Monday, December 10, 2018

Portfolio overview - November 2018

My top (>2%) positions in no particular order: BRKB, FRFHF, ISTB, JPM, LSXMA, FB, EXXRF, DISCK, MKL, AAPL
In:
Out: BRS bonds (sold)

Fixed income: 8%
Cash: 6%

Sectors (kinda): Insurance(FRFHF, BRK, MKL): 24%, Malone/media: 16%, Banks/financials: 9%, Cars: 1%, Oil: 0%, Medical/pharma: 1%, Tech: 14%, Various owner-operators (not included in other categories): 12%

New positions: CVS
Positions increased: AAPL, FB, BRKB, FDX
Positions reduced:
Positions eliminated: BRS bonds, CTL, Nanocap P
Flip-flop: AFSI

Sold BRS bonds after BRS decided to buy a privately owned company. This added to risks of the bonds. The bond prices have declined significantly after announcement. They might be attractive investment if an investor can persuade themselves that there will be no default or that the price will recover. I am going to stay on sidelines.

Sold initial/small position in CTL after spending more time on this and deciding that I do not have enough confidence in the company.

Bought and sold AFSI - merger arbitrage that worked out really quickly.

Bought small initial position in CVS.

Added to AAPL, FB, BRKB, FDX as stock prices dropped.

Sunday, November 11, 2018

Portfolio overview - October 2018

My top (>2%) positions in no particular order: BRKB, FRFHF, ISTB, JPM, LSXMA, FB, EXXRF, DISCK, BRS bond, MKL, AAPL
In:
Out:

Fixed income: 9%
Cash: 4%

Sectors (kinda): Insurance(FRFHF, BRK, MKL): 24%, Malone/media: 17%, Banks/financials: 9%, Cars: 1%, Oil: 2%, Medical/pharma: 1%, Tech: 14%, Various owner-operators (not included in other categories): 12%

New positions: CTL
Positions increased: FDX, BRKB, FB, IBKR, NPSNY, RHT, Nanocap P, AAPL, IAC
Positions reduced:
Positions eliminated: CALL

Sold CALL as price ran up. Merger approval was announced after I sold.
Bought some RHT for merger arbitrage.

Bought initial position in CTL common.

Added to FDX, BRKB, FB, IBKR, NPSNY, AAPL, IAC mostly as prices dropped.

Wednesday, October 17, 2018

Portfolio overview - September 2018

My top (>2%) positions in no particular order: BRKB, FRFHF, ISTB, JPM, LSXMA, FB, EXXRF, DISCK, BRS bond, MKL, AAPL
In:
Out:

Fixed income: 9%
Cash: 5%

Sectors (kinda): Insurance(FRFHF, BRK, MKL): 23%, Malone/media: 16%, Banks/financials: 9%, Cars: 1%, Oil: 2%, Medical/pharma: 1%, Tech: 14%, Various owner-operators (not included in other categories): 12%

New positions: CALL
Positions increased: FB, IPGP, BRKB, NPSNY, FFXDF
Positions reduced: Nanocap I, NXPI

Positions eliminated: JD, Microcap H

Sold JD after CEO rape accusation.
Sold some NXPI, decided it was not very attractive for me.

Bought merger arbitrage position in CALL.
Added to FB, IPGP, BRKB, NPSNY, FFXDF on weakness.

Saturday, September 15, 2018

Portfolio overview - August 2018

My top (>2%) positions in no particular order: BRKB, FRFHF, LSXMA, ISTB, JPM, EXXRF, DISCK, FB, BRS bond, MKL, AAPL
In:
Out:

Fixed income: 9%
Cash: 6%

Sectors (kinda): Insurance(FRFHF, BRK, MKL): 23%, Malone/media: 16%, Banks/financials: 9%, Cars: 1%, Oil: 2%, Medical/pharma: 1%, Tech: 14%, Various owner-operators (not included in other categories): 12%

New positions: NLSN, SHOP
Positions increased: NPSNY, FB, IBKR
Positions reduced: Nanocap P
Positions eliminated: BYDDF

Flip-flop:

Sold BYDDF position. Not comfortable with Arsenal scandal and LA electric bus story. I am not sure the company is as well managed and upstanding as Buffett and Munger claim.

Bought new position in NLSN based on valuation and activist involvement.
Bought tracking position in SHOP.

Added to NPSNY, FB at lower prices. Added a bit to IBKR position.

