My top (>2%) positions in no particular order:
FRFHF, BRKB, JPM, Fannie/Freddie prefs, EXOSF, DISCK, ISTB, LSXMA, NOV,
TESB.BE, MKL, AAPL
In: Fannie/Freddie prefs - bought more, price went up.
Out:
Fixed income: 5%
Cash: 13%
Sectors
(kinda): Insurance(FRFHF, BRK, MKL): 27%, Malone/media:
14%, Banks/financials: 8%, Oil: 4%, Tech: 3%, Various
owner-operators (not included in other categories): 14%
New positions: IBKR
Positions increased: Microcap G, Freddie prefs, LSXMA, UHAL
Positions reduced:
Positions eliminated:
Flip-flop:
Not much activity. Added some Freddie prefs, LSXMA, UHAL.
Bought tracking position in IBKR.
Sunday, December 4, 2016
Sunday, November 13, 2016
Portfolio overview - October 2016
My top (>2%) positions in no particular order: FRFHF, BRKB, JPM, EXOSF, DISCK, ISTB, LSXMA, NOV, TESB.BE, MKL, AAPL
In:
Out:
Fixed income: 5%
Cash: 14%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 27%, Malone/media: 14%, Banks/financials: 8%, Oil: 4%, Tech: 3%, Various owner-operators (not included in other categories): 15%
New positions: UHAL
Positions increased: Microcap G, LSXMA, LILA
Positions reduced: BAC, AXP
Positions eliminated: GENGF, MCESF, BUD, COST, BATRK, JLL, Nanocap C, NVAFF, DISH, ZPTAF
Flip-flop:
Stock rally after Trump election victory was a good time to clean up portfolio and raise some cash.
I sold stocks of good businesses that were possibly highly valued: BUD, COST, NVAFF, DISH.
I sold oil stocks: GENGF, MCESF, ZPTAF.
I reduced positions a bit in BAC and AXP. I believe both of them are undervalued and I may buy them in the future.
I sold out of BATRK and JLL. These might be somewhat attractively valued stocks in pretty good businesses. However, I decided that I don't have strong enough conviction to hold them at this time.
I started new position in UHAL. It seems to be good business at a good price.
I added a bit of LSXMA and LILA.
In:
Out:
Fixed income: 5%
Cash: 14%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 27%, Malone/media: 14%, Banks/financials: 8%, Oil: 4%, Tech: 3%, Various owner-operators (not included in other categories): 15%
New positions: UHAL
Positions increased: Microcap G, LSXMA, LILA
Positions reduced: BAC, AXP
Positions eliminated: GENGF, MCESF, BUD, COST, BATRK, JLL, Nanocap C, NVAFF, DISH, ZPTAF
Flip-flop:
Stock rally after Trump election victory was a good time to clean up portfolio and raise some cash.
I sold stocks of good businesses that were possibly highly valued: BUD, COST, NVAFF, DISH.
I sold oil stocks: GENGF, MCESF, ZPTAF.
I reduced positions a bit in BAC and AXP. I believe both of them are undervalued and I may buy them in the future.
I sold out of BATRK and JLL. These might be somewhat attractively valued stocks in pretty good businesses. However, I decided that I don't have strong enough conviction to hold them at this time.
I started new position in UHAL. It seems to be good business at a good price.
I added a bit of LSXMA and LILA.
Sunday, October 9, 2016
Portfolio overview - September 2016
My top (>2%) positions in no particular order: FRFHF, BRKB, JPM, EXOSF, DISCK, ISTB, LSXMA, NOV, TESB.BE, MKL, AAPL
In: NOV - price rise
Out:
Fixed income: 5%
Cash: 11%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 29%, Malone/media: 14%, Banks/financials: 8%, Oil: 5%, Tech: 3%, Various owner-operators (not included in other categories): 15%
New positions: CBS
Positions increased:
Positions reduced:
Positions eliminated: AGXKF, PWE
Flip-flop:
Sold remaining AGXKF. Sold PWE on CEO change.
