My top (>2%) positions in no particular order: MGDDY, JPM, MHNC, GLW, DRAGF, BKLN, LMCA, CF, BRKB, WDC.
Fixed income: ~18%
Positions increased: LMCA, LBTYK, TPRE, MKL, GS, VRSN, STRZA
Positions reduced: PFHO, HY,
Positions eliminated: CAM.L, INTC, TSCDY
Not a very exciting month.
I sold CAM.L position. The stock is cheap on P/B basis, but I am not sure they can monetize their B.
Sold INTC. Stock is not cheap based on latest results and I am not sure they will show better results in the future.
Sold TSCDY. I am not sure about their future success either.
Reduced positions in PFHO and HY. Both stocks are highly valued.
I continued to buy Malone companies (LMCA, LBTYK and STRZA). Not cheap. I'll post some thoughts separately.
some TPRE, MKL. Insurance and reinsurance companies seem to be heading
into tough times. I am pretty confident that MKL will do OK even if they
have couple rough quarters or years. With TPRE and GLRE, I am not so
sure. Reading Buffett's biography, it seems that even "good" insurance
companies periodically get killed.
Bought some GS. Another one
which seems cheap based on current book and results, but might have
issues if we go into recession or market downdraft.
very cheap, but I think it might be a good buy here. It seems that they
should continue doing OKish, although I can't say I know all the ins and
outs of their business.