Portfolio Update - 2021 September 21

My top (>2%) positions in no particular order: BRKB, FB, GOOG, PSHZF, AAPL,
In:
Out:
 
Fixed income: 7%
Cash: 2%

Sectors (kinda): Insurance (BRK): 11%, Malone/media: 2%, Banks/financials: 5%, Stock funds: 11%, Industrial: 0%, Customer: 2%, Medical/pharma: 2%, Tech: 40%, Various owner-operators (not included in other categories): 4%

Impact investing: 23%

New positions: VIAC, KARO, REGN, ADCOF, LEMLF, MGI, NTDOY, PLTK, MNTV, QDEL
Positions increased: AMD, GOOG, ANCUF, FB, RILY, PINS, ANGI, TTWO, RDBBY, DISCK, PSTH, CNNE, ZNGA, YELP, COIN, QLYS, ABNB, RBLX, BABA, PROSY, EXPE, STNE, VRTX 
Positions reduced: NTES, SABR, TCEHY,
Positions eliminated: HTZZ, MG, DFS, MSPAF,
Flip-flop: HMLPPRA, LEAT

With HMLP facing contract lawsuit and refinancing problems, HMLPPRA dropped and then bounced back. I bought more on drop and then sold on bounce.

Bought a bit more PSTH before the announcement that the SPAC deal plans are essentially dead.

Mostly reduced positions in Chinese companies (NTES, TCEHY). Partially replaced them by buying some PROSY and BABA.

Sold low conviction and not very attractive expected return positions in HTZZ, MG, DFS, MSPAF.

Sold some SABR and replaced with a bit of EXPE.

Bought small tracking positions in KARO, ADCOF, LEMLF, MNTV, QDEL.

Bought NTDOY, PLTK and added to ZNGA, TTWO in gaming area.

Bought VIAC and added to DISCK in media area.

Bought REGN and added to VRTX in pharma/biotech area.

Added to AMD, GOOG, ANCUF, FB, RILY, PINS, ANGI, RDBBY, CNNE, YELP, COIN, QLYS, ABNB, RBLX, STNE. Bought initial position in MGI.

I am planning to increase the percentage of my portfolio that corresponds to "impact" investing, i.e. investing in the companies that I believe contribute to the progress and improvement of our civilization. This is completely subjective evaluation. The change may be slow. I will be looking for the attractive returns even when buying "impact" companies.

Portfolio Update - 2021 July 24

My top (>2%) positions in no particular order: BRKB, FB, GOOG, PSHZF, AAPL,
In:
Out:
 
Fixed income: 7%
Cash: 6%

Sectors (kinda): Insurance (BRK): 11%, Malone/media: 2%, Banks/financials: 5%, Stock funds: 10%, Industrial: 0%, Customer: 1%, Medical/pharma: 1%, Tech: 39%, Various owner-operators (not included in other categories): 4%

New positions: MITK, ETHE, KKR, GRUB, EEFT, BOX, CNNE, NWINF, ANCUF, BIOX
Positions increased: AMZN, THRY, TOITF, BACPRL, PSTH, ZNGA, ETSY, RILY, PROSY, SABR, TTWO, ANGI, DISCK, 
Positions reduced: EXPE, MG, DFS, MCO, OTCM
Positions eliminated: GNLPRA/GNLPRB, INNPRE, ICE, SPCX
Flip-flop: TRTNPRC/TRTNPRD

In fixed income area, I sold a lot of preferred's ( GNLPRA/GNLPRB, INNPRE ) and added a bit of BACPRL. The prices have gone up mostly and yields are not very attractive.

I sold/reduced EXPE, DFS, MCO, OTCM, ICE. These are good to great companies that possibly should be kept in the portfolio, but I thought that the projected return was not very attractive.

I sold tracking position in SPCX and reduced MG position.

I bought small positions in MITK, ETHE, KKR, GRUB, EEFT, BOX, BIOX.

I bought medium positions in CNNE, NWINF and ANCUF. All three companies are trading at pretty attractive valuations and may offer reasonable forward return.

Bought PSTH on UMG deal announcement. Will keep it now at close to the trust value.

Added to AMZN. Added to THRY, TOITF, ZNGA, ETSY, RILY, PROSY, SABR, TTWO, ANGI, DISCK at pretty attractive valuations.

