My top (>2%) positions in no particular order: FRFHF, JPM, BRKB, LMCA, TESB.BE, GDWN.L, MKL, AAPL
In: AAPL - bought more
Out: STRZA - switched to DISCA
Fixed income: 1%
Cash: 26%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 23%, Malone/media: 10%, Banks: 5%, Oil: 8%, Tech: 2%, Agri: 1%, Various owner-operators (not included in other categories): 16%
New positions: MON, CHK bond, ZPTAF, GENGF, Nanocap B
Positions increased: BRKB, AAPL, DNR, FRFHF, NOV, PRDGF, FMCKP, FNMAG, PWE, GDWN.L, BNKJF, JPM, PSHZF, LMCA, DISCA
Positions reduced: GTE, STRZA, MBNC
Positions eliminated: CHK, BFCF, FOXA
Flip-flop:
With market drop this month came some attractive prices to deploy the capital.
The market is still not cheap overall, but there are pockets of stocks at OK prices.
And then there are oil and gas E&Ps. ;)
Fixed income: Bought a small position in CHK bond. I was planning to buy more if it dropped in price, but it ran up, so I'm not buying more right now.
Oil & gas:
Sold CHK.
Reduced GTE. It still may offer an attractive return if the plans of new CEO go well (haha), but it is now spending much more cash pile, so it is more risky.
Bought some NOV, DNR, PWE, BNKJF.
Established new positions in ZPTAF and GENGF.
I'll group GDWN.L here too even though it's not completely O&G company.
Adding good businesses at good prices: AAPL, JPM, BRKB, FRFHF, PSHZF, initial position in MON.
Swap: sold FOXA and STRZA, bought LMCA and DISCA.
Adding lottery tickets: PRDGF, FMCKP, FNMAG
Sold some MBNC (limit order hit), BFCF (possibly still attractive, but not for me at this time).
Monday, September 7, 2015
Thursday, August 6, 2015
Portfolio overview - July 2015
My top (>2%) positions in no particular order: FRFHF, JPM, BRKB, LMCA, TESB.BE, STRZA, GDWN.L, MKL,
In:
Out: SFY bonds, SFTBY, FRMO, LBTYA/K - price drops
Fixed income: 1%
Cash: 28%
Sectors (kinda):
Insurance (FRFHF, BRK, MKL): 21%, Malone/media: 10%, Banks: 5%, Oil: 7%, Tech: 2%, Various owner-operators (not included in other categories): 16%
New positions: NVAFF
Positions increased: BRKB, Nanocap A, BNKJF, NOV, PWE, DNR, CHK, LILA, CLKFF, AAPL
Positions reduced:
Positions eliminated: DRAGF
Flip-flop:
Most of the activity this month was buying oil cos as both oil and prices dropped: BNKJF, NOV, PWE, DNR, CHK
Sold DRAGF based on parent's tender offer.
Added some CLKFF
Added a bit of AAPL
Opened exploratory position in NVAFF.
Added more BRKB.
Added a tiny bit of LILA while converting LILAK to LILA.
In:
Out: SFY bonds, SFTBY, FRMO, LBTYA/K - price drops
Fixed income: 1%
Cash: 28%
Sectors (kinda):
Insurance (FRFHF, BRK, MKL): 21%, Malone/media: 10%, Banks: 5%, Oil: 7%, Tech: 2%, Various owner-operators (not included in other categories): 16%
New positions: NVAFF
Positions increased: BRKB, Nanocap A, BNKJF, NOV, PWE, DNR, CHK, LILA, CLKFF, AAPL
Positions reduced:
Positions eliminated: DRAGF
Flip-flop:
Most of the activity this month was buying oil cos as both oil and prices dropped: BNKJF, NOV, PWE, DNR, CHK
Sold DRAGF based on parent's tender offer.
Added some CLKFF
Added a bit of AAPL
Opened exploratory position in NVAFF.
Added more BRKB.
Added a tiny bit of LILA while converting LILAK to LILA.
