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.

Portfolio update - 2020 September/October

My top (>2%) positions in no particular order: BRKB, FB, PSHZF, AAPL, EXXRF, GOOG,
In:
Out:
 
Fixed income: 10%
Cash: 13%

Sectors (kinda): Insurance (BRK): 12%, Malone/media: 1%, Banks/financials: 7%, Stock funds: 9%, Cars: 0%, Oil: 0%, Medical/pharma: 1%, Tech: 30%, Various owner-operators (not included in other categories): 4%

New positions: GSAHWS, IPOBWS, IPOCWS, TRTNPRC, TRTNPRD, ROP, PSTH, GNLPRA, GNLPRB, WFCPRL, INNPRD
Positions increased: ADSK, ANGI, AMZN, IAC, PSHZF, BKNG, YY
Positions reduced: PROSY, AAPL, TWTR, INNPRE
Positions eliminated: TCEHY
Flip-flop: INS

On the fixed income side, I bought a number of preferred shares TRTNPRC, TRTNPRD, GNLPRA, GNLPRB, WFCPRL, INNPRD. I sold some INNPRE as price rose.

In the SPAC area, I bought small positions in a number of warrants GSAHWS, IPOBWS, IPOCWS and some PSTH.

I bought a tiny tracking position in ROP.

I added to ADSK, ANGI, AMZN, IAC, PSHZF, BKNG, YY at (somewhat) attractive prices.

I sold TCEHY for a mix of valuation and political reasons. I reduced PROSY and TWTR to raise cash and because of weak conviction in their future business and stock returns. I also sold a bit of AAPL because of the oversized position and valuation concerns, although on further analysis, I think that AAPL may provide 6-9% annual return in coming years. 

In general, opportunities are few, most attractive (growing and moaty) businesses trade at high valuations, there are a number of risks for both economy and stock market. Probably I should hold even more cash and fixed income than I do now.

Portfolio update - 2020 July/August

My top (>2%) positions in no particular order: BRKB, FB, PSHZF, AAPL, EXXRF, GOOG,
In:
Out:
 
Fixed income: 9%
Cash: 15%

Sectors (kinda): Insurance (BRK): 12%, Malone/media: 1%, Banks/financials: 7%, Stock funds: 8%, Cars: 0%, Oil: 0%, Medical/pharma: 1%, Tech: 30%, Various owner-operators (not included in other categories): 4%

New positions: ADBE, HMLPPRA, INNPRE, ADSK, SPAQWS, CBOE, INTC, FICO, ANGI, MNRPRC
Positions increased: VMW, PSHZF, AMZN, IAC, BACPRL, MLSPF
Positions reduced: MTCH, TRRSF, AAPL, TCEHY
Positions eliminated: AMSSY, GPOR, GPOR bond, NKLAW
Flip-flop:

In fixed income, sold GPOR bond (and associated tracking stock position) on Q2 results and "going concern" opinion.
Bought a number of preferreds: HMLPPRA, INNPRE, MNRPRC, BACPRL

Sold NKLAW remainder on upcoming warrant conversion.
Sold AMSSY - it was a low conviction position and I decided that I like cash/other positions more.
Reduced MTCH, TRRSF, AAPL, TCEHY on valuation at prices lower than they are currently. All of these are good/great companies, so I possibly should have held.

Added to VMW, PSHZF, IAC, MLSPF at OK to attractive prices.
Added to AMZN at somewhat attractive price considering current results and continued growth.
Bought tracking positions in ADBE, ADSK, FICO.
Bought some INTC, CBOE, and ANGI at OK to attractive prices. All of these are somewhat low conviction positions.
Bought tiny completely speculative position in SPAQWS.

Market and stock prices are still (very) high and I probably should hold even more cash and fixed income.

Portfolio update - 2020 May/June

My top (>2%) positions in no particular order: BRKB, FB, PSHZF, AAPL, EXXRF, GOOG,
In:
Out:
 
Fixed income: 10%
Cash: 18%

Sectors (kinda): Insurance (BRK): 11%, Malone/media: 1%, Banks/financials: 7%, Stock funds: 7%, Cars: 0%, Oil: 1%, Medical/pharma: 1%, Tech: 28%, Various owner-operators (not included in other categories): 4%

New positions: AMSSY
Positions increased: CVS, VMW, FB, PSHZF
Positions reduced: STNE, NKLAW, AAPL, VVNTWS, JPM
Positions eliminated: IPGP, OXY bond, CMCSA, LVMUY, MKL

Flip-flop: LSXMA

As market rose, I have reduced or sold a number of positions.

Sold OXY bond on price rise.

Sold IPGP, MKL, CMCSA, LVMUY on unclear future returns and to raise cash.

Reduced STNE expecting bad results from the business. So far the stock has been rising from my sale price.

Reduced NKLAW and VVNTWS on huge runups.

Reduced AAPL position on share rise and less attractive valuation.

