My top (>2%) positions in no particular order: FRFHF, BRKB, JPM, LSXMA, DISCK, TESB.BE, EXOSF, MKL, AAPL
In: LSXMA - LMCA spinoff
Out:
Fixed income: 0%
Cash: 17%
Sectors
(kinda): Insurance(FRFHF, BRK, MKL): 29%, Malone/media: 13%, Banks: 5%,
Oil: 5%, Tech: 3%, Various owner-operators (not included in other
categories): 16%
New positions:
Positions increased: LMCK, BATRK,
Positions reduced: Nanocap A, Nanocap C, DNR
Positions eliminated: SWTF, BRS bond, DNR bond
Flip-flop:
Sold BRS bond on runup + H225 fleet grounding and CHC bankruptcy.
Sold DNR bond on runup and institutional recap into second lien bonds.
Sold SWTF common received from Swift Energy BK proceedings. ~5% of par.
Sold some of the tiny remaining DNR common position.
LMCA split into LSXMA, LMCA and BATRA. Added a bit of LMCK and BATRK.
Sunday, May 8, 2016
Sunday, April 3, 2016
Portfolio overview - March 2016
My top (>2%) positions in no particular order: FRFHF, BRKB, JPM, LMCA, DISCK, TESB.BE, EXOSF, MKL, AAPL
In: EXOSF - bought more
Out:
Fixed income: 3%
Cash: 13%
Sectors (kinda): Insurance (FRFHF, BRK, MKL): 31%, Malone/media: 13%, Banks: 5%, Oil: 7%, Tech: 3%, Various owner-operators (not included in other categories): 17%
New positions:
Positions increased: BRS bond, CLKFF, EXOSF, FNMAG, FMCKP, CXRX
Positions reduced: PWE, Nanocap A
Positions eliminated: CHK bond, X bond, BNKJF
Flip-flop:
With a lot of risky bonds running up, I sold the rest of X and CHK bonds. Bought a bit more of BRS bond.
In oil space, sold BNKJF and most PWE. Added more CLKFF that's at least partially invested in energy companies.
Added more EXOSF.
In: EXOSF - bought more
Out:
Fixed income: 3%
Cash: 13%
Sectors (kinda): Insurance (FRFHF, BRK, MKL): 31%, Malone/media: 13%, Banks: 5%, Oil: 7%, Tech: 3%, Various owner-operators (not included in other categories): 17%
New positions:
Positions increased: BRS bond, CLKFF, EXOSF, FNMAG, FMCKP, CXRX
Positions reduced: PWE, Nanocap A
Positions eliminated: CHK bond, X bond, BNKJF
Flip-flop:
With a lot of risky bonds running up, I sold the rest of X and CHK bonds. Bought a bit more of BRS bond.
In oil space, sold BNKJF and most PWE. Added more CLKFF that's at least partially invested in energy companies.
Added more EXOSF.
Sunday, March 6, 2016
Portfolio overview - February 2016
My top (>2%) positions in no particular order: FRFHF, BRKB, JPM, LMCA, DISCA, TESB.BE, MKL, AAPL
In: TESB.BE - price rise
Out:
Fixed income: 3%
Cash: 12%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 31%, Malone/media: 13%, Banks:6 %, Oil: 9%, Tech: 3%, Various owner-operators (not included in other categories): 16%
New positions: DIS, BRS bond, EXOSF,
Positions increased: BAC, LBTYK, BAM, CXRX, DNR bond, FNMAG,
Positions reduced: DNR, X bond,
Positions eliminated: Nanocap E, PGNPQ
Flip-flop:
As market fell in the beginning of the month, I bought. As it rose in last week, I sold a bit.
Price based adds: BAC, LBTYK, BAM, CXRX, FNMAG
In energy area, I mostly switched from DNR common to DNR bonds, which was not well timed as DNR common ran up from <$1 to >$3. Bonds went up only from ~$24 to ~$44.
I bought some BRS bonds that look somewhat safe and yet attractive.
