%
Cash: 16%

Sectors (kinda): Insurance (FRFHF, BRK, MKL): 19%, Malone/media: 9%, Banks/financials: 12%, Cars: 0%, Oil: 0%, Medical/pharma: 1%, Tech: 23%, Various owner-operators (not included in other categories): 7%

New positions: AYRSF, BX, PCTY
Positions increased: VMW, IAC, BKNG, PROSY, KKR

Positions reduced: IBKR

Sold most of IBKR position, mostly before zero-commissions announcements.

Added to VMW, IAC, BKNG, PROSY, KKR positions.
Bought initial positions in AYRSF, BX, PCTY.

Tuesday, September 17, 2019

Portfolio overview - August 2019

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

Fixed income: 2%
Cash: 17%

Sectors (kinda): Insurance (FRFHF, BRK, MKL): 19%, Malone/media: 9%, Banks/financials: 12%, Cars: 0%, Oil: 0%, Medical/pharma: 1%, Tech: 23%, Various owner-operators (not included in other categories): 7%

New positions: VMW
Positions increased:
Positions reduced:

Positions eliminated: IDIA:CH

Sold out of IDIA:CH. Possibly should have waited for drug approvals, but it is hard for me to value pharma pipelines, so I sold on price run up.

Bought initial position in VMW. Possibly attractive tech company though marred by Dell ownership. Competitive landscape may be getting complicated and needs watching.

Monday, August 19, 2019

Portfolio overview - July 2019

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

Fixed income: 2%
Cash: 17%

Sectors (kinda): Insurance (FRFHF, BRK, MKL): 19%, Malone/media: 9%, Banks/financials: 12%, Cars: 0%, Oil: 0%, Medical/pharma: 1%, Tech: 22%, Various owner-operators (not included in other categories): 7%

New positions:
Positions increased: GOOG, YY, KKR
Positions reduced: IPOAU

Positions eliminated: SODI, QRTEA
Flip-flop: BRFRF

Sold remainder of SODI.
Sold QRTEA on weak results.
Flip-flopped out of BRFRF with positive-wash.
Sold some IPOAU on the plans to merge with Virgin Galactic. Kept the remainder for fun ... and maybe good place in queue and discounted tickets for spaceflight ;).

Added more GOOG, YY, KKR.

Monday, July 15, 2019

Portfolio overview - June 2019

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

Fixed income: 2%
Cash: 16%

Sectors (kinda): Insurance (FRFHF, BRK, MKL): 20%, Malone/media: 10%, Banks/financials: 12%, Cars: 0%, Oil: 0%, Medical/pharma: 1%, Tech: 22%, Various owner-operators (not included in other categories): 8%

New positions: LBTYK, MSFT, BRFRF
Positions increased: V, OSSIF, GOOG, OTCM, IVSBF, KKR, YY
Positions reduced: BOMN, FRFHF, STNE

Positions eliminated: LTRPA, SYTE

Sold remaining shares of LTRPA - I don't see very likely future growth. It is quite possible that TRIP will be acquired though.

Sold SYTE position as the management continued to mostly self-destruct. It was an entertainment value sized position. I decided to be entertained from sidelines from now on.

Sold part of position in BOMN after annual meeting. The management are nice people. The businesses are OKish. The valuation is high considering most of the book value is cash (received from selling shares at above book). Tough to see a scenario where shareholders do well short/medium term.

Sold part of position in STNE as stock ran up. Sale based on valuation and position sizing.

Sold part of position in FRFHF - I believe FRFHF can achieve 7-10% returns going forward, but unlikely higher than that. This might be OK compared to opportunities in current market. I decided that I would rather look for possibly better returns elsewhere.

Rebought some LBTYK on presumed Vodafone deal approval in Europe. This position may be sold at any time.

Bought some MSFT - I completely messed up with Microsoft in the past. I sold just as Balmer was going out and company was experiencing kitchen sink quarters after Nokia purchase. Then I watched on sidelines as the company and stock performed very well under Nadella's leadership and turn towards open software, enterprise and cloud. I think that with Office 365 subscription model and with Azure, MSFT still has good future. The stock is not cheap though, so I bought just initial position.

Bought a tracking position in BRFRF.

Added to V, OSSIF, GOOG, OTCM, IVSBF, KKR, YY based on prices/valuations, prospects and existing position sizes.

Saturday, June 8, 2019

Portfolio overview - May 2019

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

Fixed income: 2%
Cash: 14%

Sectors (kinda): Insurance (FRFHF, BRK, MKL): 23%, Malone/media: 9%, Banks/financials: 12%, Cars: 0%, Oil: 0%, Medical/pharma: 1%, Tech: 21%, Various owner-operators (not included in other categories): 8%

New positions: TWTR
Positions increased: GOOG, YY, JPM, BKNG, FB
Positions reduced: LTRPA

Positions eliminated: KHTRF, GLIBA, LBTYK, MSGN, CMCSA, LILA, LGFB

After relooking at the future prospects and historical results, I have decided to sell my positions in a number of Liberty stocks: GLIBA, LBTYK, LILA, LGFB. Also sold MSGN and CMCSA in media space.

Reduced position in LTRPA (Liberty TRIP holding co) based on mediocre TRIP results.

Added to GOOG, YY, BKNG, FB. Rebought some JPM. Established new position in TWTR.

Monday, May 13, 2019

Portfolio overview - April 2019

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

Fixed income: 2%
Cash: 10%

Sectors (kinda): Insurance (FRFHF, BRK, MKL): 23%, Malone/media: 16%, Banks/financials: 11%, Cars: 0%, Oil: 0%, Medical/pharma: 1%, Tech: 20%, Various owner-operators (not included in other categories): 8%

New positions: OSSIF, PAR
Positions increased: KKR, STNE, BKNG, BIDU, YY, TRRSF
Positions reduced: FRFHF, SHOP
Positions eliminated: MCHOY

Sold MCHOY positions received in spinoff.
Sold part of SHOP position as stock has run up a lot.
Switched part of FRFHF position to TRRSF.

Added to KKR, STNE, BKNG, BIDU, YY at similar or lower prices than before.

Bought initial positions in OSSIF and PAR