My top (>2%) positions in no particular order: BRKB, FRFHF, FB, JPM, LSXMA, ISTB, EXXRF, DISCK, MKL, AAPL
In:
Out:
Fixed income: 6%
Cash: 8%
Sectors
(kinda): Insurance(FRFHF, BRK, MKL): 24%, Malone/media: 16%,
Banks/financials: 9%, Cars: 0%, Oil: 0%, Medical/pharma: 1%, Tech:
14%, Various owner-operators (not included in other categories): 12%
New positions:
Positions increased: AAPL, IPGP, FB, BRKB, FDX, CTL bond, DIS, RHT
Positions reduced:
Positions eliminated: PONAX, CARS, TVPT
Flip-flop:
My annual return in 2018 was -7.91% underperforming the index again.
I sold PONAX position, which I was planning to sell for some time. I added to CTL bond as its price dropped below par.
Sold TVPT - announced private equity buyout.
Sold CARS - based on results decided that further holding is not worthwhile.
Added to AAPL, IPGP, FB, BRKB, FDX, DIS as prices dropped.
Added to RHT merger arbitrage position.
Monday, January 7, 2019
Monday, December 10, 2018
Portfolio overview - November 2018
My top (>2%) positions in no particular order: BRKB, FRFHF, ISTB, JPM, LSXMA, FB, EXXRF, DISCK, MKL, AAPL
In:
Out: BRS bonds (sold)
Fixed income: 8%
Cash: 6%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 24%, Malone/media: 16%, Banks/financials: 9%, Cars: 1%, Oil: 0%, Medical/pharma: 1%, Tech: 14%, Various owner-operators (not included in other categories): 12%
New positions: CVS
Positions increased: AAPL, FB, BRKB, FDX
Positions reduced:
Positions eliminated: BRS bonds, CTL, Nanocap P
Flip-flop: AFSI
Sold BRS bonds after BRS decided to buy a privately owned company. This added to risks of the bonds. The bond prices have declined significantly after announcement. They might be attractive investment if an investor can persuade themselves that there will be no default or that the price will recover. I am going to stay on sidelines.
Sold initial/small position in CTL after spending more time on this and deciding that I do not have enough confidence in the company.
Bought and sold AFSI - merger arbitrage that worked out really quickly.
Bought small initial position in CVS.
Added to AAPL, FB, BRKB, FDX as stock prices dropped.
In:
Out: BRS bonds (sold)
Fixed income: 8%
Cash: 6%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 24%, Malone/media: 16%, Banks/financials: 9%, Cars: 1%, Oil: 0%, Medical/pharma: 1%, Tech: 14%, Various owner-operators (not included in other categories): 12%
New positions: CVS
Positions increased: AAPL, FB, BRKB, FDX
Positions reduced:
Positions eliminated: BRS bonds, CTL, Nanocap P
Flip-flop: AFSI
Sold BRS bonds after BRS decided to buy a privately owned company. This added to risks of the bonds. The bond prices have declined significantly after announcement. They might be attractive investment if an investor can persuade themselves that there will be no default or that the price will recover. I am going to stay on sidelines.
Sold initial/small position in CTL after spending more time on this and deciding that I do not have enough confidence in the company.
Bought and sold AFSI - merger arbitrage that worked out really quickly.
Bought small initial position in CVS.
Added to AAPL, FB, BRKB, FDX as stock prices dropped.
Sunday, November 11, 2018
Portfolio overview - October 2018
My top (>2%) positions in no particular order: BRKB, FRFHF, ISTB, JPM, LSXMA, FB, EXXRF, DISCK, BRS bond, MKL, AAPL
In:
Out:
Fixed income: 9%
Cash: 4%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 24%, Malone/media: 17%, Banks/financials: 9%, Cars: 1%, Oil: 2%, Medical/pharma: 1%, Tech: 14%, Various owner-operators (not included in other categories): 12%
New positions: CTL
Positions increased: FDX, BRKB, FB, IBKR, NPSNY, RHT, Nanocap P, AAPL, IAC
Positions reduced:
Positions eliminated: CALL
Sold CALL as price ran up. Merger approval was announced after I sold.
