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
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.

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