Saturday, July 4, 2015
Portfolio overview - June 2015
My top (>2%) positions in no particular
order: FRFHF, JPM, BRKB, LMCA, STRZA, TESB.BE, SFY bonds, SFTBY,
FRMO, MKL, LBTYA/K, GDWN.L
In:
Out:
Fixed income: ~10%
Cash: ~18%
Sectors (kinda):
Insurance (including BRKB and FRFHF): 23%, Malone/media: 12%, Banks: 6%, Oil 9%, Tech 2%, Various owner-operators (not included in other categories) 16%
New positions: CNSWF, Nanocap A, MU, BNKJF
Positions increased: BRKB
Positions reduced: DRAGF, BAC
Positions eliminated:
Flip-flop:
Happy Independence Day!
Not much happened this month.
I sold most DRAGF after it accepted buyout offer from parent company. Sold some BAC on price rise and not high conviction in their business performance.
Opened exploratory positions in CNSWF - great management, but expensive; BNKJF - replacing DRAGF in my oil basket; MU - large price drop while I believe that its business will work fine longer term;
Added a bit of BRKB - the price seems attractive.
In:
Out:
Fixed income: ~10%
Cash: ~18%
Sectors (kinda):
Insurance (including BRKB and FRFHF): 23%, Malone/media: 12%, Banks: 6%, Oil 9%, Tech 2%, Various owner-operators (not included in other categories) 16%
New positions: CNSWF, Nanocap A, MU, BNKJF
Positions increased: BRKB
Positions reduced: DRAGF, BAC
Positions eliminated:
Flip-flop:
Happy Independence Day!
Not much happened this month.
I sold most DRAGF after it accepted buyout offer from parent company. Sold some BAC on price rise and not high conviction in their business performance.
Opened exploratory positions in CNSWF - great management, but expensive; BNKJF - replacing DRAGF in my oil basket; MU - large price drop while I believe that its business will work fine longer term;
Added a bit of BRKB - the price seems attractive.
Monday, June 8, 2015
Portfolio overview - May 2015
My top (>2%) positions in no particular
order: FRFHF, JPM, LMCA, STRZA, SFY bonds, BRKB, SFTBY, TESB.BE, FRMO,
MKL, LBTYA/K, GDWN.L
In:
Out:
Fixed income: ~10%
Cash: ~18%
Sectors (kinda):
Insurance (including BRKB and FRFHF): 23%, Malone/media: 12%, Banks: 6%, Oil 11%, Tech 2%, Various owner-operators (not included in other categories) 16%
New positions: CHK, AXP, KHTRF
Positions increased: PRDGF, FMCKP, DNR, FRFHF, SFTBY
Positions reduced: DRAGF
Positions eliminated: TPRE, AGIIL, MHNC, SRLN
Flip-flop:
I have eliminated most of my fixed income positions (AGIIL, MHNC, SRLN) not counting SFY bonds. I think that holding cash might be preferable here compared to holding various bond, bank loan, pref positions.
I sold TPRE after deciding that their (re)insurance results and 2/20% cost headwind are too adverse for holding this position.
I sold some more DRAGF after they announced the official bid for the company and the stock ran up. I am still holding some.
Put some of DRAGF money into my oil basket with CHK, DNR purchases. After reviewing my oil positions, I don't think they are very attractive, so I might not buy more at current prices. In particular, I don't think that CHK, DNR are the best places to put future money. :)
Increased positions in PRDGF, FMCKP, FRFHF, SFTBY at flat to lower prices.
Bought exploratory position in AXP. I don't think the price is very attractive yet, but the company still has a good franchise and brand, so I'd like to have my toes in waiting for possibly better prices.
Bought a small position in KHTRF - Canadian biotech/pharma holding company at a price close to cash assets with shareholder oriented management.