Bought initial position of CBS.
In: NOV - price rise
Out:
Fixed income: 5%
Cash: 11%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 29%, Malone/media: 14%, Banks/financials: 8%, Oil: 5%, Tech: 3%, Various owner-operators (not included in other categories): 15%
New positions: CBS
Positions increased:
Positions reduced:
Positions eliminated: AGXKF, PWE
Flip-flop:
Sold remaining AGXKF. Sold PWE on CEO change.
Bought initial position of CBS.
Sunday, September 18, 2016
Portfolio overview - August 2016
My top (>2%) positions in no particular order: FRFHF, BRKB, JPM, EXOSF, DISCK, ISTB, LSXMA, TESB.BE, MKL, AAPL
In:
Out:
Fixed income: 5%
Cash: 12%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 30%, Malone/media: 13%, Banks/financials: 8%, Oil: 5%, Tech: 3%, Various owner-operators (not included in other categories): 14%
New positions: AXP, Microcap G
Positions increased: LILA
Positions reduced: GENGF, ZPTAF, MCESF, AGXKF
Positions eliminated: WOPEY, Nanocap A
Flip-flop:
Sold a bunch of oil/energy related stocks: GENGF, ZPTAF, MCESF, WOPEY. I am no longer sure that oil will go up much anytime soon. The oil stocks might be cheap, but it is tough for me to evaluate them and predict returns. Overall, results of my investments into oil equities this time were highly negative. I did not expect the drop to be so large and the recovery so slow. It's possible that I am getting out just as oil starts going up more, but OTOH if we have a slowdown or recession, oil and oil stocks may drop too. I still have some positions left.
Bought a tiny bit of AXP. It seems that when I mention AXP, everyone reacts with either indifference or mild disgust. I am aware of the negative trends impacting the company. I don't have a very coherent bull case. I bought some, but I am not sure if I'll make this a larger position.
Sold some AGXKF on slightly better prices. Another loser for me in commodity space.
Bought some LILA as stock dropped.
In:
Out:
Fixed income: 5%
Cash: 12%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 30%, Malone/media: 13%, Banks/financials: 8%, Oil: 5%, Tech: 3%, Various owner-operators (not included in other categories): 14%
New positions: AXP, Microcap G
Positions increased: LILA
Positions reduced: GENGF, ZPTAF, MCESF, AGXKF
Positions eliminated: WOPEY, Nanocap A
Flip-flop:
Sold a bunch of oil/energy related stocks: GENGF, ZPTAF, MCESF, WOPEY. I am no longer sure that oil will go up much anytime soon. The oil stocks might be cheap, but it is tough for me to evaluate them and predict returns. Overall, results of my investments into oil equities this time were highly negative. I did not expect the drop to be so large and the recovery so slow. It's possible that I am getting out just as oil starts going up more, but OTOH if we have a slowdown or recession, oil and oil stocks may drop too. I still have some positions left.
Bought a tiny bit of AXP. It seems that when I mention AXP, everyone reacts with either indifference or mild disgust. I am aware of the negative trends impacting the company. I don't have a very coherent bull case. I bought some, but I am not sure if I'll make this a larger position.
Sold some AGXKF on slightly better prices. Another loser for me in commodity space.
Bought some LILA as stock dropped.
Monday, August 8, 2016
Portfolio overview - July 2016
My top (>2%) positions in no particular order: FRFHF, BRKB, JPM, EXOSF, DISCK, ISTB, LSXMA, TESB.BE, MKL, AAPL
In:
Out:
Fixed income: 5%
Cash: 10%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 29%, Malone/media: 13%, Banks/financials: 8%, Oil: 6%, Tech: 3%, Various owner-operators (not included in other categories): 15%
New positions: MCO, BRS 2022 bond
Positions increased:
Positions reduced:
Positions eliminated: PSHZF, SEDG
Flip-flop: NTDOY
Not much activity.
