Saturday, December 5, 2015

Portfolio overview - November 2015

My top (>2%) positions in no particular order: FRFHF, JPM, BRKB, LMCA, DISCK, GDWN.L, MKL, AAPL

Fixed income: 1%
Cash: 18%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 28%, Malone/media: 12%, Banks: 6%, Oil: 8%, Tech: 3%, Agri: 0%, Various owner-operators (not included in other categories): 14%

New positions: MCESF, X bond, CMSCA
Positions increased: BRKB, CFX, LVNTA, DISCK, CHK bond, LILA, LBTYK, GENGF
Positions reduced:
Positions eliminated: MBNC, AGCO, APA
Flip-flop: VRX

Tough month for oil & gas investors. I am close to throwing in the towel (which might mean that we are at the bottom). Some of the pain was crappy stock and bond selection within the oil&gas universe (BNKJF, SFY bonds, CHK bonds perhaps, possibly GENGF). Bought initial position in MCESF. Added a bit of CHK bond, GENGF. Sold my APA position.

Bought a bit of X bond.

Added to my Malone basket: LVNTA, DISCK, LILA, LBTYK. Swapped DISCA to DISCK at 5% discount.

Added more BRK.

Added a bit of CFX. However upon further review, I think I will sell CFX position.

Flip flopped a bit of VRX for a gain. Not enough to matter in overall results.

Bought tracking position in CMSCA.
Sold remaining MBNC and AGCO.

Going to do some soul searching that may affect the portfolio and plans for next year. So pretty much any comments above may be obsolete next week.

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