My top (>2%) positions in no particular order: FRFHF, JPM, LMCA, BRKB, BAC, STRZA, SFY bonds, TESB.BE, FRMO, MKL, LBTYA/K
Out: DRAGF - sold
Fixed income: ~12%
(including BRKB and FRFHF): 26%, Malone/media: 12%, Banks: 6%, Oil
10%, Tech 2%, Various owner-operators (not included in other
New positions: SFTBY
Positions increased: NOV, IBM, GDWN.L, DNR, PRDGF
Positions reduced: AGIIL, DRAGF, MBNC
Positions eliminated: BBX, BAMXY, PFHO
No exciting stock related news this month. All quiet before the storm?
I went to DJCO annual meeting to see Charlie Munger talk. It was somewhat interesting. He is very sharp for 91 year old.
Sold some AGIIL. Bonds and prefs - not counting oil-related ones - are expensive. Very few worthwhile holds.
In stocks I sold:
- tender offer for some shares at $20. I think the stock is possibly
still undervalued, but I am not very confident in the management. I kept
BAMXY - CEO change. It looks like competitive wars are
going to heat up, I am not sure even BAMXY is safe. I'll watch from
sidelines for now.
PFHO - Reported upcoming losses of big customers.
Stock dropped, but it's not clear that it is discounting all the bad
news. Sold my remaining stub.
MBNC - Sold some on pop to $1.15.
- parent company offered to buy DRAGF. Sold some on the news pop. There
are other oil companies that might be more attractive. I still hold
Bought more NOV, DNR in oil area. Added some GDWN.L, which
continues to drop due to oil/energy investment reduction in UK. Added
some IBM and PRDGF.
Established new position in SFTBY. Softbank
is well regarded company currently trading pretty cheaply. BABA stock
price has dropped and S stock is not doing well either. Both of these
weigh on SFTBY. I decided that SFTBY might be a good long term
investment, so I bought some.