In fixed income, bought some BRS 2022 bond
Bought initial position in MCO.
After long thinking sold PSHZF position.
Sold SEDG as competitive position became unclear with TSLA planning to compete inhouse. They still might do well and might be bought out by someone.
In:
Out:
Fixed income: 5%
Cash: 10%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 29%, Malone/media: 13%, Banks/financials: 8%, Oil: 6%, Tech: 3%, Various owner-operators (not included in other categories): 15%
New positions: MCO, BRS 2022 bond
Positions increased:
Positions reduced:
Positions eliminated: PSHZF, SEDG
Flip-flop: NTDOY
Not much activity.
In fixed income, bought some BRS 2022 bond
Bought initial position in MCO.
After long thinking sold PSHZF position.
Sold SEDG as competitive position became unclear with TSLA planning to compete inhouse. They still might do well and might be bought out by someone.
Sunday, July 3, 2016
Portfolio overview - June 2016
My top (>2%) positions in no particular order: FRFHF, BRKB, JPM, EXOSF, DISCK, ISTB, LSXMA, TESB.BE, MKL, AAPL
In:
Out:
Fixed income: 4%
Cash: 10%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 30%, Malone/media: 12%, Banks/financials: 8%, Oil: 5%, Tech: 3%, Various owner-operators (not included in other categories): 15%
New positions: OTCM, IPGP, CFRUY
Positions increased: LMCA, LBTYK, JLL, JPM
Positions reduced: BATRK, AGXKF, BUD
Positions eliminated: DNR, MU
Flip-flop:
First part of this month was relatively quiet and then came the sad news about Brexit.
I sold remainder of DNR position - it's not clear if the risk/reward is attractive here.
Sold small MU position - though company is cheap on asset replacement basis, it is not clear whether its business is going to do well. Management is not attractive based on their past decisions.
Sold some BATRK - exchanged into LMCA which I find more attractive from business point of view.
Sold some AGXKF on runup.
Sold some BUD - high valuation even considering approved merger.
Bought initial positions in OTCM, IPGP, CFRUY all of which may be attractive businesses to hold long term and are managed by owner operators.
Added to LBTYK, JLL and JPM on Brexit drops.
In:
Out:
Fixed income: 4%
Cash: 10%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 30%, Malone/media: 12%, Banks/financials: 8%, Oil: 5%, Tech: 3%, Various owner-operators (not included in other categories): 15%
New positions: OTCM, IPGP, CFRUY
Positions increased: LMCA, LBTYK, JLL, JPM
Positions reduced: BATRK, AGXKF, BUD
Positions eliminated: DNR, MU
Flip-flop:
First part of this month was relatively quiet and then came the sad news about Brexit.
I sold remainder of DNR position - it's not clear if the risk/reward is attractive here.
Sold small MU position - though company is cheap on asset replacement basis, it is not clear whether its business is going to do well. Management is not attractive based on their past decisions.
Sold some BATRK - exchanged into LMCA which I find more attractive from business point of view.
Sold some AGXKF on runup.
Sold some BUD - high valuation even considering approved merger.
Bought initial positions in OTCM, IPGP, CFRUY all of which may be attractive businesses to hold long term and are managed by owner operators.
Added to LBTYK, JLL and JPM on Brexit drops.
Monday, June 6, 2016
Portfolio overview - May 2016
My top (>2%) positions in no particular order: FRFHF, BRKB, JPM, LSXMA, DISCK, ISTB, TESB.BE, EXOSF, MKL, AAPL
In: ISTB - bought
Out:
Fixed income: 4%
Cash: 12%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 29%, Malone/media: 13%, Banks: 6%, Oil: 5%, Tech: 3%, Various owner-operators (not included in other categories): 17%
New positions: Nanocap F, SEDG, ISTB, SRLN, JLL
Positions increased: MCESF, EXOSF, BAM
Positions reduced:
Positions eliminated: CXRX, KRSL
Flip-flop:
Put some cash into ISTB and SRLN for fixed income.
