My top (>2%) positions in no particular order: BRKB, FRFHF, LSXMA, JPM, EXXRF, ISTB, TESB.BE, LVNTA, MKL, AAPL
In:
Out: Fannie/Freddie prefs - sold part of position, LILA - price drop
Fixed income: 10%
Cash: 7%
Sectors
(kinda): Insurance(FRFHF, BRK, MKL): 24%,
Malone/media: 16%, Banks/financials: 9%, Oil: 2%,
Medical/pharma: 1%, Tech: 9%, Various owner-operators (not
included in other categories): 16%
New positions: FFXDF, WDAY, Z, CTL bond, Microcap M
Positions increased: LTRPA, LEXEA, PCLN, Nanocap L
Positions reduced: Fannie/Freddie prefs
Positions eliminated:
Flip-flop:
Bought some CTL bond. There is some expectation that CTL results will improve after LVLT merger.
Sold
some Fannie/Freddie prefs as the legal cases continue to yield no
positive results. Most of the expectation now is for political solution
that provides some return to pref and common holders. I think chances
for such solution are not great, though who knows.
Bought initial position in Fairfax India FFXDF. Bought tracking positions in WDAY, Z - not value investments at current prices.
Added to LTRPA, LEXEA, PCLN as the whole sector dropped after Q3 results. These stocks are not cheap even after drops.
Tuesday, December 5, 2017
Sunday, November 5, 2017
Portfolio overview - October 2017
My top (>2%) positions in no particular order:
BRKB, FRFHF, LSXMA, JPM, EXXRF, TESB.BE, LVNTA, LILA, ISTB,
Fannie/Freddie prefs, MKL, AAPL
In:
Out: DISCK - price drop
Fixed income: 8%
Cash: 8%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 23%, Malone/media: 16%, Banks/financials: 9%, Oil: 2%, Medical/pharma: 1%, Tech: 8%, Various owner-operators (not included in other categories): 16%
New positions: Nanocap L, VEEV
Positions increased: DISCK, NPSNY, NTES, MSGN,
Positions reduced:
Positions eliminated:
Flip-flop:
Added DISCK and MSGN as stocks continued to drop.
Added NPSNY and NTES.
Initial tracking position of VEEV. Not a value stock.
In:
Out: DISCK - price drop
Fixed income: 8%
Cash: 8%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 23%, Malone/media: 16%, Banks/financials: 9%, Oil: 2%, Medical/pharma: 1%, Tech: 8%, Various owner-operators (not included in other categories): 16%
New positions: Nanocap L, VEEV
Positions increased: DISCK, NPSNY, NTES, MSGN,
Positions reduced:
Positions eliminated:
Flip-flop:
Added DISCK and MSGN as stocks continued to drop.
Added NPSNY and NTES.
Initial tracking position of VEEV. Not a value stock.
Monday, October 9, 2017
Portfolio overview - September 2017
My top (>2%) positions in no particular order:
BRKB, FRFHF, LSXMA, JPM, EXXRF, LVNTA, LILA, DISCK, TESB.BE,
ISTB, Fannie/Freddie prefs, MKL, AAPL
In:
Out:
Fixed income: 8%
Cash: 9%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 23%, Malone/media: 17%, Banks/financials: 8%, Oil: 2%, Tech: 7%, Various owner-operators (not included in other categories): 16%
New positions: IPOAU
Positions increased: BAC, BRKB, DISCK, MSGN
Positions reduced: Fannie/Freddie prefs
Positions eliminated:
Flip-flop:
Initial tracking position in IPOAU.
Sold a bit of Fannie/Freddie prefs.
Added some BAC, BRKB, DISCK, MSGN
In:
Out:
Fixed income: 8%
Cash: 9%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 23%, Malone/media: 17%, Banks/financials: 8%, Oil: 2%, Tech: 7%, Various owner-operators (not included in other categories): 16%
New positions: IPOAU
Positions increased: BAC, BRKB, DISCK, MSGN
Positions reduced: Fannie/Freddie prefs
Positions eliminated:
Flip-flop:
Initial tracking position in IPOAU.
Sold a bit of Fannie/Freddie prefs.
Added some BAC, BRKB, DISCK, MSGN
Sunday, September 3, 2017
Portfolio overview - August 2017
My top (>2%) positions in no particular order:
BRKB, FRFHF, LSXMA, JPM, EXXRF, LVNTA, LILA, DISCK, TESB.BE,
ISTB, Fannie/Freddie prefs, MKL, AAPL
In: LILA - bought more
Out:
Fixed income: 8%
Cash: 9%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 23%, Malone/media: 17%, Banks/financials: 8%, Oil: 2%, Tech: 7%, Various owner-operators (not included in other categories): 16%
New positions:
Positions increased: LILA, NTES, LTRPA, NPSND, CLKFF, LBTYK, NNI
Positions reduced: Microcap G
Positions eliminated: FRMO
Flip-flop:
Not much interesting.
