My top (>2%) positions in no particular order: BRKB, FB, JPM, LSXMA, EXXRF, DISCK, FRFHF, MKL, AAPL
Fixed income: 2%
(kinda): Insurance (FRFHF, BRK, MKL): 20%, Malone/media: 10%,
Banks/financials: 12%, Cars: 0%, Oil: 0%, Medical/pharma: 1%, Tech: 22%,
Various owner-operators (not included in other categories): 8%
New positions: LBTYK, MSFT, BRFRF
Positions increased: V, OSSIF, GOOG, OTCM, IVSBF, KKR, YY
Positions reduced: BOMN, FRFHF, STNE
Positions eliminated: LTRPA, SYTE
Sold remaining shares of LTRPA - I don't see very likely future growth. It is quite possible that TRIP will be acquired though.
SYTE position as the management continued to mostly self-destruct. It
was an entertainment value sized position. I decided to be entertained
from sidelines from now on.
Sold part of position in BOMN after
annual meeting. The management are nice people. The businesses are
OKish. The valuation is high considering most of the book value is cash
(received from selling shares at above book). Tough to see a scenario
where shareholders do well short/medium term.
Sold part of position in STNE as stock ran up. Sale based on valuation and position sizing.
part of position in FRFHF - I believe FRFHF can achieve 7-10% returns
going forward, but unlikely higher than that. This might be OK compared
to opportunities in current market. I decided that I would rather look
for possibly better returns elsewhere.
Rebought some LBTYK on presumed Vodafone deal approval in Europe. This position may be sold at any time.
some MSFT - I completely messed up with Microsoft in the past. I sold
just as Balmer was going out and company was experiencing kitchen sink
quarters after Nokia purchase. Then I watched on sidelines as the
company and stock performed very well under Nadella's leadership and
turn towards open software, enterprise and cloud. I think that with
Office 365 subscription model and with Azure, MSFT still has good
future. The stock is not cheap though, so I bought just initial
Bought a tracking position in BRFRF.
Added to V, OSSIF, GOOG, OTCM, IVSBF, KKR, YY based on prices/valuations, prospects and existing position sizes.