E_K_S,
My approach to investing is changing a lot in the last year or so, so I don't think I can give you good turnover figures. I sold a lot in January 2015 and moved money into long-term (hold forever haha) positions.
My buys/sells in August 2015 affected about 12% of my portfolio, July was 6%, June 4%, May 7%, April 7%, March 10%. Sales (as opposed to buys) were 3% of portfolio in August, July 1%, June 2%, May 4%, April 2%, March 6%. I included fixed income buys and sales into the figures above.
August sales were predominantly position swaps, i.e. swapping something I like less to something I like more. I can't say these worked out well for me in the past, but I do engage in them especially in volatile market.
July: sold DRAGF that received buyout offer
June: sold some BAC - I think this was mistake, but I just don't have a strong belief in Moynihan.
I see that I missed BH tender in my reports - sorry, I tendered most of my BH shares, since I did not like Biglari's power and money grab.
May: I sold most of my fixed income positions
May-April: sold GLRE and TPRE, since I decided that these were not good long-term holds.
April: sold IBM expecting continued weak results.
March-January: my portfolio restructuring, so not much comment.
So, overall, my recent sales were:
1. Position swaps
2. Buyouts & tenders
3. Fixed income sales
4. BAC - mistake??
I am trying to position my portfolio for very long term holds + situation plays (currently oil & gas) + speculative asymmetric plays. The first ones should not be sold much if at all. Situation plays should be sold when they work out. Speculative asymmetric plays should be sold as they work out. I have very few "valuation" plays left, where I buy cheap'ish and sell when stock is fairly-or-overvalued. This is intentional.
You can call "situation plays" valuation plays... They are usually not just valuation plays though.
How well this will work out, I don't know. :)
I may completely change my mind at any time.
Take care |