Sunday, August 12, 2018

Portfolio overview - July 2018

My top (>2%) positions in no particular order: BRKB, FRFHF, LSXMA, ISTB, JPM, EXXRF, DISCK, FB, BRS bond, MKL, AAPL
In:
Out:

Fixed income: 9%
Cash: 6%

Sectors (kinda): Insurance(FRFHF, BRK, MKL): 23%, Malone/media: 16%, Banks/financials: 9%, Cars: 1%, Oil: 2%, Medical/pharma: 1%, Tech: 13%, Various owner-operators (not included in other categories): 12%

New positions: JD, ICE
Positions increased: FDX, WBA, NXPI, FB, IPGP, Nanocap P, CNSWF, FFXDF
Positions reduced:
Positions eliminated: GDWN:GB, CBS
Flip-flop:


Sold GDWN:GB on pretty OK results and stock runup. If businesses continue to improve, this is probably not a good sale, but I don't see the company doing great for long term. Sold CBS on Les Moonves scandal.

Bought initial positions in JD and ICE. Neither is very cheap or very attractive at current moment.
Added to FDX, WBA, NXPI, FB, IPGP, CNSWF, FFXDF.

Tuesday, July 10, 2018

Portfolio overview - June 2018

My top (>2%) positions in no particular order: BRKB, FRFHF, LSXMA, ISTB, JPM, EXXRF, DISCK, FB, BRS bond, MKL, AAPL
In:
Out:

Fixed income: 10%
Cash: 5%

Sectors (kinda): Insurance(FRFHF, BRK, MKL): 22%, Malone/media: 17%, Banks/financials: 9%, Cars: 1%, Oil: 2%, Medical/pharma: 1%, Tech: 12%, Various owner-operators (not included in other categories): 13%


New positions: WBA, FDX, Nanocap P
Positions increased: BRKB, NPSNY, BAC
Positions reduced:
Positions eliminated:

Flip-flop:


Only few purchases this month.

Added to BRKB, NPSNY, BAC at attractive prices.
Bought initial positions in WBA and FDX. Both seem to be good companies with good managements trading at cheapish valuations. AMZN is one of the risks. Trade war is a possible risk for FDX since it has ~40% international revenue.

Monday, June 18, 2018

Portfolio overview - May 2018

My top (>2%) positions in no particular order: BRKB, FRFHF, LSXMA, ISTB, JPM, EXXRF, DISCK, FB, BRS bond, MKL, AAPL
In: FB - added to position, BRS bond - added to position
Out:

Fixed income: 10%
Cash: 6%

Sectors (kinda): Insurance(FRFHF, BRK, MKL): 23%, Malone/media: 17%, Banks/financials: 9%, Cars: 1%, Oil: 2%, Medical/pharma: 1%, Tech: 12%, Various owner-operators (not included in other categories): 13%


New positions: Microcap O, LVMUY,
Positions increased: BAM, CMCSA, NPSNY, FB, TITR:IT, DIS, BRKB, BRS bond,
Positions reduced: UHAL
Positions eliminated: Nanocap J, IDT, Microcap N, Microcap G, TESB:BE
Flip-flop: NXPI, TWX


A bit more activity this month.


Sold IDT - after some thinking, decided to eliminate Howard Jonas companies in my portfolio.
Sold remainder of TESB:BE.
Sold a bit of UHAL.


Added BAM, CMCSA, NPSNY, FB, DIS, BRKB in quality/owner-operator part of portfolio.
Added a bit of TITR:IT and BRS bond - not necessarily good buys.
Bought initial tracking position in LVMUY.


Captured some gains in TWX arbitrage and still ongoing NXPI arbitrage. I no longer have TWX position and NXPI position may change at any time.

Monday, May 7, 2018

Portfolio overview - April 2018

My top (>2%) positions in no particular order: BRKB, FRFHF, ISTB, JPM, EXXRF, LSXMA, DISCK, MKL, AAPL
In:
Out: GLIBA - price drop

Fixed income: 10%
Cash: 7%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 23%, Malone/media: 16%, Banks/financials: 9%, Cars: 1%, Oil: 2%, Medical/pharma: 1%, Tech: 10%, Various owner-operators (not included in other categories): 13%

New positions: TWX, TITR:IT
Positions increased: BAC, FFXDF, LBRDA, NTES, GLIBA, FB
Positions reduced: Microcap G, Nanocap J
Positions eliminated: Z, ODET:FR, CHUBA/CHUBK
Flip-flop: Nanocap L

It looks like a lot of activity in rather short period of time.
Sold Z due to the new business of house flipping that has quite uncertain future results.
Sold ODET:FR due to Vincent Bollore criminal investigation and upcoming succession.
Sold CHUBA/CHUBK - acquired by private equity.

