Tuesday, April 7, 2015

Portfolio overview - March 2015

My top (>2%) positions in no particular order: FRFHF, JPM, LMCA, BRKB, BAC, STRZA, SFY bonds, TESB.BE, FRMO, MKL, LBTYA/K
In: None
Out: DRAGF - sold

Fixed income: ~12%
Cash: ~19%

Sectors (kinda):
Insurance (including BRKB and FRFHF): 26%, Malone/media: 12%, Banks: 6%, Oil 10%, Tech 2%, Various owner-operators (not included in other categories) 12%

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:
BBX - 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 some BFCF.
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.
DRAGF - 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 some.

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.

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