Portfolio overview - June 2014

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

Fixed income: ~18%
Cash: ~16%

New positions: LVNTA, DISH, DNB
Positions increased: LMCA, DE, SMTUF, LBTYK, VRSN, AGXKF
Positions reduced: PFHO,
Positions eliminated: DTV
Flip-flop:

Another ho hum month.

Upon T's offer to buy DTV, I decided to exit the position and buy some DISH. Neither company is very cheap. I am not very attracted to T and I am not sure I can analyze all the possibilities with DTV sale going through or failing, so I decided not to hold DTV.

I established a tracking position in LVNTA. I bought some DNB, which may hold some moat. It is not very cheap though.

I bought some more LMCA, DE, SMTUF, LBTYK, VRSN, AGXKF. Only SMTUF can be called cheap and yet good quality company. AGXKF is a risky increase in small position that has lost ~80%. The remainder of purchases are good quality companies that are not cheap with various degrees.

I sold some more of PFHO based on valuation.