Sold the rest of FRMO.
Added LILA, LTRPA, LBTYK in Liberty universe.
Added NTES and NPSND (position in Tencent) in Chinese tech.
Spent part of the CLKFF special dividend to add shares.
Added some NNI.
In: LILA - bought more
Out:
Fixed income: 8%
Cash: 9%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 23%, Malone/media: 17%, Banks/financials: 8%, Oil: 2%, Tech: 7%, Various owner-operators (not included in other categories): 16%
New positions:
Positions increased: LILA, NTES, LTRPA, NPSND, CLKFF, LBTYK, NNI
Positions reduced: Microcap G
Positions eliminated: FRMO
Flip-flop:
Not much interesting.
Sold the rest of FRMO.
Added LILA, LTRPA, LBTYK in Liberty universe.
Added NTES and NPSND (position in Tencent) in Chinese tech.
Spent part of the CLKFF special dividend to add shares.
Added some NNI.
Monday, August 7, 2017
Portfolio overview - July 2017
My top (>2%) positions in no particular order:
BRKB, FRFHF, LSXMA, JPM, EXXRF, LVNTA, DISCK, TESB.BE, ISTB,
Fannie/Freddie prefs, MKL, AAPL
In:
Out:
Fixed income: 8%
Cash: 11%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 23%, Malone/media: 16%, Banks/financials: 8%, Oil: 2%, Tech: 7%, Various owner-operators (not included in other categories): 16%
New positions: IDIA:CH, Microcap K, NNI, NPSNY
Positions increased: LILA, BRK, BRS bonds
Positions reduced: Fannie/Freddie prefs, FRMO, PRDGF
Positions eliminated: AUXO, WBMD
Flip-flop:
Added a bit of BRS bonds. Sold some Fannie/Freddie prefs.
Sold AUXO - low conviction position, still have to think more about the company, its products and possible future growth.
Sold WBMD on buyout. Great short term investment.
Reduced FRMO and PRDGF.
Added a bit more LILA and BRK.
Bought initial positions of IDIA:CH (biotech spinoff of successful past management team), NNI and NPSNY (buying Tencent cheaper or other parts for free).
Not much cheap in the market. Trying to clean up portfolio, add tracking positions, investigate and increase positions trading at reasonable valuations.
In:
Out:
Fixed income: 8%
Cash: 11%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 23%, Malone/media: 16%, Banks/financials: 8%, Oil: 2%, Tech: 7%, Various owner-operators (not included in other categories): 16%
New positions: IDIA:CH, Microcap K, NNI, NPSNY
Positions increased: LILA, BRK, BRS bonds
Positions reduced: Fannie/Freddie prefs, FRMO, PRDGF
Positions eliminated: AUXO, WBMD
Flip-flop:
Added a bit of BRS bonds. Sold some Fannie/Freddie prefs.
Sold AUXO - low conviction position, still have to think more about the company, its products and possible future growth.
Sold WBMD on buyout. Great short term investment.
Reduced FRMO and PRDGF.
Added a bit more LILA and BRK.
Bought initial positions of IDIA:CH (biotech spinoff of successful past management team), NNI and NPSNY (buying Tencent cheaper or other parts for free).
Not much cheap in the market. Trying to clean up portfolio, add tracking positions, investigate and increase positions trading at reasonable valuations.
Saturday, July 8, 2017
Portfolio overview - June 2017
My top (>2%) positions in no particular order:
BRKB, FRFHF, LSXMA, JPM, EXXRF, DISCK, LVNTA, TESB.BE, ISTB,
Fannie/Freddie prefs, MKL, AAPL
In:
Out:
Fixed income: 8%
Cash: 11%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 22%, Malone/media: 16%, Banks/financials: 9%, Oil: 1%, Tech: 7%, Various owner-operators (not included in other categories): 16%
New positions: TRRSF, IDT, Nanocap J, IAC, MORN, MSGN, HEI.A
Positions increased: LSXMA
Positions reduced: WBMD
Positions eliminated: SPND
Flip-flop: NSAT
No fixed income changes this time.
I bought a number of starter positions in IDT, IAC, MORN, HEI.A. These are not necessarily cheap at this time.
Bought some TRRSF, an insurance company spun of from BAM.
Bought some MSGN.
