Tuesday, November 3, 2015

Portfolio overview - October 2015

My top (>2%) positions in no particular order: FRFHF, JPM, BRKB, LMCA, DISCA, GDWN.L, MKL, AAPL
In: DISCA - price went up

Fixed income: 2%
Cash: 19%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 26%, Malone/media: 11%, Banks: 5%, Oil: 10%, Tech: 3%, Agri: 1%, Various owner-operators (not included in other categories): 14%

New positions: EFFN.SE, CXRX, VRX
Positions increased: BRKB, CHK bond
Positions reduced: KRSL
Positions eliminated: AXP, MON, SFTBY
Flip-flop: ROIQW

This month would have been pretty uneventful except for ROIQW saga - that ended in a loss - so it wasn't very interesting ultimately.

Another ongoing popcorn drama is VRX - where I purchased a ticket and an extra helping of CXRX. VRX ticket is really tiny, so it's not an endorsement of stock at this price. CXRX might be more attractive if one looks for levered pharma rollup ticket at cheap'ish price.

I bought small position in EFFN.SE. Added to BRKB and CHK bond.
Sold a bit of KRSL. The stock is still cheap. I can't say I handle microcaps well.

Sold AXP (still have it via BRKB proxy). AXP might be attractive here after Costco business loss bump, but I was just simplifying the portfolio.
Sold MON. It is not clear how cheap it is all things considered.
Sold SFTBY. After thinking about it, I decided that I don't particularly like the Sprint and Alibaba positions by proxy. I might monitor this and reenter if I understand why I am wrong and Masa-san is right.

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