 

 

Portfolio Update - 2021 May 31

My top (>2%) positions in no particular order: BRKB, FB, GOOG, PSHZF, AAPL,
In:
Out:
 
Fixed income: 7%
Cash: 7%

Sectors (kinda): Insurance (BRK): 12%, Malone/media: 2%, Banks/financials: 5%, Stock funds: 10%, Industrial: 1%, Customer: 1%, Medical/pharma: 1%, Tech: 36%, Various owner-operators (not included in other categories): 3%

New positions: IIVI, PAGS, PETQ, PINS, IDXX, QLYS, ETSY, JAMFX, RBLX, ABNB, NOW, POSH, DISCK, LEAT, PUBM, HLFFF
Positions increased: SABR, GOOG, TOITF, WMICX, CPNG, MELI, AMD, VEEV,
Positions reduced: BRKB, MCO, MORN, V, BKNG, EXPE, DFS, OSSIF, RMD, AYRWF, MG, BABA, VMEO
Positions eliminated: NICE, FISV, PMD
Flip-flop: ANGI, EXPI

Sold NICE, FISV and PMD due to reduced return expectations. Sold some BKNG, EXPE, DFS, RMD, AYRWF, MG due to reduced return expectations.

Sold some ANGI as it ran up and then bought back as it dropped.

Sold some BRKB, MCO, MORN, V due to taxable portfolio management reasons. 

Sold some BABA due to increased risks and likely lower growth.

Sold most VMEO after spin off from IAC.

Bought initial EXPI position, but then sized down.

Added SABR on valuation. Added to GOOG, TOITF, CPNG, MELI, AMD, VEEV at OKish valuations.

Bought initial positions in IIVI, PAGS, PETQ, QLYS, POSH, LEAT, HLFFF at somewhat attractive valuations. Bought positions in ETSY, NOW and PUBM. Bought a medium size position in PINS on a drop.

Bought initial position in DISCK to follow through the merger with Time Warner assets.

Bought tracking positions in IDXX, RBLX and ABNB.

 

Portfolio update - April 11, 2021

My top (>2%) positions in no particular order: BRKB, FB, PSHZF, AAPL, GOOG,
In:
Out:
 
Fixed income: 8%
Cash: 8%

Sectors (kinda): Insurance (BRK): 13%, Malone/media: 1%, Banks/financials: 7%, Stock funds: 9%, Industrial: 1%, Medical/pharma: 2%, Tech: 32%, Various owner-operators (not included in other categories): 3%

New positions:  RDBBY, ZNGA, DPZ, WLDBF, COST, FISV, SABR, PWFL, XBI, CPNG, CRCT
Positions increased: GOOGL, SHOP, VRTX, PSHZF, MELI, BABA, TTWO, MLSPF, V, ETSY
Positions reduced: MG, CHEK, PMD, DFS
Positions eliminated: MACE
Flip-flop: BIOX

I sold and reduced MG, CHEK, PMD, DFS, MACE mostly based on valuation considerations.

Added to GOOGL, VRTX, PSHZF, MELI, BABA, TTWO, MLSPF, V, ETSY at attractive valuations and to SHOP at unattractive valuation.

Bought positions in RDBBY, ZNGA, DPZ, WLDBF, COST, FISV, SABR, PWFL, CPNG, CRCT at so so valuations. Bought a position in XBI to track biotechs into which I don't have expertise to invest directly.

The above writeup misses a lot of SPACs and SPAC warrants which I decided not to discuss. SPACs are mostly held as cash equivalents (but not included in cash percentage above). SPAC warrants are held as long term options that may or might not have much value. In toto recently SPACs and warrants dropped from purchase prices and below $10 tentative cash value.

Portfolio update - 2021 January/February

My top (>2%) positions in no particular order: BRKB, FB, PSHZF, AAPL, GOOG,
In:
Out: EXXRF - sold part of the position
 
Fixed income: 9%
Cash: 13%

Sectors (kinda): Insurance (BRK): 12%, Malone/media: 1%, Banks/financials: 7%, Stock funds: 10%, Cars: 0%, Oil: 0%, Medical/pharma: 1%, Tech: 29%, Various owner-operators (not included in other categories): 3%

New positions: IWO, MELI, SSNC, WMICX, AMD, PMD, GBTC, THRY, TCEHY, TOITF, VRTX, RMD
Positions increased: BCSVX, FB, VMW, RILY, CURN, GOOG, SHOP,
Positions reduced: AKREX, JPM, PSTH, PROSY, IAC, ANGI, EXXRF, TWTR, DFS
Positions eliminated: FIGFX, KNOP, INTC, CVS
Flip-flop: BB, CRSR, F

I have not been active on the fixed income side. I have been buying a number of SPACs in the 10.1x-10.3x range and selling above 10.6x. The list of tickers is too long to mention. I have also bought tiny speculative positions in a couple of SPAC warrants. These have fared worse so far than the relatively less risky purchases of SPACs themselves.

In the mutual fund space, I have sold some AKREX since I am not sure if I want to keep the fund after Chuck Akre's semi-retirement. I decided to sell FIGFX due to overlap with my direct holdings and instead to add to BCSVX. I bought a tiny bit of IWO for tracking. I also bought some WMICX since I liked the fund.