Got rid of very tiny PGNPQ position.
Sold X bond that ran up from $64 to $90. If only all buys worked out as well.
Bought a small initial position in DIS as it was falling, but did not have opportunity to build it up.
Bought initial position in EXOSF that might be a good owner operator company going forward.
In: TESB.BE - price rise
Out:
Fixed income: 3%
Cash: 12%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 31%, Malone/media: 13%, Banks:6 %, Oil: 9%, Tech: 3%, Various owner-operators (not included in other categories): 16%
New positions: DIS, BRS bond, EXOSF,
Positions increased: BAC, LBTYK, BAM, CXRX, DNR bond, FNMAG,
Positions reduced: DNR, X bond,
Positions eliminated: Nanocap E, PGNPQ
Flip-flop:
As market fell in the beginning of the month, I bought. As it rose in last week, I sold a bit.
Price based adds: BAC, LBTYK, BAM, CXRX, FNMAG
In energy area, I mostly switched from DNR common to DNR bonds, which was not well timed as DNR common ran up from <$1 to >$3. Bonds went up only from ~$24 to ~$44.
I bought some BRS bonds that look somewhat safe and yet attractive.
Got rid of very tiny PGNPQ position.
Sold X bond that ran up from $64 to $90. If only all buys worked out as well.
Bought a small initial position in DIS as it was falling, but did not have opportunity to build it up.
Bought initial position in EXOSF that might be a good owner operator company going forward.
Sunday, February 7, 2016
Portfolio overview - January 2016
My top (>2%) positions in no particular order: FRFHF, BRKB, JPM, LMCA, DISCA, MKL, AAPL
In:
Out: GDWN.L - price drop
Fixed income: 3%
Cash: 14%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 31%, Malone/media: 12%, Banks: 5%, Oil: 7%, Tech: 3%, Various owner-operators (not included in other categories): 15%
New positions: BAM
Positions increased: AAPL, SPND, NOV, ZPTAF, BRKB, FRMO, LBTYK, GENGF, BAC, PSHZF, X bond, DNR bond, STRZA
Positions reduced: Nanocap A, DNR
Positions eliminated: BH, PCP, AMNF
Flip-flop:
Market is falling, I am buying. What else is new. I guess this means that the bottom is far away. ;)
Sold tiny positions in BH and AMNF - no longer tracking either.
Sold PCP when BRK closed the buyout.
In energy, shifted some money from DNR stock to bonds. Added SPND, NOV, ZPTAF, GENGF.
The rest is pretty much valuation based buys: AAPL, BRKB, FRMO, LBTYK, BAC, PSHZF, STRZA.
New position in BAM.
Added to X bond holding.
In:
Out: GDWN.L - price drop
Fixed income: 3%
Cash: 14%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 31%, Malone/media: 12%, Banks: 5%, Oil: 7%, Tech: 3%, Various owner-operators (not included in other categories): 15%
New positions: BAM
Positions increased: AAPL, SPND, NOV, ZPTAF, BRKB, FRMO, LBTYK, GENGF, BAC, PSHZF, X bond, DNR bond, STRZA
Positions reduced: Nanocap A, DNR
Positions eliminated: BH, PCP, AMNF
Flip-flop:
Market is falling, I am buying. What else is new. I guess this means that the bottom is far away. ;)
Sold tiny positions in BH and AMNF - no longer tracking either.
Sold PCP when BRK closed the buyout.
In energy, shifted some money from DNR stock to bonds. Added SPND, NOV, ZPTAF, GENGF.
The rest is pretty much valuation based buys: AAPL, BRKB, FRMO, LBTYK, BAC, PSHZF, STRZA.
New position in BAM.
Added to X bond holding.
