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

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:

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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