Portfolio overview - April 2014

My top (>2%) positions in no particular order: MGDDY, JPM, MHNC, GLW, DRAGF, BKLN, LMCA, CF, BRKB, WDC.
In: LMCA - bought more
Out:

Fixed income: ~16%
Cash: ~15%

New positions: SMTUF, AGIIL, VRSN
Positions increased: LMCA, DISCA, BAMXY, BAC, GS
Positions reduced: TSCDY, BASFY, PFHO
Positions eliminated: EVK.DE, TWC, GAME
Flip-flop:

Not much valuation change in the market, which is somewhat surprising considering volatile international situation. It seems that bulls still somewhat rule the US stocks at least.

In fixed income, I bought some AGIIL - not very cheap, but nothing is.

In stocks, I am still a bit of net buyer. Part of it is additional money coming in although my cash/fixed income percentages dropped a tiny bit.

I sold EVK.DE - not great results and I did not have high conviction about the company. I sold TWC - decided that putting more money into LMCA/DISCA makes more sense. I sold the last bit of GAME - decided that tracking it is not very interesting anymore.

I reduced position in TSCDY based on low conviction, BASFY - valuation and Russian involvement. PFHO is still great performer, but the stock is expensive and I continue to sell as it runs up.

I increased positions in BAMXY, BAC, GS - still reasonable valuations. BAMXY also partially replaces EVK/BASFY German exposure.

I opened two new positions. I liked valuation of Spekulatius' SMTUF. I bought some VRSN - reasonable valuation (not cheap!) and Buffett lieutenant exposure.