My top (>2%) positions in no particular order: BRKB, FB, PSHZF, AAPL, EXXRF, GOOG,
In:
Out:
Fixed income: 10%
Cash: 13%
Sectors
(kinda): Insurance (BRK): 12%, Malone/media: 1%, Banks/financials: 7%,
Stock funds: 9%, Cars: 0%, Oil: 0%, Medical/pharma: 1%, Tech: 30%,
Various owner-operators (not included in other categories): 4%
New positions: GSAHWS, IPOBWS, IPOCWS, TRTNPRC, TRTNPRD, ROP, PSTH, GNLPRA, GNLPRB, WFCPRL, INNPRD
Positions increased: ADSK, ANGI, AMZN, IAC, PSHZF, BKNG, YY
Positions reduced: PROSY, AAPL, TWTR, INNPRE
Positions eliminated: TCEHY
Flip-flop: INS
On the fixed income side, I bought a number of preferred shares TRTNPRC, TRTNPRD, GNLPRA, GNLPRB, WFCPRL, INNPRD. I sold some INNPRE as price rose.
In the SPAC area, I bought small positions in a number of warrants GSAHWS, IPOBWS, IPOCWS and some PSTH.
I bought a tiny tracking position in ROP.
I added to ADSK, ANGI, AMZN, IAC, PSHZF, BKNG, YY at (somewhat) attractive prices.
I sold TCEHY for a mix of valuation and political reasons. I reduced PROSY and TWTR to raise cash and because of weak conviction in their future business and stock returns. I also sold a bit of AAPL because of the oversized position and valuation concerns, although on further analysis, I think that AAPL may provide 6-9% annual return in coming years.
In general, opportunities are few, most attractive (growing and moaty) businesses trade at high valuations, there are a number of risks for both economy and stock market. Probably I should hold even more cash and fixed income than I do now.