Sold KRSL - buyout - had only a small position, never increased it. Sold CXRX - decided that risk might be higher than I thought.
Bought small positions in SEDG and JLL - seem to be cheap. Increased positions in MCESF, EXOSF, BAM.
In: ISTB - bought
Out:
Fixed income: 4%
Cash: 12%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 29%, Malone/media: 13%, Banks: 6%, Oil: 5%, Tech: 3%, Various owner-operators (not included in other categories): 17%
New positions: Nanocap F, SEDG, ISTB, SRLN, JLL
Positions increased: MCESF, EXOSF, BAM
Positions reduced:
Positions eliminated: CXRX, KRSL
Flip-flop:
Put some cash into ISTB and SRLN for fixed income.
Sold KRSL - buyout - had only a small position, never increased it. Sold CXRX - decided that risk might be higher than I thought.
Bought small positions in SEDG and JLL - seem to be cheap. Increased positions in MCESF, EXOSF, BAM.
Sunday, May 8, 2016
Portfolio overview - April 2016
My top (>2%) positions in no particular order: FRFHF, BRKB, JPM, LSXMA, DISCK, TESB.BE, EXOSF, MKL, AAPL
In: LSXMA - LMCA spinoff
Out:
Fixed income: 0%
Cash: 17%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 29%, Malone/media: 13%, Banks: 5%, Oil: 5%, Tech: 3%, Various owner-operators (not included in other categories): 16%
New positions:
Positions increased: LMCK, BATRK,
Positions reduced: Nanocap A, Nanocap C, DNR
Positions eliminated: SWTF, BRS bond, DNR bond
Flip-flop:
Sold BRS bond on runup + H225 fleet grounding and CHC bankruptcy.
Sold DNR bond on runup and institutional recap into second lien bonds.
Sold SWTF common received from Swift Energy BK proceedings. ~5% of par.
Sold some of the tiny remaining DNR common position.
LMCA split into LSXMA, LMCA and BATRA. Added a bit of LMCK and BATRK.
In: LSXMA - LMCA spinoff
Out:
Fixed income: 0%
Cash: 17%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 29%, Malone/media: 13%, Banks: 5%, Oil: 5%, Tech: 3%, Various owner-operators (not included in other categories): 16%
New positions:
Positions increased: LMCK, BATRK,
Positions reduced: Nanocap A, Nanocap C, DNR
Positions eliminated: SWTF, BRS bond, DNR bond
Flip-flop:
Sold BRS bond on runup + H225 fleet grounding and CHC bankruptcy.
Sold DNR bond on runup and institutional recap into second lien bonds.
Sold SWTF common received from Swift Energy BK proceedings. ~5% of par.
Sold some of the tiny remaining DNR common position.
LMCA split into LSXMA, LMCA and BATRA. Added a bit of LMCK and BATRK.
Sunday, April 3, 2016
Portfolio overview - March 2016
My top (>2%) positions in no particular order: FRFHF, BRKB, JPM, LMCA, DISCK, TESB.BE, EXOSF, MKL, AAPL
In: EXOSF - bought more
Out:
Fixed income: 3%
Cash: 13%
Sectors (kinda): Insurance (FRFHF, BRK, MKL): 31%, Malone/media: 13%, Banks: 5%, Oil: 7%, Tech: 3%, Various owner-operators (not included in other categories): 17%
New positions:
Positions increased: BRS bond, CLKFF, EXOSF, FNMAG, FMCKP, CXRX
Positions reduced: PWE, Nanocap A
Positions eliminated: CHK bond, X bond, BNKJF
Flip-flop:
With a lot of risky bonds running up, I sold the rest of X and CHK bonds. Bought a bit more of BRS bond.
In oil space, sold BNKJF and most PWE. Added more CLKFF that's at least partially invested in energy companies.