Added a bit more LSXMA.
Sold some WBMD as stock has run up a bit and there has been no news about company being acquired.
Sold remaining SPND.
Flip flopped on NSAT, a company that was experiencing bidding war between two acquirers.
In:
Out:
Fixed income: 8%
Cash: 11%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 22%, Malone/media: 16%, Banks/financials: 9%, Oil: 1%, Tech: 7%, Various owner-operators (not included in other categories): 16%
New positions: TRRSF, IDT, Nanocap J, IAC, MORN, MSGN, HEI.A
Positions increased: LSXMA
Positions reduced: WBMD
Positions eliminated: SPND
Flip-flop: NSAT
No fixed income changes this time.
I bought a number of starter positions in IDT, IAC, MORN, HEI.A. These are not necessarily cheap at this time.
Bought some TRRSF, an insurance company spun of from BAM.
Bought some MSGN.
Added a bit more LSXMA.
Sold some WBMD as stock has run up a bit and there has been no news about company being acquired.
Sold remaining SPND.
Flip flopped on NSAT, a company that was experiencing bidding war between two acquirers.
Monday, June 12, 2017
Portfolio overview - May 2017
My top (>2%) positions in no particular order:
BRKB, FRFHF, LSXMA, JPM, EXXRF, DISCK, LVNTA, TESB.BE, ISTB,
Fannie/Freddie prefs, MKL, AAPL
In:
Out: SRLN - sold
Fixed income: 8%
Cash: 11%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 23%, Malone/media: 16%, Banks/financials: 9%, Oil: 2%, Tech: 6%, Various owner-operators (not included in other categories): 18%
New positions: NTES, BACPRL, PONDX
Positions increased: MCO, WBMD, LSXMA, BRS bonds, ISTB
Positions reduced:
Positions eliminated: FWP, NOV, SRLN, Nanocap B
Flip-flop:
Quite a bit of activity in fixed income. Bought more BRS bonds as they fell below 70% par. Bought a little position in BACPRL. Sold SRLN. On higher quality side bought more ISTB and some PONDX.
Sold FWP as the special situation upside became less clear. Sold remainder of NOV - the company might do well and be bought out or turnaround, but I decided to move on.
Added some MCO and LSXMA at a bit rising prices. Added a bit more WBMD - still expecting a deal.
Bought a starter position in NTES.
In:
Out: SRLN - sold
Fixed income: 8%
Cash: 11%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 23%, Malone/media: 16%, Banks/financials: 9%, Oil: 2%, Tech: 6%, Various owner-operators (not included in other categories): 18%
New positions: NTES, BACPRL, PONDX
Positions increased: MCO, WBMD, LSXMA, BRS bonds, ISTB
Positions reduced:
Positions eliminated: FWP, NOV, SRLN, Nanocap B
Flip-flop:
Quite a bit of activity in fixed income. Bought more BRS bonds as they fell below 70% par. Bought a little position in BACPRL. Sold SRLN. On higher quality side bought more ISTB and some PONDX.
Sold FWP as the special situation upside became less clear. Sold remainder of NOV - the company might do well and be bought out or turnaround, but I decided to move on.
Added some MCO and LSXMA at a bit rising prices. Added a bit more WBMD - still expecting a deal.
Bought a starter position in NTES.
Tuesday, May 9, 2017
Portfolio overview - April 2017
My top (>2%) positions in no particular order:
BRKB, FRFHF, JPM, LSXMA, EXXRF, SRLN, DISCK, LVNTA, TESB.BE, ISTB,
Fannie/Freddie prefs, MKL, AAPL
In: SRLN - bought more, LVNTA - price went up
Out:
Fixed income: 8%
Cash: 12%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 22%, Malone/media: 16%, Banks/financials: 8%, Oil: 2%, Tech: 6%, Various owner-operators (not included in other categories): 18%
New positions: AN, AUXO, FB, FWP
Positions increased: SRLN, ISTB, QVCA, BRKB, LSXMA, LILA, LBTYK
Positions reduced: FRFHF, Fannie/Freddie prefs, Nanocap B
Positions eliminated: Nanocap F
Flip-flop: WFC
Rather active month.
Moved a chunk of cash into SRLN and ISTB.
Added to Berkshire and a swath of Liberties positions ( QVCA, LSXMA, LILA, LBTYK )
Bought a tracking position in FB.
Bought small positions in AN (possibly cheap long term hold), AUXO, FWP (special situation).
Sold some FRFHF - still undecided how much of it I will hold long term and at which price. Sold some
Fannie/Freddie prefs.