Added to BAC, FFXDF, LBRDA, NTES, GLIBA, FB based on prices and cash availability.
Bought new positions in TWX - possibly OK price whether merger goes through or not; and TITR:IT - Telecom Italia based on activist investor elections to the board.

Monday, April 16, 2018

Portfolio overview - March 2018

My top (>2%) positions in no particular order: BRKB, FRFHF, ISTB, JPM, EXXRF, LSXMA, DISCK, GLIBA, MKL, AAPL
In:
Out: TESB.BE - sold

Fixed income: 10%
Cash: 7%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 23%, Malone/media: 15%, Banks/financials: 9%, Cars: 1%, Oil: 2%, Medical/pharma: 1%, Tech: 10%, Various owner-operators (not included in other categories): 14%

New positions: BYDDF, TVPT
Positions increased: FB, BAM
Positions reduced: TESB.BE, Fannie/Freddie prefs
Positions eliminated: MD
Flip-flop:

Some changes in portfolio.

I decided that TESB.BE is not a great business and may not have great results going forward even with good management at the helm. I sold most of my position. The business is cyclical though and I may have sold before cycle turn.
I exited MD position due to questionable news.
I further reduced Fannie/Freddie pref position as there were no positive news on the regulatory side or on the legal side.

I added to FB and BAM as stocks have dropped.
I bought initial tracking position in BYDDF.
I bought a position in TVPT. It seems to be a good business targeted by activist investor.

Tuesday, March 6, 2018

Portfolio overview - February 2018

My top (>2%) positions in no particular order: BRKB, FRFHF, ISTB, JPM, EXXRF, LSXMA, DISCK, TESB.BE, LVNTA, MKL, AAPL
In:
Out:

Fixed income: 10%
Cash: 6%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 22%, Malone/media: 16%, Banks/financials: 9%, Oil: 2%, Medical/pharma: 2%, Tech: 10%, Various owner-operators (not included in other categories): 16%

New positions:
Positions increased: FB
Positions reduced:
Positions eliminated: LCSHF
Flip-flop:

Uneventful month - at least in the portfolio. :)

Added a bit FB.

Sold LCSHF based on 2017 results. The thesis was that LCSHF should have better underwriting results compared to other companies, since they wrote less business because of unattractive prices. Their results for 2017 were bad though. Which raised the question: why hold it if the original thesis does not seem to be true?

Saturday, February 10, 2018

Portfolio overview - January 2018

My top (>2%) positions in no particular order: BRKB, FRFHF, ISTB, JPM, EXXRF, LSXMA, DISCK, TESB.BE, LVNTA, MKL, AAPL
In:
Out:

Fixed income: 10%
Cash: 6%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 22%, Malone/media: 16%, Banks/financials: 9%, Oil: 2%, Medical/pharma: 1%, Tech: 9%, Various owner-operators (not included in other categories): 16%

New positions: MD, Microcap N
Positions increased: BAM, BRKB, LEXEA
Positions reduced:
Positions eliminated:
Flip-flop:

Bought some MD at OKish valuation and activist involvement.

Added some BAM, BRKB and LEXEA.

Monday, January 1, 2018

Portfolio overview - December 2017

My top (>2%) positions in no particular order: BRKB, FRFHF, LSXMA, JPM, EXXRF, ISTB, TESB.BE, DISCK, LVNTA, MKL, AAPL
In: DISCK - price went up
Out:

Fixed income: 9%
Cash: 7%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 23%, Malone/media: 16%, Banks/financials: 9%, Oil: 2%, Medical/pharma: 1%, Tech: 9%, Various owner-operators (not included in other categories): 17%

New positions: AMCX, CARS
Positions increased: VEEV, IDT, BRKB, FFXDF
Positions reduced: BACPRL, Fannie/Freddie prefs, Microcap K
Positions eliminated:
Flip-flop: Microcap M (special situation workout)

Sold some BACPRL as the yield is not very attractive anymore. Sold some Fannie/Freddie prefs as they have run up in expectation of political solution that benefits prefholders.

Added to IDT, BRKB, FFXDF at OKish prices. Added a bit to VEEV - not a value stock.
Bought some AMCX - yet another stock in media area.
Bought some CARS - spin-off/IPO from Tegna with an activist shareholder and possibly improving future results.

My 2017 IRR is about 18.8% underperforming SP500 and BRK.