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.
Sunday, February 7, 2016
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.
Sunday, October 4, 2015
Portfolio overview - September 2015
My top (>2%) positions in no particular order: FRFHF, JPM, BRKB, LMCA, GDWN.L, MKL, AAPL
In:
Out: TESB.BE - price drop
Fixed income: 2%
Cash: 22%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 24%, Malone/media: 10%, Banks: 5%, Oil: 8%, Tech: 3%, Agri: 1%, Various owner-operators (not included in other categories): 15%
New positions: DNR bond, Nanocap C, ROIQW
Positions increased: PRDGF, DNR, FRFHF, NOV, BRKB, GENGF, LVNTA
Positions reduced: Nanocap A
Positions eliminated:
Flip-flop:
Not much exciting this month.
Fixed income: Bought a small position in DNR bond.
Oil & gas: Added more DNR, NOV, GENGF. At this point I think that DNR bond is more attractive than common.
Adding good businesses at good prices: FRFHF and BRKB
Added a bit of LVNTA to Malone basket.
Adding lottery tickets: PRDGF, ROIQW
In:
Out: TESB.BE - price drop
Fixed income: 2%
Cash: 22%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 24%, Malone/media: 10%, Banks: 5%, Oil: 8%, Tech: 3%, Agri: 1%, Various owner-operators (not included in other categories): 15%
New positions: DNR bond, Nanocap C, ROIQW
Positions increased: PRDGF, DNR, FRFHF, NOV, BRKB, GENGF, LVNTA
Positions reduced: Nanocap A
Positions eliminated:
Flip-flop:
Not much exciting this month.
Fixed income: Bought a small position in DNR bond.
Oil & gas: Added more DNR, NOV, GENGF. At this point I think that DNR bond is more attractive than common.
Adding good businesses at good prices: FRFHF and BRKB
Added a bit of LVNTA to Malone basket.
Adding lottery tickets: PRDGF, ROIQW
Monday, September 7, 2015
Portfolio overview - August 2015
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).
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).
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.
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