In:
Out:
Fixed income: ~10%
Cash: ~18%
Sectors (kinda):
Insurance (including BRKB and FRFHF): 23%, Malone/media: 12%, Banks: 6%, Oil 11%, Tech 2%, Various owner-operators (not included in other categories) 16%
New positions: CHK, AXP, KHTRF
Positions increased: PRDGF, FMCKP, DNR, FRFHF, SFTBY
Positions reduced: DRAGF
Positions eliminated: TPRE, AGIIL, MHNC, SRLN
Flip-flop:
I have eliminated most of my fixed income positions (AGIIL, MHNC, SRLN) not counting SFY bonds. I think that holding cash might be preferable here compared to holding various bond, bank loan, pref positions.
I sold TPRE after deciding that their (re)insurance results and 2/20% cost headwind are too adverse for holding this position.
I sold some more DRAGF after they announced the official bid for the company and the stock ran up. I am still holding some.
Put some of DRAGF money into my oil basket with CHK, DNR purchases. After reviewing my oil positions, I don't think they are very attractive, so I might not buy more at current prices. In particular, I don't think that CHK, DNR are the best places to put future money. :)
Increased positions in PRDGF, FMCKP, FRFHF, SFTBY at flat to lower prices.
Bought exploratory position in AXP. I don't think the price is very attractive yet, but the company still has a good franchise and brand, so I'd like to have my toes in waiting for possibly better prices.
Bought a small position in KHTRF - Canadian biotech/pharma holding company at a price close to cash assets with shareholder oriented management.
Tuesday, May 5, 2015
Portfolio overview - April 2015
My top (>2%) positions in no particular
order: FRFHF, JPM, LMCA, STRZA, SFY bonds, BRKB, SFTBY, TESB.BE, FRMO,
MKL, LBTYA/K, GDWN.L
In: SFTBY - bought more
Out: BAC - sold some
Fixed income: ~12%
Cash: ~16%
Sectors (kinda):
Insurance (including BRKB and FRFHF): 24%, Malone/media: 12%, Banks: 5%, Oil 11%, Tech 2%, Various owner-operators (not included in other categories) 13%
New positions: CLKFF, WOPEY, PSHZF
Positions increased: SFTBY, PRDGF, AAPL, BRK, FMCKP
Positions reduced: BAC
Positions eliminated: IBM, GLRE, ISIG
Flip-flop:
A rather quiet month for shuffling the portfolio.
I sold IBM after Q1 results. I did not think they were good and I don't have conviction to hold the shares. This might work fine for Buffett and me through BRK/FRFHF, but I won't hold shares directly.
Sold GLRE - I don't like GLRE, TPRE (re)insurance results. I think they are weak (re)insurance companies and recently Einhorn/Loeb investment results are not great either. IMHO, it will be tough for them to outperform with hedge fund fee headwind.
Sold ISIG - results not attractive to me.
Sold a bit of BAC - I think BAC is not bad investment, so this is just portfolio adjustment move.
Bought more SFTBY, PRDGF, AAPL, BRK, FMCKP. Not great prices, but possibly good enough for adding.
Bought Canadian value investment company CLKFF shares for long term holding.
Bought WOPEY to add to my oil portfolio.
Bought PSHZF - although I am concerned about PSHZF hedge fund fees, I think that PSHZF might do better than GLRE/TPRE.
In: SFTBY - bought more
Out: BAC - sold some
Fixed income: ~12%
Cash: ~16%
Sectors (kinda):
Insurance (including BRKB and FRFHF): 24%, Malone/media: 12%, Banks: 5%, Oil 11%, Tech 2%, Various owner-operators (not included in other categories) 13%
New positions: CLKFF, WOPEY, PSHZF
Positions increased: SFTBY, PRDGF, AAPL, BRK, FMCKP
Positions reduced: BAC
Positions eliminated: IBM, GLRE, ISIG
Flip-flop:
A rather quiet month for shuffling the portfolio.
I sold IBM after Q1 results. I did not think they were good and I don't have conviction to hold the shares. This might work fine for Buffett and me through BRK/FRFHF, but I won't hold shares directly.
Sold GLRE - I don't like GLRE, TPRE (re)insurance results. I think they are weak (re)insurance companies and recently Einhorn/Loeb investment results are not great either. IMHO, it will be tough for them to outperform with hedge fund fee headwind.