Bought some RHT for merger arbitrage.
Bought initial position in CTL common.
Added to FDX, BRKB, FB, IBKR, NPSNY, AAPL, IAC mostly as prices dropped.
In:
Out:
Fixed income: 9%
Cash: 4%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 24%, Malone/media: 17%, Banks/financials: 9%, Cars: 1%, Oil: 2%, Medical/pharma: 1%, Tech: 14%, Various owner-operators (not included in other categories): 12%
New positions: CTL
Positions increased: FDX, BRKB, FB, IBKR, NPSNY, RHT, Nanocap P, AAPL, IAC
Positions reduced:
Positions eliminated: CALL
Sold CALL as price ran up. Merger approval was announced after I sold.
Bought some RHT for merger arbitrage.
Bought initial position in CTL common.
Added to FDX, BRKB, FB, IBKR, NPSNY, AAPL, IAC mostly as prices dropped.
Wednesday, October 17, 2018
Portfolio overview - September 2018
My top (>2%) positions in no particular order: BRKB, FRFHF, ISTB, JPM, LSXMA, FB, EXXRF, DISCK, BRS bond, MKL, AAPL
In:
Out:
Fixed income: 9%
Cash: 5%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 23%, Malone/media: 16%, Banks/financials: 9%, Cars: 1%, Oil: 2%, Medical/pharma: 1%, Tech: 14%, Various owner-operators (not included in other categories): 12%
New positions: CALL
Positions increased: FB, IPGP, BRKB, NPSNY, FFXDF
Positions reduced: Nanocap I, NXPI
Positions eliminated: JD, Microcap H
Sold JD after CEO rape accusation.
Sold some NXPI, decided it was not very attractive for me.
Bought merger arbitrage position in CALL.
Added to FB, IPGP, BRKB, NPSNY, FFXDF on weakness.
In:
Out:
Fixed income: 9%
Cash: 5%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 23%, Malone/media: 16%, Banks/financials: 9%, Cars: 1%, Oil: 2%, Medical/pharma: 1%, Tech: 14%, Various owner-operators (not included in other categories): 12%
New positions: CALL
Positions increased: FB, IPGP, BRKB, NPSNY, FFXDF
Positions reduced: Nanocap I, NXPI
Positions eliminated: JD, Microcap H
Sold JD after CEO rape accusation.
Sold some NXPI, decided it was not very attractive for me.
Bought merger arbitrage position in CALL.
Added to FB, IPGP, BRKB, NPSNY, FFXDF on weakness.
Saturday, September 15, 2018
Portfolio overview - August 2018
My top (>2%) positions in no particular order: BRKB, FRFHF, LSXMA, ISTB, JPM, EXXRF, DISCK, FB, BRS bond, MKL, AAPL
In:
Out:
Fixed income: 9%
Cash: 6%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 23%, Malone/media: 16%, Banks/financials: 9%, Cars: 1%, Oil: 2%, Medical/pharma: 1%, Tech: 14%, Various owner-operators (not included in other categories): 12%
New positions: NLSN, SHOP
Positions increased: NPSNY, FB, IBKR
Positions reduced: Nanocap P
Positions eliminated: BYDDF
Flip-flop:
Sold BYDDF position. Not comfortable with Arsenal scandal and LA electric bus story. I am not sure the company is as well managed and upstanding as Buffett and Munger claim.
Bought new position in NLSN based on valuation and activist involvement.
Bought tracking position in SHOP.
Added to NPSNY, FB at lower prices. Added a bit to IBKR position.
In:
Out:
Fixed income: 9%
Cash: 6%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 23%, Malone/media: 16%, Banks/financials: 9%, Cars: 1%, Oil: 2%, Medical/pharma: 1%, Tech: 14%, Various owner-operators (not included in other categories): 12%
New positions: NLSN, SHOP
Positions increased: NPSNY, FB, IBKR
Positions reduced: Nanocap P
Positions eliminated: BYDDF
Flip-flop:
Sold BYDDF position. Not comfortable with Arsenal scandal and LA electric bus story. I am not sure the company is as well managed and upstanding as Buffett and Munger claim.