Added more EXOSF.
In: EXOSF - bought more
Out:
Fixed income: 3%
Cash: 13%
Sectors (kinda): Insurance (FRFHF, BRK, MKL): 31%, Malone/media: 13%, Banks: 5%, Oil: 7%, Tech: 3%, Various owner-operators (not included in other categories): 17%
New positions:
Positions increased: BRS bond, CLKFF, EXOSF, FNMAG, FMCKP, CXRX
Positions reduced: PWE, Nanocap A
Positions eliminated: CHK bond, X bond, BNKJF
Flip-flop:
With a lot of risky bonds running up, I sold the rest of X and CHK bonds. Bought a bit more of BRS bond.
In oil space, sold BNKJF and most PWE. Added more CLKFF that's at least partially invested in energy companies.
Added more EXOSF.
Sunday, March 6, 2016
Portfolio overview - February 2016
My top (>2%) positions in no particular order: FRFHF, BRKB, JPM, LMCA, DISCA, TESB.BE, MKL, AAPL
In: TESB.BE - price rise
Out:
Fixed income: 3%
Cash: 12%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 31%, Malone/media: 13%, Banks:6 %, Oil: 9%, Tech: 3%, Various owner-operators (not included in other categories): 16%
New positions: DIS, BRS bond, EXOSF,
Positions increased: BAC, LBTYK, BAM, CXRX, DNR bond, FNMAG,
Positions reduced: DNR, X bond,
Positions eliminated: Nanocap E, PGNPQ
Flip-flop:
As market fell in the beginning of the month, I bought. As it rose in last week, I sold a bit.
Price based adds: BAC, LBTYK, BAM, CXRX, FNMAG
In energy area, I mostly switched from DNR common to DNR bonds, which was not well timed as DNR common ran up from <$1 to >$3. Bonds went up only from ~$24 to ~$44.
I bought some BRS bonds that look somewhat safe and yet attractive.
Got rid of very tiny PGNPQ position.
Sold X bond that ran up from $64 to $90. If only all buys worked out as well.
Bought a small initial position in DIS as it was falling, but did not have opportunity to build it up.
Bought initial position in EXOSF that might be a good owner operator company going forward.
In: TESB.BE - price rise
Out:
Fixed income: 3%
Cash: 12%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 31%, Malone/media: 13%, Banks:6 %, Oil: 9%, Tech: 3%, Various owner-operators (not included in other categories): 16%
New positions: DIS, BRS bond, EXOSF,
Positions increased: BAC, LBTYK, BAM, CXRX, DNR bond, FNMAG,
Positions reduced: DNR, X bond,
Positions eliminated: Nanocap E, PGNPQ
Flip-flop:
As market fell in the beginning of the month, I bought. As it rose in last week, I sold a bit.
Price based adds: BAC, LBTYK, BAM, CXRX, FNMAG
In energy area, I mostly switched from DNR common to DNR bonds, which was not well timed as DNR common ran up from <$1 to >$3. Bonds went up only from ~$24 to ~$44.
I bought some BRS bonds that look somewhat safe and yet attractive.
Got rid of very tiny PGNPQ position.
Sold X bond that ran up from $64 to $90. If only all buys worked out as well.
Bought a small initial position in DIS as it was falling, but did not have opportunity to build it up.
Bought initial position in EXOSF that might be a good owner operator company going forward.
Sunday, February 7, 2016
Portfolio overview - January 2016
My top (>2%) positions in no particular order: FRFHF, BRKB, JPM, LMCA, DISCA, MKL, AAPL
In:
Out: GDWN.L - price drop
Fixed income: 3%
Cash: 14%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 31%, Malone/media: 12%, Banks: 5%, Oil: 7%, Tech: 3%, Various owner-operators (not included in other categories): 15%
New positions: BAM
Positions increased: AAPL, SPND, NOV, ZPTAF, BRKB, FRMO, LBTYK, GENGF, BAC, PSHZF, X bond, DNR bond, STRZA
Positions reduced: Nanocap A, DNR
Positions eliminated: BH, PCP, AMNF
Flip-flop:
Market is falling, I am buying. What else is new. I guess this means that the bottom is far away. ;)
Sold tiny positions in BH and AMNF - no longer tracking either.