Sold ISIG - results not attractive to me.
Sold a bit of BAC - I think BAC is not bad investment, so this is just portfolio adjustment move.
Bought more SFTBY, PRDGF, AAPL, BRK, FMCKP. Not great prices, but possibly good enough for adding.
Bought Canadian value investment company CLKFF shares for long term holding.
Bought WOPEY to add to my oil portfolio.
Bought PSHZF - although I am concerned about PSHZF hedge fund fees, I think that PSHZF might do better than GLRE/TPRE.
Tuesday, April 7, 2015
Portfolio overview - March 2015
My top (>2%) positions in no particular
order: FRFHF, JPM, LMCA, BRKB, BAC, STRZA, SFY bonds, TESB.BE, FRMO,
MKL, LBTYA/K
In: None
Out: DRAGF - sold
Fixed income: ~12%
Cash: ~19%
Sectors (kinda):
Insurance (including BRKB and FRFHF): 26%, Malone/media: 12%, Banks: 6%, Oil 10%, Tech 2%, Various owner-operators (not included in other categories) 12%
New positions: SFTBY
Positions increased: NOV, IBM, GDWN.L, DNR, PRDGF
Positions reduced: AGIIL, DRAGF, MBNC
Positions eliminated: BBX, BAMXY, PFHO
Flip-flop:
No exciting stock related news this month. All quiet before the storm?
I went to DJCO annual meeting to see Charlie Munger talk. It was somewhat interesting. He is very sharp for 91 year old.
Sold some AGIIL. Bonds and prefs - not counting oil-related ones - are expensive. Very few worthwhile holds.
In stocks I sold:
BBX - tender offer for some shares at $20. I think the stock is possibly still undervalued, but I am not very confident in the management. I kept some BFCF.
BAMXY - CEO change. It looks like competitive wars are going to heat up, I am not sure even BAMXY is safe. I'll watch from sidelines for now.
PFHO - Reported upcoming losses of big customers. Stock dropped, but it's not clear that it is discounting all the bad news. Sold my remaining stub.
MBNC - Sold some on pop to $1.15.
DRAGF - parent company offered to buy DRAGF. Sold some on the news pop. There are other oil companies that might be more attractive. I still hold some.
Bought more NOV, DNR in oil area. Added some GDWN.L, which continues to drop due to oil/energy investment reduction in UK. Added some IBM and PRDGF.
Established new position in SFTBY. Softbank is well regarded company currently trading pretty cheaply. BABA stock price has dropped and S stock is not doing well either. Both of these weigh on SFTBY. I decided that SFTBY might be a good long term investment, so I bought some.
In: None
Out: DRAGF - sold
Fixed income: ~12%
Cash: ~19%
Sectors (kinda):
Insurance (including BRKB and FRFHF): 26%, Malone/media: 12%, Banks: 6%, Oil 10%, Tech 2%, Various owner-operators (not included in other categories) 12%
New positions: SFTBY
Positions increased: NOV, IBM, GDWN.L, DNR, PRDGF
Positions reduced: AGIIL, DRAGF, MBNC
Positions eliminated: BBX, BAMXY, PFHO
Flip-flop:
No exciting stock related news this month. All quiet before the storm?
I went to DJCO annual meeting to see Charlie Munger talk. It was somewhat interesting. He is very sharp for 91 year old.
Sold some AGIIL. Bonds and prefs - not counting oil-related ones - are expensive. Very few worthwhile holds.
In stocks I sold:
BBX - tender offer for some shares at $20. I think the stock is possibly still undervalued, but I am not very confident in the management. I kept some BFCF.
BAMXY - CEO change. It looks like competitive wars are going to heat up, I am not sure even BAMXY is safe. I'll watch from sidelines for now.
PFHO - Reported upcoming losses of big customers. Stock dropped, but it's not clear that it is discounting all the bad news. Sold my remaining stub.
MBNC - Sold some on pop to $1.15.
DRAGF - parent company offered to buy DRAGF. Sold some on the news pop. There are other oil companies that might be more attractive. I still hold some.