Monday, January 4, 2016
Portfolio overview - December 2015
My top (>2%) positions in no particular order: FRFHF, BRKB, JPM, LMCA, DISCK, GDWN.L, MKL, AAPL
In:
Out:
Fixed income: 2%
Cash: 17%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 28%, Malone/media: 13%, Banks: 6%, Oil: 7%, Tech: 3%, Agri: 0%, Various owner-operators (not included in other categories): 15%
New positions: Microcap D, Nanocap E
Positions increased: GENGF, NOV, DISCK, CHK bond, BRKB, DNR bond, AAPL, X bond, PRDGF, FNMAG
Positions reduced: BNKJF, Nanocap A
Positions eliminated: TDY, GTE, HAL, VRX, CFX
Flip-flop:
December is a good month to clean portfolio.
Sold TDY - small position not cheap enough; CFX - small position, decided that it was not very attractive for long term hold. Sold remainder of VRX - decided to eat popcorn from sidelines.
In energy space sold GTE, HAL, reduced BNKJF. Added GENGF, NOV, CHK bond, DNR bond.
Added some DISCK, BRKB, AAPL, X bond, PRDGF, FNMAG. Adds mostly based on prices, no new thoughts or insights.
In:
Out:
Fixed income: 2%
Cash: 17%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 28%, Malone/media: 13%, Banks: 6%, Oil: 7%, Tech: 3%, Agri: 0%, Various owner-operators (not included in other categories): 15%
New positions: Microcap D, Nanocap E
Positions increased: GENGF, NOV, DISCK, CHK bond, BRKB, DNR bond, AAPL, X bond, PRDGF, FNMAG
Positions reduced: BNKJF, Nanocap A
Positions eliminated: TDY, GTE, HAL, VRX, CFX
Flip-flop:
December is a good month to clean portfolio.
Sold TDY - small position not cheap enough; CFX - small position, decided that it was not very attractive for long term hold. Sold remainder of VRX - decided to eat popcorn from sidelines.
In energy space sold GTE, HAL, reduced BNKJF. Added GENGF, NOV, CHK bond, DNR bond.
Added some DISCK, BRKB, AAPL, X bond, PRDGF, FNMAG. Adds mostly based on prices, no new thoughts or insights.
Saturday, December 5, 2015
Portfolio overview - November 2015
My top (>2%) positions in no particular order: FRFHF, JPM, BRKB, LMCA, DISCK, GDWN.L, MKL, AAPL
In:
Out:
Fixed income: 1%
Cash: 18%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 28%, Malone/media: 12%, Banks: 6%, Oil: 8%, Tech: 3%, Agri: 0%, Various owner-operators (not included in other categories): 14%
New positions: MCESF, X bond, CMSCA
Positions increased: BRKB, CFX, LVNTA, DISCK, CHK bond, LILA, LBTYK, GENGF
Positions reduced:
Positions eliminated: MBNC, AGCO, APA
Flip-flop: VRX
Tough month for oil & gas investors. I am close to throwing in the towel (which might mean that we are at the bottom). Some of the pain was crappy stock and bond selection within the oil&gas universe (BNKJF, SFY bonds, CHK bonds perhaps, possibly GENGF). Bought initial position in MCESF. Added a bit of CHK bond, GENGF. Sold my APA position.
Bought a bit of X bond.
Added to my Malone basket: LVNTA, DISCK, LILA, LBTYK. Swapped DISCA to DISCK at 5% discount.
Added more BRK.
Added a bit of CFX. However upon further review, I think I will sell CFX position.
Flip flopped a bit of VRX for a gain. Not enough to matter in overall results.
Bought tracking position in CMSCA.
Sold remaining MBNC and AGCO.
Going to do some soul searching that may affect the portfolio and plans for next year. So pretty much any comments above may be obsolete next week.
