My top (>2.5%) positions in no particular order: GLW, MGDDY, JPM, MHNB/C, DRAGF, CF, WDC.
In: WDC - price rise, Out: MSFT - reduced
Fixed income: ~17%
Cash: ~17%
New positions: LMCA, TWC, SIRI, EBAY
Positions increased: NOV, BAMXY, AAPL, DE
Positions reduced: MSFT, PFHO, GAME
Positions eliminated: MOS
Flip-flop:
Finally we are getting the long-expected market correction. As always when people thought the market was in forever risk-on mode and were wondering what would be the reason to selloff, Mr. Market found plenty of good reasons. Unfortunately, after long run up, even falling prices are not very attractive for value investor. So I have not stepped up to buy. My purchases and sales were mostly done before the decline.
I sold MOS, since it seemed to be doing poorly. I am considering whether to lighten on CF. Price dropped though making it less attractive.
I sold a big chunk of MSFT. I thought that results will be bad - they were good. I thought market will dump it based on CEO change - it hasn't - or not more than other stocks. I am not looking to rebuy at current price though.
I continued selling some PFHO. With 3-4-bagger it's tough not to take profits when the stock seems rather expensive and its continued positive story is uncertain. Microcap too - there's always a risk of pump and dump or other issues.
GAME got a takeunder going private offer. I sold most since I don't believe the offer will be sweetened.
I bought some more of NOV, BAMXY, AAPL, DE. None of these are very cheap. I should have waited. I don't plan to add more except possibly for BAMXY. If prices continue falling, I might reconcider.
I decided to buy some SIRI/LMCA/TWC as Malone play. These are not cheap.
I bought a tracking position in EBAY. This is not cheap either.
So overall, I managed to stay at the same level of cash and fixed income. I don't see many bargains yet, so I am planning to continue in the holding pattern mostly. |
