My top (>2%) positions in no particular order: JPM, MGDDY, LMCA, WDC, MHNC, SPND, BKLN, CF, FRFHF, GLW, AXS, RE, MKL, DRAGF, BRKB.
In: FRFHF - stock runup, AXS - runup, RE - runup
Fixed income: ~16%
Insurance: 14%, Malone/media: 9%, Banks: 9%, Cars and parts: 5%, Oil 7%, Agri 3%, Tech 8%
New positions: HYH, PCP, FRMO, APA, GTE
Positions increased: PGN, BAC, LMCA, VRSN, LBRDA, LBTYA, MBNC, BH, STRZA
Positions reduced: DE, MDT, STX, MSFT
Positions eliminated: EVC, RYAM, ASBRF, INGR, BASFY, HY, FCX, JOY
most year of boring market, finally things are happening. :) Said the
speculator while falling outside the window of the 50th floor. ;)
market was overpriced before, now it is at least splitting into two
parts: the still overpriced part and the energy companies. :) As oil
continues to plummet there are already a number of reasonable companies
trading below 2009 prices. This is what I call attractive. I am likely
too early as I was in 2008, but I only have 7% portfolio in oil. By the
time oil is at $35 - let's hope it gets there - I expect to have at
least 20+% in oil cos. I doubt it will get there though.
I did some portfolio cleanup. Sold EVC
- too tough to value for me, I prefer Malone cos; RYAM - no trust in
CEO who is likely responsible for RYN's overreporting; ASBRF -
expensive; INGR - low conviction and overcapacity risk; BASFY -
expensive and Russian oil risk; HY - not cheap enough; FCX - I prefer
oil-only companies; JOY - possibly cheap but low conviction as oil
Reduced positions in DE
- I expect a drop in 2015 based on bad results, so far market ignores
this, but I am not sure it will ignore it all year, MDT - expensive, STX
- not cheap enough, MSFT - donated appreciated shares to charity.
On the buying side, there are couple themes:
Bought more Malone companies: LMCA, LBRDA, LBTYA, STRZA (after the huge drop on Friday).
Bought oil companies: PGN, APA, GTE
After reviewing Buffett lieutenant portfolios, added a bit more VRSN and bought small position in PCP
Bought a bit more MBNC.
Bought BH as the sum-of-parts investment - and to vote against Mr. Big at the annual meeting. :)
Bought exploratory position in HYH - not cheap I think though.
Bought some FRMO for education.