My top (>2%) positions in no particular order: FRFHF, BRKB, JPM, EXOSF, DISCK, ISTB, LSXMA, TESB.BE, MKL, AAPL
In:
Out:
Fixed income: 4%
Cash: 10%
Sectors
(kinda): Insurance(FRFHF, BRK, MKL): 30%, Malone/media: 12%,
Banks/financials: 8%, Oil: 5%, Tech: 3%, Various owner-operators (not included
in other categories): 15%
New positions: OTCM, IPGP, CFRUY
Positions increased: LMCA, LBTYK, JLL, JPM
Positions reduced: BATRK, AGXKF, BUD
Positions eliminated: DNR, MU
Flip-flop:
First part of this month was relatively quiet and then came the sad news about Brexit.
I sold remainder of DNR position - it's not clear if the risk/reward is attractive here.
Sold
small MU position - though company is cheap on asset replacement basis,
it is not clear whether its business is going to do well. Management is
not attractive based on their past decisions.
Sold some BATRK - exchanged into LMCA which I find more attractive from business point of view.
Sold some AGXKF on runup.
Sold some BUD - high valuation even considering approved merger.
Bought initial positions in OTCM, IPGP, CFRUY all of which may be attractive businesses to hold long term and are managed by owner operators.
Added to LBTYK, JLL and JPM on Brexit drops.
Sunday, July 3, 2016
Monday, June 6, 2016
Portfolio overview - May 2016
My top (>2%) positions in no particular order: FRFHF, BRKB, JPM, LSXMA, DISCK, ISTB, TESB.BE, EXOSF, MKL, AAPL
In: ISTB - bought
Out:
Fixed income: 4%
Cash: 12%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 29%, Malone/media: 13%, Banks: 6%, Oil: 5%, Tech: 3%, Various owner-operators (not included in other categories): 17%
New positions: Nanocap F, SEDG, ISTB, SRLN, JLL
Positions increased: MCESF, EXOSF, BAM
Positions reduced:
Positions eliminated: CXRX, KRSL
Flip-flop:
Put some cash into ISTB and SRLN for fixed income.
Sold KRSL - buyout - had only a small position, never increased it. Sold CXRX - decided that risk might be higher than I thought.
Bought small positions in SEDG and JLL - seem to be cheap. Increased positions in MCESF, EXOSF, BAM.
In: ISTB - bought
Out:
Fixed income: 4%
Cash: 12%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 29%, Malone/media: 13%, Banks: 6%, Oil: 5%, Tech: 3%, Various owner-operators (not included in other categories): 17%
New positions: Nanocap F, SEDG, ISTB, SRLN, JLL
Positions increased: MCESF, EXOSF, BAM
Positions reduced:
Positions eliminated: CXRX, KRSL
Flip-flop:
Put some cash into ISTB and SRLN for fixed income.
Sold KRSL - buyout - had only a small position, never increased it. Sold CXRX - decided that risk might be higher than I thought.
Bought small positions in SEDG and JLL - seem to be cheap. Increased positions in MCESF, EXOSF, BAM.
Sunday, May 8, 2016
Portfolio overview - April 2016
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.
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, 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.
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