Bought WFC on forced Buffett selling. Sold on rather stupid CEO comments. There are other banks to invest; no need to live with CEO who cannot acknowledge internal issues and blames outsiders.
In: SRLN - bought more, LVNTA - price went up
Out:
Fixed income: 8%
Cash: 12%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 22%, Malone/media: 16%, Banks/financials: 8%, Oil: 2%, Tech: 6%, Various owner-operators (not included in other categories): 18%
New positions: AN, AUXO, FB, FWP
Positions increased: SRLN, ISTB, QVCA, BRKB, LSXMA, LILA, LBTYK
Positions reduced: FRFHF, Fannie/Freddie prefs, Nanocap B
Positions eliminated: Nanocap F
Flip-flop: WFC
Rather active month.
Moved a chunk of cash into SRLN and ISTB.
Added to Berkshire and a swath of Liberties positions ( QVCA, LSXMA, LILA, LBTYK )
Bought a tracking position in FB.
Bought small positions in AN (possibly cheap long term hold), AUXO, FWP (special situation).
Sold some FRFHF - still undecided how much of it I will hold long term and at which price. Sold some
Fannie/Freddie prefs.
Bought WFC on forced Buffett selling. Sold on rather stupid CEO comments. There are other banks to invest; no need to live with CEO who cannot acknowledge internal issues and blames outsiders.
Tuesday, April 4, 2017
Portfolio overview - March 2017
My top (>2%) positions in no particular order:
BRKB, FRFHF, Fannie/Freddie prefs, JPM, LSXMA, EXXRF, DISCK, ISTB,
TESB.BE, MKL, AAPL
In:
Out: NOV - sold
Fixed income: 5%
Cash: 16%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 23%, Malone/media: 15%, Banks/financials: 8%, Oil: 2%, Tech: 5%, Various owner-operators (not included in other categories): 17%
New positions: WBMD, Nanocap E
Positions increased: LVNTA, LILA
Positions reduced: LBRDA, NOV, SPND, FRMO, Nanocap B
Positions eliminated:
Flip-flop:
Further reduced NOV and SPND positions.
Sold a bit of FRMO.
Swapped most LBRDA into LVNTA.
Added a bit of LILA.
Bought a position in WBMD. Company is selling itself with activist on board.
In:
Out: NOV - sold
Fixed income: 5%
Cash: 16%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 23%, Malone/media: 15%, Banks/financials: 8%, Oil: 2%, Tech: 5%, Various owner-operators (not included in other categories): 17%
New positions: WBMD, Nanocap E
Positions increased: LVNTA, LILA
Positions reduced: LBRDA, NOV, SPND, FRMO, Nanocap B
Positions eliminated:
Flip-flop:
Further reduced NOV and SPND positions.
Sold a bit of FRMO.
Swapped most LBRDA into LVNTA.
Added a bit of LILA.
Bought a position in WBMD. Company is selling itself with activist on board.
Tuesday, March 7, 2017
Portfolio overview - February 2017
My top (>2%) positions in no particular order:
BRKB, FRFHF, Fannie/Freddie prefs, JPM, LSXMA, EXXRF, DISCK, NOV,
ISTB, TESB.BE, MKL, AAPL
In:
Out:
Fixed income: 5%
Cash: 15%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 23%, Malone/media: 15%, Banks/financials: 8%, Oil: 4%, Tech: 4%, Various owner-operators (not included in other categories): 16%
New positions: SFTBY, PCLN
Positions increased: BRKB, LILA, Nanocap I, ODET.FR, LSXMA
Positions reduced: SPND, Nanocap B, FRFHF, Fannie/Freddie prefs
Positions eliminated:
Flip-flop:
A bit more activity this month.
Sold some Fannie/Freddie prefs after disappointing court decision and no news on political solution.
Sold some FRFHF after disappointing though somewhat expected 2016 results.
Continued to reduce SPND a bit.
Added a bit more BRKB though it is no longer very cheap.
Added LILA and LSXMA.
Added some ODET.FR
Rebought exploratory position in SFTBY. Bought exploratory position in PCLN (stock is not cheap).
In:
Out:
Fixed income: 5%
Cash: 15%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 23%, Malone/media: 15%, Banks/financials: 8%, Oil: 4%, Tech: 4%, Various owner-operators (not included in other categories): 16%
New positions: SFTBY, PCLN
Positions increased: BRKB, LILA, Nanocap I, ODET.FR, LSXMA
Positions reduced: SPND, Nanocap B, FRFHF, Fannie/Freddie prefs
Positions eliminated:
Flip-flop:
A bit more activity this month.
