My top (>2%) positions in no particular order: BRKB, FB, LSXMA, EXXRF, AAPL, JPM, GOOG, MKL,
In:
Out: FRFHF, DISCK - sold
Fixed income: 10%
Cash: 9%
Sectors
(kinda): Insurance (BRK, MKL): 17%, Malone/media: 7%,
Banks/financials: 11%, Stock funds: 3%, Cars: 0%, Oil: 0%, Medical/pharma: 1%, Tech: 26%,
Various owner-operators (not included in other categories): 6%
New positions: GGG, AKREX, FSPHX, FIGFX, GISOX
Positions increased: CMCSA, ACHN, BKNG, GOOG, ICE
Positions reduced: SPCEWS
Positions eliminated: FRFHF, DISCK, CLKFF, AMCX
Bought a bunch of short-term fixed income ETFs: MINT, FLOT, BSV.
Sold FRFHF, DISCK, CLKFF, AMCX - unsure about future prospects and returns.
Sold a part of tiny position in SPCEWS as the warrants ran up hugely.
Bought tracking position in GGG.
Added to CMCSA, BKNG, GOOG, ICE although stocks are not cheap.
Added to ACHN during stock weakness.
Bought positions in AKREX, FSPHX, FIGFX, GISOX as a partial move to investing via mutual funds.
Monday, January 20, 2020
Monday, December 16, 2019
Portfolio overview - November 2019
My top (>2%) positions in no particular order: BRKB, FB, LSXMA, EXXRF, AAPL, DISCK, JPM, FRFHF, GOOG, MKL,
In:
Out:
Fixed income: 2%
Cash: 15%
Sectors (kinda): Insurance (FRFHF, BRK, MKL): 19%, Malone/media: 9%, Banks/financials: 11%, Cars: 0%, Oil: 0%, Medical/pharma: 1%, Tech: 25%, Various owner-operators (not included in other categories): 7%
New positions:
Positions increased: CVS
Positions reduced: VMW, JPM
Positions eliminated: WBA, REGN
Not much activity in terms of number of companies, but somewhat significant changes in some positions.
Sold WBA - not certain about future prospects. Added a bit to CVS where future potential seems more positive.
Sold REGN - I probably should admit that I don't understand pharmas and I don't bring any insight when investing in pharmas. I'll have to attempt to not buy pharmas in the future.
Reduced VMW to a tracking position - I think that further move to cloud infrastructure and containers will reduce VMW business. Pivotal acquisition may counter this trend, but I think growth is not assured.
Reduced JPM position significantly. Although I think JPM may provide positive return in the future, I doubt it will be high return. Considering that I have a large exposure to banks through BRK, I decided to reduce JPM position significantly.
In:
Out:
Fixed income: 2%
Cash: 15%
Sectors (kinda): Insurance (FRFHF, BRK, MKL): 19%, Malone/media: 9%, Banks/financials: 11%, Cars: 0%, Oil: 0%, Medical/pharma: 1%, Tech: 25%, Various owner-operators (not included in other categories): 7%
New positions:
Positions increased: CVS
Positions reduced: VMW, JPM
Positions eliminated: WBA, REGN
Not much activity in terms of number of companies, but somewhat significant changes in some positions.
Sold WBA - not certain about future prospects. Added a bit to CVS where future potential seems more positive.
Sold REGN - I probably should admit that I don't understand pharmas and I don't bring any insight when investing in pharmas. I'll have to attempt to not buy pharmas in the future.
Reduced VMW to a tracking position - I think that further move to cloud infrastructure and containers will reduce VMW business. Pivotal acquisition may counter this trend, but I think growth is not assured.
Reduced JPM position significantly. Although I think JPM may provide positive return in the future, I doubt it will be high return. Considering that I have a large exposure to banks through BRK, I decided to reduce JPM position significantly.
Monday, November 18, 2019
Portfolio overview - October 2019
My top (>2%) positions in no particular order: BRKB, FB, JPM, LSXMA, EXXRF, AAPL, DISCK, FRFHF, GOOG, MKL,
In: GOOG - added
Out:
Fixed income: 2%
Cash: 12%
Sectors (kinda): Insurance (FRFHF, BRK, MKL): 19%, Malone/media: 9%, Banks/financials: 13%, Cars: 0%, Oil: 0%, Medical/pharma: 2%, Tech: 25%, Various owner-operators (not included in other categories): 7%
New positions: ACHN, ANGI, MAR
Positions increased: GOOG, REGN, OTCM, CHEK, V, EXPE
Positions reduced:
Positions eliminated: IBKR
Sold remainder of IBKR position.
Bought new position in ACHN - merger arbitrage. Bought position in ANGI. Bought initial tracking position in MAR.
Added to GOOG, REGN, OTCM, V, EXPE. Added very tiny bit to tiny and indefensibly speculative position in CHEK.
