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

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

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.

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