I did some buying and selling in the WSB favorite space with BB, CRSR and F. No interesting stories to tell. Clearly my hands are paper and not diamond.

Bought tracking positions in SSNC, AMD and RMD. Although MELI is expensive, I bought a position that is a bit larger than pure tracking. If MELI very high growth rate continues, the stock may still be attractive. It is a big "if" though. Reentered TCEHY while reducing PROSY, since I decided that TCEHY may be more attractive.

I bought some value-and-story stocks: PMD and THRY. 

After Constellation distributed Topicus TOITF shares, I bought some more. 

VRTX shares have been trending down for some time. The valuation is now attractive if the company can maintain 10-15% growth. I initiated a position.

I have added to FB, VMW, RILY, CURN, GOOG at IMO attractive valuations. Added a bit to SHOP tracking position.

Reduced positions in PSTH, IAC, ANGI, TWTR on runup and valuation. Sold some JPM, DFS and EXXRF. JPM and DFS valuations are not high, but expected returns may not be very attractive. EXXRF is still saddled with rather mediocre businesses that will have difficulties achieving superior results.

Sold tracking position in KNOP. Sold INTC on CEO change. Sold CVS on uncertain future outlook.

Portfolio update - 2020 October/November/December

My top (>2%) positions in no particular order: BRKB, FB, PSHZF, AAPL, EXXRF, GOOG,
In:
Out:
 
Fixed income: 9%
Cash: 13%

Sectors (kinda): Insurance (BRK): 12%, Malone/media: 1%, Banks/financials: 7%, Stock funds: 10%, Cars: 0%, Oil: 0%, Medical/pharma: 1%, Tech: 30%, Various owner-operators (not included in other categories): 5%

New positions: TTWO, IWF, INTC, MACE, MG, DFAU, DFAE, DFAI, SCPPF, CURN, MSPAF, MELI, RILY, BABA, YELP, XP
Positions increased: INNPRD, TRTNPRC, CBOE, ADSK, ANGI, GOOG, STNE, VMW, CHEK, FB
Positions reduced: DFS, EXPE, BKNG, NTES, JPM, AAPL, OTCM, AYRWF
Positions eliminated: VVNTWS, YY
Flip-flop: IAC, PSTH, INNPRE, CVS

I should post more often. Since this time covered 2.5 months, I have bought and sold a lot. 

On fixed income side I traded INNPRE as the price fluctuated. I added INNPRD and TRTNPRC.

I bought a bunch of IAC and ANGI at lower prices and then sold a bit of IAC as the price ran up on Vimeo spinoff news.

In tech space, I have initiated positions in TTWO (OK price), INTC (cheap if the company manages to not decline), MSPAF (tracking position), MELI (expensive but could grow into the valuation), BABA (cheap if one can trust financials and if Chinese regulators don't hit it very hard), SCPPF (tracking position), YELP (cheap if the company can perform - which it could not for last many years - tracking position). I added to ADSK (wide moat, no longer cheap), VMW (cheap), FB (still OK price), GOOG (still somewhat OK price). I sold some AAPL based on price although it is possibly a mistake. Also reduced EXPE and BKNG on run-up and forward valuation. These could be a mistake if travel recovers faster than expected and more than expected. Reduced some NTES.

I sold YY position after they reported selling their China business to Baidu. There was a short-seller report on YY that raised some legitimate issues though the accusation of wholesale fraud is not totally convincing. 

I bought some "value" stock positions: MG, MACE (tracking position), CURN.

In the financials space, I have bought RILY (possibly cheap, depending on future results), XP (expensive), added to CBOE (low conviction), STNE (very expensive now). I sold some DFS on run-up,  JPM on uncertain future, OTCM on price.

I am still undecided about CVS. I have added some and then sold most. Reduced some AYRWF on run-up.

In SPAC space, I traded PSTH as price fluctuated, selling below the recent highs though. I sold all VVNTWS and FSRWS. I bought and sold a long list of SPAC warrants that I won't list completely. It includes IPOBWS, IPOCWS, THCBW, CFIIW, NGAWS, APXTW, QSWS, LGVWWS, LAZRW, INAQW, STPKWS, BFTWS, GSAHWS, HTOOW, GIKWS, DMWS, TPGYWS, CGROW, FIIIW, SKLZWS, FSRVW, CLAWS. It has been a part of ongoing experiment in speculating in SPAC space (pun intended).

I bought some tracking positions for monitoring in ETFs: IWF and new Dimensional Funds ETFs: DFAU, DFAE, DFAI.

My 2020 returns were in 24-25% range outperforming SP500 for the first time in 9 years. One account concentrated on growth stocks produced 82% return. Maybe that's an indication of a bubble or a top. We'll see.