In: GOOG - added
Out:
Fixed income: 2%
Cash: 12%
Sectors (kinda): Insurance (FRFHF, BRK, MKL): 19%, Malone/media: 9%, Banks/financials: 13%, Cars: 0%, Oil: 0%, Medical/pharma: 2%, Tech: 25%, Various owner-operators (not included in other categories): 7%
New positions: ACHN, ANGI, MAR
Positions increased: GOOG, REGN, OTCM, CHEK, V, EXPE
Positions reduced:
Positions eliminated: IBKR
Sold remainder of IBKR position.
Bought new position in ACHN - merger arbitrage. Bought position in ANGI. Bought initial tracking position in MAR.
Added to GOOG, REGN, OTCM, V, EXPE. Added very tiny bit to tiny and indefensibly speculative position in CHEK.
Tuesday, October 8, 2019
Portfolio overview - September 2019
My top (>2%) positions in no particular order: BRKB, FB, JPM, LSXMA, EXXRF, DISCK, FRFHF, MKL, AAPL
In:
Out:
Fixed income: 2%
Cash: 16%
Sectors (kinda): Insurance (FRFHF, BRK, MKL): 19%, Malone/media: 9%, Banks/financials: 12%, Cars: 0%, Oil: 0%, Medical/pharma: 1%, Tech: 23%, Various owner-operators (not included in other categories): 7%
New positions: AYRSF, BX, PCTY
Positions increased: VMW, IAC, BKNG, PROSY, KKR
Positions reduced: IBKR
Sold most of IBKR position, mostly before zero-commissions announcements.
Added to VMW, IAC, BKNG, PROSY, KKR positions.
Bought initial positions in AYRSF, BX, PCTY.
In:
Out:
Fixed income: 2%
Cash: 16%
Sectors (kinda): Insurance (FRFHF, BRK, MKL): 19%, Malone/media: 9%, Banks/financials: 12%, Cars: 0%, Oil: 0%, Medical/pharma: 1%, Tech: 23%, Various owner-operators (not included in other categories): 7%
New positions: AYRSF, BX, PCTY
Positions increased: VMW, IAC, BKNG, PROSY, KKR
Positions reduced: IBKR
Sold most of IBKR position, mostly before zero-commissions announcements.
Added to VMW, IAC, BKNG, PROSY, KKR positions.
Bought initial positions in AYRSF, BX, PCTY.
Tuesday, September 17, 2019
Portfolio overview - August 2019
My top (>2%) positions in no particular order: BRKB, FB, JPM, LSXMA, EXXRF, DISCK, FRFHF, MKL, AAPL
In:
Out:
Fixed income: 2%
Cash: 17%
Sectors (kinda): Insurance (FRFHF, BRK, MKL): 19%, Malone/media: 9%, Banks/financials: 12%, Cars: 0%, Oil: 0%, Medical/pharma: 1%, Tech: 23%, Various owner-operators (not included in other categories): 7%
New positions: VMW
Positions increased:
Positions reduced:
Positions eliminated: IDIA:CH
Sold out of IDIA:CH. Possibly should have waited for drug approvals, but it is hard for me to value pharma pipelines, so I sold on price run up.
Bought initial position in VMW. Possibly attractive tech company though marred by Dell ownership. Competitive landscape may be getting complicated and needs watching.
In:
Out:
Fixed income: 2%
Cash: 17%
Sectors (kinda): Insurance (FRFHF, BRK, MKL): 19%, Malone/media: 9%, Banks/financials: 12%, Cars: 0%, Oil: 0%, Medical/pharma: 1%, Tech: 23%, Various owner-operators (not included in other categories): 7%
New positions: VMW
Positions increased:
Positions reduced:
Positions eliminated: IDIA:CH
Sold out of IDIA:CH. Possibly should have waited for drug approvals, but it is hard for me to value pharma pipelines, so I sold on price run up.
Bought initial position in VMW. Possibly attractive tech company though marred by Dell ownership. Competitive landscape may be getting complicated and needs watching.
Monday, August 19, 2019
Portfolio overview - July 2019
My top (>2%) positions in no particular order: BRKB, FB, JPM, LSXMA, EXXRF, DISCK, FRFHF, MKL, AAPL
In:
Out:
Fixed income: 2%
Cash: 17%
Sectors (kinda): Insurance (FRFHF, BRK, MKL): 19%, Malone/media: 9%, Banks/financials: 12%, Cars: 0%, Oil: 0%, Medical/pharma: 1%, Tech: 22%, Various owner-operators (not included in other categories): 7%
New positions:
Positions increased: GOOG, YY, KKR
Positions reduced: IPOAU
Positions eliminated: SODI, QRTEA
Flip-flop: BRFRF
Sold remainder of SODI.
Sold QRTEA on weak results.
Flip-flopped out of BRFRF with positive-wash.
Sold some IPOAU on the plans to merge with Virgin Galactic. Kept the remainder for fun ... and maybe good place in queue and discounted tickets for spaceflight ;).
Added more GOOG, YY, KKR.