Reduced JPM on unclear effect of near-zero interest rates on bank profits. The stock is cheap though.

Bought AMSSY, CVS, VMW, FB, PSHZF at somewhat attractive valuations.

Portfolio update - April/May 2020

My top (>2%) positions in no particular order: BRKB, FB, PSHZF, AAPL, EXXRF, GOOG,
In:
Out: JPM - sold, LSXMA - sold
 
Fixed income: 12%
Cash: 16%

Sectors (kinda): Insurance (BRK, MKL): 12%, Malone/media: 4%, Banks/financials: 9%, Stock funds: 7%, Cars: 0%, Oil: 2%, Medical/pharma: 1%, Tech: 27%, Various owner-operators (not included in other categories): 4%

New positions: OXY bond, TCEHY
Positions increased: FB, AKREX
Positions reduced: JPM, IPGP, MAR, PCTY, NICE, AAPL, OSSIF, SHOP
Positions eliminated: SAVE, BITA, CFRUY, FMCKP, GGG, SFTBY, AXP, BX, LSXMA, KKR, TECD, PAR, NPSNY
Flip-flop: STNE, AER, KNOP

The market and a lot of stocks ran up since March. I mostly added to positions in late March and early April. Then mostly sold positions in late April and May. I don't think the economy will recover quickly. A lot of stocks are expensive, the market seems to be very optimistic, so I have raised cash.

I sold merger arbitrage positions in BITA, TECD. 
Sold airline related stocks: SAVE, bought and then sold AER as it ran up.
Sold a lot of positions that I thought to be expensive, low conviction, or impacted by pandemic: CFRUY, FMCKP, GGG, SFTBY, AXP, BX, LSXMA, KKR, PAR.
Also reduced positions for similar reasons: JPM, IPGP, MAR, PCTY, NICE, AAPL, OSSIF, SHOP
Some of these are good companies and I might buy back the positions, especially if prices drop (significantly).

Added to STNE position at lows and then sold partial position as the price ran up.

I decide to switch from NPSNY to TCEHY. Still holding PROSY.

Added to FB and AKREX for long term holding.

Bought initial position of OXY bond at low prices. It has run up since.

 

Portfolio update - February/March 2020

My top (>2%) positions in no particular order: BRKB, FB, PSHZF, LSXMA, EXXRF, AAPL, JPM, GOOG,
In: PSHZF - bought
Out: TRRSF - sold, MKL - sold
 
Fixed income: 12%
Cash: 6%

Sectors (kinda): Insurance (BRK, MKL): 14%, Malone/media: 5%, Banks/financials: 13%, Stock funds: 6%, Cars: 0%, Oil: 1%, Medical/pharma: 1%, Tech: 27%, Various owner-operators (not included in other categories): 5%

New positions: GPOR bond, GPOR, BCSVX, SAVE, VTIQW, BITA, PSHZF
Positions increased: EXPE, V, BKNG, BRKB, IAC, GOOG, JPM, ICE, FB, AKREX, DFS, KKR, PROSY, MLSPF, CVS,
Positions reduced: BOMN, CHEK, TRRSF, MKL,
Positions eliminated: LBTYK, ANGI, EFFP:SE, FNMAG, BIDU, FWONA
Flip-flop: WEIN, BREW, TECD, OSSIF

Covid pandemic has brought a huge drop in stock prices, which led to a lot of activity in my portfolio. Interestingly enough the cash and fixed income percentages have not changed much so far, although considering that the portfolio size has dropped, this means I have invested cash/bonds into equities.

I have sold lower conviction holdings LBTYK, BIDU, FWONA and tiny positions in EFFP:SE and FNMAG. I sold ANGI and deployed cash into IAC.
I sold most of BOMN which I did not consider very attractive holding. I sold large parts of TRRSF and MKL - these are good companies, but also likely not the best investments going forward. I sold part of tiny CHEK position.

With merger arbitrage spreads increasing hugely, I bought and sold WEIN, BREW, TECD. I bought some BITA although the probability of its sale going through is likely lower.

I bought and sold some OSSIF as share price fluctuated during the drop.

In oil space, I bought some GPOR bonds and very few GPOR shares.No guarantee that GPOR won't  file.

I bought new position in fund BCSVX and added to AKREX. I bought a large position in PSHZF, which is trading well below NAV with Bill Ackman navigating the crisis well so far with timely hedges. PSHZF is currently unhedged though and future results may be volatile.

I bought a position in SAVE - an airline that might survive and produce good earnings if it does.

I bought a tiny tracking position in very speculative VTIQW.

Finally I added to a lot of stocks that I have held before and now were selling much cheaper:
EXPE, V, BKNG, BRKB, GOOG, JPM, ICE, FB, DFS, KKR, PROSY, MLSPF, CVS. Some of these are more attractive than others and the sizes of purchases differ a lot.

Keep washing your hands and stay healthy