In:
Out:
Fixed income: 1%
Cash: 18%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 28%, Malone/media: 12%, Banks: 6%, Oil: 8%, Tech: 3%, Agri: 0%, Various owner-operators (not included in other categories): 14%
New positions: MCESF, X bond, CMSCA
Positions increased: BRKB, CFX, LVNTA, DISCK, CHK bond, LILA, LBTYK, GENGF
Positions reduced:
Positions eliminated: MBNC, AGCO, APA
Flip-flop: VRX
Tough month for oil & gas investors. I am close to throwing in the towel (which might mean that we are at the bottom). Some of the pain was crappy stock and bond selection within the oil&gas universe (BNKJF, SFY bonds, CHK bonds perhaps, possibly GENGF). Bought initial position in MCESF. Added a bit of CHK bond, GENGF. Sold my APA position.
Bought a bit of X bond.
Added to my Malone basket: LVNTA, DISCK, LILA, LBTYK. Swapped DISCA to DISCK at 5% discount.
Added more BRK.
Added a bit of CFX. However upon further review, I think I will sell CFX position.
Flip flopped a bit of VRX for a gain. Not enough to matter in overall results.
Bought tracking position in CMSCA.
Sold remaining MBNC and AGCO.
Going to do some soul searching that may affect the portfolio and plans for next year. So pretty much any comments above may be obsolete next week.
Tuesday, November 3, 2015
Portfolio overview - October 2015
My top (>2%) positions in no particular order: FRFHF, JPM, BRKB, LMCA, DISCA, GDWN.L, MKL, AAPL
In: DISCA - price went up
Out:
Fixed income: 2%
Cash: 19%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 26%, Malone/media: 11%, Banks: 5%, Oil: 10%, Tech: 3%, Agri: 1%, Various owner-operators (not included in other categories): 14%
New positions: EFFN.SE, CXRX, VRX
Positions increased: BRKB, CHK bond
Positions reduced: KRSL
Positions eliminated: AXP, MON, SFTBY
Flip-flop: ROIQW
This month would have been pretty uneventful except for ROIQW saga - that ended in a loss - so it wasn't very interesting ultimately.
Another ongoing popcorn drama is VRX - where I purchased a ticket and an extra helping of CXRX. VRX ticket is really tiny, so it's not an endorsement of stock at this price. CXRX might be more attractive if one looks for levered pharma rollup ticket at cheap'ish price.
I bought small position in EFFN.SE. Added to BRKB and CHK bond.
Sold a bit of KRSL. The stock is still cheap. I can't say I handle microcaps well.
Sold AXP (still have it via BRKB proxy). AXP might be attractive here after Costco business loss bump, but I was just simplifying the portfolio.
Sold MON. It is not clear how cheap it is all things considered.
Sold SFTBY. After thinking about it, I decided that I don't particularly like the Sprint and Alibaba positions by proxy. I might monitor this and reenter if I understand why I am wrong and Masa-san is right.
In: DISCA - price went up
Out:
Fixed income: 2%
Cash: 19%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 26%, Malone/media: 11%, Banks: 5%, Oil: 10%, Tech: 3%, Agri: 1%, Various owner-operators (not included in other categories): 14%
New positions: EFFN.SE, CXRX, VRX
Positions increased: BRKB, CHK bond
Positions reduced: KRSL
Positions eliminated: AXP, MON, SFTBY
Flip-flop: ROIQW
This month would have been pretty uneventful except for ROIQW saga - that ended in a loss - so it wasn't very interesting ultimately.
Another ongoing popcorn drama is VRX - where I purchased a ticket and an extra helping of CXRX. VRX ticket is really tiny, so it's not an endorsement of stock at this price. CXRX might be more attractive if one looks for levered pharma rollup ticket at cheap'ish price.
I bought small position in EFFN.SE. Added to BRKB and CHK bond.
Sold a bit of KRSL. The stock is still cheap. I can't say I handle microcaps well.
Sold AXP (still have it via BRKB proxy). AXP might be attractive here after Costco business loss bump, but I was just simplifying the portfolio.
Sold MON. It is not clear how cheap it is all things considered.
Sold SFTBY. After thinking about it, I decided that I don't particularly like the Sprint and Alibaba positions by proxy. I might monitor this and reenter if I understand why I am wrong and Masa-san is right.
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