In:
Out:
Fixed income: 2%
Cash: 17%
Sectors (kinda): Insurance (FRFHF, BRK, MKL): 19%, Malone/media: 9%, Banks/financials: 12%, Cars: 0%, Oil: 0%, Medical/pharma: 1%, Tech: 22%, Various owner-operators (not included in other categories): 7%
New positions:
Positions increased: GOOG, YY, KKR
Positions reduced: IPOAU
Positions eliminated: SODI, QRTEA
Flip-flop: BRFRF
Sold remainder of SODI.
Sold QRTEA on weak results.
Flip-flopped out of BRFRF with positive-wash.
Sold some IPOAU on the plans to merge with Virgin Galactic. Kept the remainder for fun ... and maybe good place in queue and discounted tickets for spaceflight ;).
Added more GOOG, YY, KKR.
Monday, July 15, 2019
Portfolio overview - June 2019
My top (>2%) positions in no particular order: BRKB, FB, JPM, LSXMA, EXXRF, DISCK, FRFHF, MKL, AAPL
In:
Out:
Fixed income: 2%
Cash: 16%
Sectors (kinda): Insurance (FRFHF, BRK, MKL): 20%, Malone/media: 10%, Banks/financials: 12%, Cars: 0%, Oil: 0%, Medical/pharma: 1%, Tech: 22%, Various owner-operators (not included in other categories): 8%
New positions: LBTYK, MSFT, BRFRF
Positions increased: V, OSSIF, GOOG, OTCM, IVSBF, KKR, YY
Positions reduced: BOMN, FRFHF, STNE
Positions eliminated: LTRPA, SYTE
Sold remaining shares of LTRPA - I don't see very likely future growth. It is quite possible that TRIP will be acquired though.
Sold SYTE position as the management continued to mostly self-destruct. It was an entertainment value sized position. I decided to be entertained from sidelines from now on.
Sold part of position in BOMN after annual meeting. The management are nice people. The businesses are OKish. The valuation is high considering most of the book value is cash (received from selling shares at above book). Tough to see a scenario where shareholders do well short/medium term.
Sold part of position in STNE as stock ran up. Sale based on valuation and position sizing.
Sold part of position in FRFHF - I believe FRFHF can achieve 7-10% returns going forward, but unlikely higher than that. This might be OK compared to opportunities in current market. I decided that I would rather look for possibly better returns elsewhere.
Rebought some LBTYK on presumed Vodafone deal approval in Europe. This position may be sold at any time.
Bought some MSFT - I completely messed up with Microsoft in the past. I sold just as Balmer was going out and company was experiencing kitchen sink quarters after Nokia purchase. Then I watched on sidelines as the company and stock performed very well under Nadella's leadership and turn towards open software, enterprise and cloud. I think that with Office 365 subscription model and with Azure, MSFT still has good future. The stock is not cheap though, so I bought just initial position.
Bought a tracking position in BRFRF.
Added to V, OSSIF, GOOG, OTCM, IVSBF, KKR, YY based on prices/valuations, prospects and existing position sizes.
In:
Out:
Fixed income: 2%
Cash: 16%
Sectors (kinda): Insurance (FRFHF, BRK, MKL): 20%, Malone/media: 10%, Banks/financials: 12%, Cars: 0%, Oil: 0%, Medical/pharma: 1%, Tech: 22%, Various owner-operators (not included in other categories): 8%
New positions: LBTYK, MSFT, BRFRF
Positions increased: V, OSSIF, GOOG, OTCM, IVSBF, KKR, YY
Positions reduced: BOMN, FRFHF, STNE
Positions eliminated: LTRPA, SYTE
Sold remaining shares of LTRPA - I don't see very likely future growth. It is quite possible that TRIP will be acquired though.
Sold SYTE position as the management continued to mostly self-destruct. It was an entertainment value sized position. I decided to be entertained from sidelines from now on.
Sold part of position in BOMN after annual meeting. The management are nice people. The businesses are OKish. The valuation is high considering most of the book value is cash (received from selling shares at above book). Tough to see a scenario where shareholders do well short/medium term.
Sold part of position in STNE as stock ran up. Sale based on valuation and position sizing.
Sold part of position in FRFHF - I believe FRFHF can achieve 7-10% returns going forward, but unlikely higher than that. This might be OK compared to opportunities in current market. I decided that I would rather look for possibly better returns elsewhere.
Rebought some LBTYK on presumed Vodafone deal approval in Europe. This position may be sold at any time.
Bought some MSFT - I completely messed up with Microsoft in the past. I sold just as Balmer was going out and company was experiencing kitchen sink quarters after Nokia purchase. Then I watched on sidelines as the company and stock performed very well under Nadella's leadership and turn towards open software, enterprise and cloud. I think that with Office 365 subscription model and with Azure, MSFT still has good future. The stock is not cheap though, so I bought just initial position.
Bought a tracking position in BRFRF.
Added to V, OSSIF, GOOG, OTCM, IVSBF, KKR, YY based on prices/valuations, prospects and existing position sizes.
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