Sold some Fannie/Freddie prefs after disappointing court decision and no news on political solution.
Sold some FRFHF after disappointing though somewhat expected 2016 results.
Continued to reduce SPND a bit.
Added a bit more BRKB though it is no longer very cheap.
Added LILA and LSXMA.
Added some ODET.FR
Rebought exploratory position in SFTBY. Bought exploratory position in PCLN (stock is not cheap).
Tuesday, February 14, 2017
Portfolio overview - January 2017
My top (>2%) positions in no particular order:
FRFHF, BRKB, Fannie/Freddie prefs, JPM, LSXMA, EXXRF, DISCK, NOV,
ISTB, TESB.BE, MKL, AAPL
In:
Out:
Fixed income: 5%
Cash: 13%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 24%, Malone/media: 14%, Banks/financials: 8%, Oil: 4%, Tech: 3%, Various owner-operators (not included in other categories): 16%
New positions: Microcap H, Nanocap I, ODET.FR
Positions increased: LSXMA,
Positions reduced: SPND, LBRDA, Nanocap B
Positions eliminated:
Flip-flop:
Stocks are mostly expensive.
Sold some SPND.
Sold some LBRDA on Charter/Verizon merger speculation.
Swapped LBTYA to LBTYK
Bought some LSXMA.
Bought initial position in ODET.FR, one of Bollore companies.
In:
Out:
Fixed income: 5%
Cash: 13%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 24%, Malone/media: 14%, Banks/financials: 8%, Oil: 4%, Tech: 3%, Various owner-operators (not included in other categories): 16%
New positions: Microcap H, Nanocap I, ODET.FR
Positions increased: LSXMA,
Positions reduced: SPND, LBRDA, Nanocap B
Positions eliminated:
Flip-flop:
Stocks are mostly expensive.
Sold some SPND.
Sold some LBRDA on Charter/Verizon merger speculation.
Swapped LBTYA to LBTYK
Bought some LSXMA.
Bought initial position in ODET.FR, one of Bollore companies.
Sunday, January 1, 2017
Portfolio overview - December 2016
My top (>2%) positions in no particular order:
FRFHF, BRKB, JPM, Fannie/Freddie prefs, EXXRF, DISCK, ISTB, LSXMA, NOV,
TESB.BE, MKL, AAPL
In:
Out:
Fixed income: 5%
Cash: 14%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 25%, Malone/media: 14%, Banks/financials: 9%, Oil: 4%, Tech: 3%, Various owner-operators (not included in other categories): 15%
New positions: IVSBF, LCSHF
Positions increased: LSXMA, MCO, UHAL
Positions reduced: FRFHF, FRMO, SPND
Positions eliminated:
Flip-flop:
My belief in good results of FRMO continues to drop, so I sold some. I reduced SPND position as it climbed a bit.
FRFHF - I still like the (re)insurance side of the company. However, I am not so sure about the investment side. Since Fairfax removed the stock hedges that they put on couple years ago, this is no longer an investment that would do well if market tanked. I reduced my position.
I started a position in IVSBF, which is a family foundation controlled holding company that holds pieces of various European companies. I like their history and I hope that they can continue to produce reasonable returns.
I bought initial position in LCSHF. It is not very cheap. I would probably add if it dropped.
I added some LSXMA, MCO, UHAL.
My 2016 return was ~21%. It is higher than SP500, but less than holding just BRK would have produced.
My 10 year annualized return is ~11%, which is higher than SP500 and BRK.
In:
Out:
Fixed income: 5%
Cash: 14%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 25%, Malone/media: 14%, Banks/financials: 9%, Oil: 4%, Tech: 3%, Various owner-operators (not included in other categories): 15%
New positions: IVSBF, LCSHF
Positions increased: LSXMA, MCO, UHAL
Positions reduced: FRFHF, FRMO, SPND
Positions eliminated:
Flip-flop:
My belief in good results of FRMO continues to drop, so I sold some. I reduced SPND position as it climbed a bit.
FRFHF - I still like the (re)insurance side of the company. However, I am not so sure about the investment side. Since Fairfax removed the stock hedges that they put on couple years ago, this is no longer an investment that would do well if market tanked. I reduced my position.
I started a position in IVSBF, which is a family foundation controlled holding company that holds pieces of various European companies. I like their history and I hope that they can continue to produce reasonable returns.
I bought initial position in LCSHF. It is not very cheap. I would probably add if it dropped.
I added some LSXMA, MCO, UHAL.
My 2016 return was ~21%. It is higher than SP500, but less than holding just BRK would have produced.
My 10 year annualized return is ~11%, which is higher than SP500 and BRK.
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