Thursday, May 8, 2014

Portfolio overview - May 2014

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

Fixed income: ~18%
Cash: ~16%

New positions:
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.
Bought 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.

VRSN. Not 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.

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