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

Monday, April 8, 2019

Portfolio overview - March 2019

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

Fixed income: 2%
Cash: 12%

Sectors (kinda): Insurance(FRFHF, BRK, MKL): 22%, Malone/media: 16%, Banks/financials: 10%, Cars: 0%, Oil: 0%, Medical/pharma: 1%, Tech: 19%, Various owner-operators (not included in other categories): 8%

New positions: KKR
Positions increased: BKNG, BIDU, STNE, FB, YY
Positions reduced: JPM
Positions eliminated: FDX, NNI

Sold FDX position as my confidence dropped regarding its future business results.
Sold NNI position based on unclear business future.
Reduced JPM position based on limited future return expectations.

Bought new position in KKR at seemingly attractive valuation and since it has converted to C-corp and shareholders will no longer have to deal with K-1.

Added to BKNG, BIDU, STNE, FB, YY though prices are not great.

Sunday, March 10, 2019

Portfolio overview - February 2019

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

Fixed income: 2%
Cash: 12%

Sectors (kinda): Insurance(FRFHF, BRK, MKL): 23%, Malone/media: 16%, Banks/financials: 8%, Cars: 0%, Oil: 0%, Medical/pharma: 1%, Tech: 19%, Various owner-operators (not included in other categories): 10%

New positions: STNE
Positions increased: BRKB, GOOG, BAM, FB, TRRSF, BKNG, DIS
Positions reduced: FRFHF

Positions eliminated: CTL bond

Sold CTL bond as bond went up on dividend cut.

Swapped some FRFHF into TRRSF.

Bought new position in STNE.

Added to BRKB, GOOG, BAM, FB, BKNG, DIS.

Sunday, February 3, 2019

Portfolio overview - January 2019

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

Fixed income: 4%
Cash: 10%

Sectors (kinda): Insurance(FRFHF, BRK, MKL): 24%, Malone/media: 16%, Banks/financials: 8%, Cars: 0%, Oil: 0%, Medical/pharma: 1%, Tech: 16%, Various owner-operators (not included in other categories): 10%

New positions: ISRG, BIDU, YY
Positions increased: LEXEA, BKNG, FB, BRKB, GOOG
Positions reduced:
Positions eliminated: Nanocap R, Microcap O, TITR:IT, AN, NXPI, NLSN, UHAL, BAC, Microcap D

Flip-flop:

Some portfolio cleanup and changes starting the new year.

Sold TITR:IT, AN, NXPI, NLSN, UHAL, BAC. These may be attractively valued, but I decided that they are no longer attractive to me as long term holdings.

Added to LEXEA, BKNG, FB, BRKB, GOOG.

Bought initial positions in ISRG, BIDU, YY.

Monday, January 7, 2019

Portfolio overview - December 2018

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

Fixed income: 6%
Cash: 8%

Sectors (kinda): Insurance(FRFHF, BRK, MKL): 24%, Malone/media: 16%, Banks/financials: 9%, Cars: 0%, Oil: 0%, Medical/pharma: 1%, Tech: 14%, Various owner-operators (not included in other categories): 12%

New positions:
Positions increased: AAPL, IPGP, FB, BRKB, FDX, CTL bond, DIS, RHT
Positions reduced:
Positions eliminated: PONAX, CARS, TVPT

Flip-flop:

My annual return in 2018 was -7.91% underperforming the index again.

I sold PONAX position, which I was planning to sell for some time. I added to CTL bond as its price dropped below par.

Sold TVPT - announced private equity buyout.
Sold CARS - based on results decided that further holding is not worthwhile.

Added to AAPL, IPGP, FB, BRKB, FDX, DIS as prices dropped.
Added to RHT merger arbitrage position.