Sold PCP when BRK closed the buyout.
In energy, shifted some money from DNR stock to bonds. Added SPND, NOV, ZPTAF, GENGF.
The rest is pretty much valuation based buys: AAPL, BRKB, FRMO, LBTYK, BAC, PSHZF, STRZA.
New position in BAM.
Added to X bond holding.
In:
Out: GDWN.L - price drop
Fixed income: 3%
Cash: 14%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 31%, Malone/media: 12%, Banks: 5%, Oil: 7%, Tech: 3%, Various owner-operators (not included in other categories): 15%
New positions: BAM
Positions increased: AAPL, SPND, NOV, ZPTAF, BRKB, FRMO, LBTYK, GENGF, BAC, PSHZF, X bond, DNR bond, STRZA
Positions reduced: Nanocap A, DNR
Positions eliminated: BH, PCP, AMNF
Flip-flop:
Market is falling, I am buying. What else is new. I guess this means that the bottom is far away. ;)
Sold tiny positions in BH and AMNF - no longer tracking either.
Sold PCP when BRK closed the buyout.
In energy, shifted some money from DNR stock to bonds. Added SPND, NOV, ZPTAF, GENGF.
The rest is pretty much valuation based buys: AAPL, BRKB, FRMO, LBTYK, BAC, PSHZF, STRZA.
New position in BAM.
Added to X bond holding.
Monday, January 4, 2016
Portfolio overview - December 2015
My top (>2%) positions in no particular order: FRFHF, BRKB, JPM, LMCA, DISCK, GDWN.L, MKL, AAPL
In:
Out:
Fixed income: 2%
Cash: 17%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 28%, Malone/media: 13%, Banks: 6%, Oil: 7%, Tech: 3%, Agri: 0%, Various owner-operators (not included in other categories): 15%
New positions: Microcap D, Nanocap E
Positions increased: GENGF, NOV, DISCK, CHK bond, BRKB, DNR bond, AAPL, X bond, PRDGF, FNMAG
Positions reduced: BNKJF, Nanocap A
Positions eliminated: TDY, GTE, HAL, VRX, CFX
Flip-flop:
December is a good month to clean portfolio.
Sold TDY - small position not cheap enough; CFX - small position, decided that it was not very attractive for long term hold. Sold remainder of VRX - decided to eat popcorn from sidelines.
In energy space sold GTE, HAL, reduced BNKJF. Added GENGF, NOV, CHK bond, DNR bond.
Added some DISCK, BRKB, AAPL, X bond, PRDGF, FNMAG. Adds mostly based on prices, no new thoughts or insights.
In:
Out:
Fixed income: 2%
Cash: 17%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 28%, Malone/media: 13%, Banks: 6%, Oil: 7%, Tech: 3%, Agri: 0%, Various owner-operators (not included in other categories): 15%
New positions: Microcap D, Nanocap E
Positions increased: GENGF, NOV, DISCK, CHK bond, BRKB, DNR bond, AAPL, X bond, PRDGF, FNMAG
Positions reduced: BNKJF, Nanocap A
Positions eliminated: TDY, GTE, HAL, VRX, CFX
Flip-flop:
December is a good month to clean portfolio.
Sold TDY - small position not cheap enough; CFX - small position, decided that it was not very attractive for long term hold. Sold remainder of VRX - decided to eat popcorn from sidelines.
In energy space sold GTE, HAL, reduced BNKJF. Added GENGF, NOV, CHK bond, DNR bond.
Added some DISCK, BRKB, AAPL, X bond, PRDGF, FNMAG. Adds mostly based on prices, no new thoughts or insights.
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