Bought more NOV, DNR in oil area. Added some GDWN.L, which continues to drop due to oil/energy investment reduction in UK. Added some IBM and PRDGF.
Established new position in SFTBY. Softbank is well regarded company currently trading pretty cheaply. BABA stock price has dropped and S stock is not doing well either. Both of these weigh on SFTBY. I decided that SFTBY might be a good long term investment, so I bought some.
Wednesday, March 4, 2015
Portfolio overview - February 2015
My top (>2%) positions in no particular
order: FRFHF, JPM, LMCA, BRKB, BAC, STRZA, SFY bonds, TESB.BE, DRAGF,
FRMO, MKL, LBTYA/K
In: BAC - bought more, STRZA - price increase, SFY bonds - price increase, TESB.BE - price increase, LBTYA/K - bought more
Out: BKLN - sold, MHNC - sold
Fixed income: ~13%
Cash: ~17%
Sectors (kinda):
Insurance (including BRKB and FRFHF): 25%, Malone/media: 11%, Banks: 6%, Cars and parts: 1%, Oil 11%, Tech 2%, Various owner-operators (not included in other categories) 10%
New positions: FMCKP, FNMAG, PRDGF, HAL, IBM
Positions increased: GDWN.L, AGIIL, FRFHF, LBTYA, LBRDA, BAC, FRMO
Positions reduced: MHNC
Positions eliminated: BKLN, VRSN
Flip-flop:
This month there was a lot of change in my top positions partially through price changes, partially through purchases. There were also a lot of changes in fixed income part of portfolio.
Fixed income: sold BKLN, sold MHNC - overpriced based on yield-to-possible-call. Bought more AGIIL - one of the few remaining somewhat attractive prefs.
I sold VRSN position - not cheap enough to hold.
On the buy side, I bought some lottery tickets:
FMCKP, FNMAG - Fannie Mae and Freddie Mac prefs that might be worth zero if status quo continues. I do not count these as fixed income.
PRDGF - startup investment vehicle of CoBF founder, currently losing money and overpriced based on assets.
I decided to buy some IBM after continuing Buffett support and reviewing their 2014 10K.
I bought some HAL, which seems to be reasonably attractive and quality company.
I added GDWN.L, FRFHF, LBTYA, LBRDA, BAC, FRMO at rather mediocre prices. It's possible that I should have waited instead.
In: BAC - bought more, STRZA - price increase, SFY bonds - price increase, TESB.BE - price increase, LBTYA/K - bought more
Out: BKLN - sold, MHNC - sold
Fixed income: ~13%
Cash: ~17%
Sectors (kinda):
Insurance (including BRKB and FRFHF): 25%, Malone/media: 11%, Banks: 6%, Cars and parts: 1%, Oil 11%, Tech 2%, Various owner-operators (not included in other categories) 10%
New positions: FMCKP, FNMAG, PRDGF, HAL, IBM
Positions increased: GDWN.L, AGIIL, FRFHF, LBTYA, LBRDA, BAC, FRMO
Positions reduced: MHNC
Positions eliminated: BKLN, VRSN
Flip-flop:
This month there was a lot of change in my top positions partially through price changes, partially through purchases. There were also a lot of changes in fixed income part of portfolio.
Fixed income: sold BKLN, sold MHNC - overpriced based on yield-to-possible-call. Bought more AGIIL - one of the few remaining somewhat attractive prefs.
I sold VRSN position - not cheap enough to hold.
On the buy side, I bought some lottery tickets:
FMCKP, FNMAG - Fannie Mae and Freddie Mac prefs that might be worth zero if status quo continues. I do not count these as fixed income.
PRDGF - startup investment vehicle of CoBF founder, currently losing money and overpriced based on assets.
I decided to buy some IBM after continuing Buffett support and reviewing their 2014 10K.
I bought some HAL, which seems to be reasonably attractive and quality company.
I added GDWN.L, FRFHF, LBTYA, LBRDA, BAC, FRMO at rather mediocre prices. It's possible that I should have waited instead.
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