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.