Bought new position in NLSN based on valuation and activist involvement.
Bought tracking position in SHOP.
Added to NPSNY, FB at lower prices. Added a bit to IBKR position.
Sunday, August 12, 2018
Portfolio overview - July 2018
My top (>2%) positions in no particular order: BRKB, FRFHF, LSXMA, ISTB, JPM, EXXRF, DISCK, FB, BRS bond, MKL, AAPL
In:
Out:
Fixed income: 9%
Cash: 6%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 23%, Malone/media: 16%, Banks/financials: 9%, Cars: 1%, Oil: 2%, Medical/pharma: 1%, Tech: 13%, Various owner-operators (not included in other categories): 12%
New positions: JD, ICE
Positions increased: FDX, WBA, NXPI, FB, IPGP, Nanocap P, CNSWF, FFXDF
Positions reduced:
Positions eliminated: GDWN:GB, CBS
Flip-flop:
Sold GDWN:GB on pretty OK results and stock runup. If businesses continue to improve, this is probably not a good sale, but I don't see the company doing great for long term. Sold CBS on Les Moonves scandal.
Bought initial positions in JD and ICE. Neither is very cheap or very attractive at current moment.
Added to FDX, WBA, NXPI, FB, IPGP, CNSWF, FFXDF.
In:
Out:
Fixed income: 9%
Cash: 6%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 23%, Malone/media: 16%, Banks/financials: 9%, Cars: 1%, Oil: 2%, Medical/pharma: 1%, Tech: 13%, Various owner-operators (not included in other categories): 12%
New positions: JD, ICE
Positions increased: FDX, WBA, NXPI, FB, IPGP, Nanocap P, CNSWF, FFXDF
Positions reduced:
Positions eliminated: GDWN:GB, CBS
Flip-flop:
Sold GDWN:GB on pretty OK results and stock runup. If businesses continue to improve, this is probably not a good sale, but I don't see the company doing great for long term. Sold CBS on Les Moonves scandal.
Bought initial positions in JD and ICE. Neither is very cheap or very attractive at current moment.
Added to FDX, WBA, NXPI, FB, IPGP, CNSWF, FFXDF.
Tuesday, July 10, 2018
Portfolio overview - June 2018
My top (>2%) positions in no particular order:
BRKB, FRFHF, LSXMA, ISTB, JPM, EXXRF, DISCK, FB, BRS
bond, MKL, AAPL
In:
Out:
Fixed income: 10%
Cash: 5%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 22%, Malone/media: 17%, Banks/financials: 9%, Cars: 1%, Oil: 2%, Medical/pharma: 1%, Tech: 12%, Various owner-operators (not included in other categories): 13%
New positions: WBA, FDX, Nanocap P
Positions increased: BRKB, NPSNY, BAC
Positions reduced:
Positions eliminated:
Flip-flop:
Only few purchases this month.
Added to BRKB, NPSNY, BAC at attractive prices.
Bought initial positions in WBA and FDX. Both seem to be good companies with good managements trading at cheapish valuations. AMZN is one of the risks. Trade war is a possible risk for FDX since it has ~40% international revenue.
In:
Out:
Fixed income: 10%
Cash: 5%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 22%, Malone/media: 17%, Banks/financials: 9%, Cars: 1%, Oil: 2%, Medical/pharma: 1%, Tech: 12%, Various owner-operators (not included in other categories): 13%
New positions: WBA, FDX, Nanocap P
Positions increased: BRKB, NPSNY, BAC
Positions reduced:
Positions eliminated:
Flip-flop:
Only few purchases this month.
Added to BRKB, NPSNY, BAC at attractive prices.
Bought initial positions in WBA and FDX. Both seem to be good companies with good managements trading at cheapish valuations. AMZN is one of the risks. Trade war is a possible risk for FDX since it has ~40% international revenue.
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