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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Jurgis Bekepuris who wrote (45735)	12/1/2011 2:05:13 PM
From: hoyasaxa	Read Replies (1) \| Respond to of 78599

"I lightened a bit on MHR. Another position with not much conviction". Interesting and a bit of a surprise. Understand that you hold the prefs, which are nice, but the common would appear to have a lot of room to grow with minimal (medium term) downside risk.....

To: Jurgis Bekepuris who wrote (45735)	1/4/2012 1:31:43 AM
From: Jurgis Bekepuris	1 Recommendation Read Replies (4) \| Respond to of 78599

My top 10-ish positions in no particular order: UVIC, MHR-C/D, GST-A, GLW, EGY, DRAGF, MSFT. Changes in top-10: ARY - reduced position New positions: MOS, NOK Positions increased: GTE, GST-A Positions reduced: ARY Positions eliminated: GOOG, NXY Flip-flop: GAME, PMGLF Thus ended 2011. The year was not profitable for me and a lot of other value investors. After two years of spectacular gains going out of the market bottom in 2009, the Market showed that it can be the Great Humiliator as Ken Fisher loves to say. A lot of investors - value and others - underperformed the indexes and cash. I did not escape the crowd. The final numbers from Fido are not available for some time and I did not do all Quicken updates, but the results are about -8% return. This is not good. Looking back, the big losses in 2011 were Chinese small caps. In fixed income land, I bought MHR-D and GST-A at higher prices than they trade now. GLW dropped a lot through the year. What worked well was special situations in Chinese small caps - cash buyouts that very few people believed in. I recaptured some lost money there. IDCC was also a good performer in 2011, even though buyout did not happen. I cannot say that there are particular lessons to be learned from 2011, except for wariness of Chinese small caps and questionable accounting in small caps overall. The macro trends are never easy to predict, so jumping on/off the wagon due to Euro crisis was not an attractive choice for me. I doubt that a lot of people made money on their decision to jump on or off. Coming to 2012, I have reduced my position in ARY as it trades over par. I added some GST-A on sellof in December. I flip-flopped PMGLF for tax reasons. I sold GOOG as I consider it overvalued here - however this is possibly a bad move, since GOOG is still a great company. I sold NXY as I lost my belief in the company's execution. I added some GTE as stock dropped a lot in December. I started new positions in MOS and NOK. I have described my reasoning about NOK before. MOS is an attractive company. It's not very cheap, but worth a tracking position. Great investing results in 2012 for all!