Monday, December 16, 2019

Portfolio overview - November 2019

My top (>2%) positions in no particular order: BRKB, FB, LSXMA, EXXRF, AAPL, DISCK, JPM, FRFHF, GOOG, MKL,

Fixed income: 2%
Cash: 15%

Sectors (kinda): Insurance (FRFHF, BRK, MKL): 19%, Malone/media: 9%, Banks/financials: 11%, Cars: 0%, Oil: 0%, Medical/pharma: 1%, Tech: 25%, Various owner-operators (not included in other categories): 7%

New positions:
Positions increased: CVS
Positions reduced: VMW, JPM
Positions eliminated: WBA, REGN

Not much activity in terms of number of companies, but somewhat significant changes in some positions.

Sold WBA - not certain about future prospects. Added a bit to CVS where future potential seems more positive.
Sold REGN - I probably should admit that I don't understand pharmas and I don't bring any insight when investing in pharmas. I'll have to attempt to not buy pharmas in the future.
Reduced VMW to a tracking position - I think that further move to cloud infrastructure and containers will reduce VMW business. Pivotal acquisition may counter this trend, but I think growth is not assured.
Reduced JPM position significantly. Although I think JPM may provide positive return in the future, I doubt it will be high return. Considering that I have a large exposure to banks through BRK, I decided to reduce JPM position significantly.

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