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

To: Jurgis Bekepuris who wrote (55137)	4/9/2015 11:24:13 AM
From: MCsweet	2 Recommendations Recommended By Jurgis Bekepuris Spekulatius Read Replies (1) \| Respond to of 78627

Update on MBNC, There are 5 million 4-cent warrants that make this investment a little less compelling IMO due to the dilution. Not sure that everybody knows about these, so I thought I'd mention it. You can find them if you read through all the prior investor letters on the website. MC PS: This is an example of how I try to share everything I know, so maybe others will not judge me so harshly when I ask them to share some of their analysis/information.

To: Jurgis Bekepuris who wrote (55137)	4/10/2015 2:50:26 PM
From: rllee	Read Replies (1) \| Respond to of 78627

SFTBY - Softbank Thanks for alerting me to this Japanese stock. Son is considered the Warren Buffet of Japan with several times the energy and passion in his holdings. Perhaps the following clip will demonstrate his passion for this investment style: institutionalinvestor.com I am just wondering why SFTBY has not risen to follow the Japanese stock market. Would this be because of the depreciation in the Japanese currency thus reducing the value of his international holdings?

To: Jurgis Bekepuris who wrote (55137)	4/10/2015 10:32:39 PM
From: Spekulatius	2 Recommendations Recommended By Jurgis Bekepuris Mattyice Read Replies (4) \| Respond to of 78627

I agree on SFTBY. Bought a few shares as well. Don't really understand what they are doing but whatever it is, they are good at it. It's similar to the Malone stocks, good jockey and a nice discount to NAV should yield favorable results. I am digging into the industrial distributors more. I think the large ones like GWW, MSM, FAST and AIT have a moat because of the mindshare, depth of product offering and they have a long growth runaway because they operate in fragmented markets. I see how they automatically get orders just because their catalogue is known, they can ship quickly and sometimes get into the bill of material at which ordering is more or less automatic. Purchasing likes to deal with as few vendors as possible and they go on look at cost reduction only at a few items at any given time, so this does not tend to hit distributors with broad product offering much. These stocks are not cheap, but they are cheaper than they have been for a while due to some weakness, which I think may be partly weather related. More like buying a good or great business at a fair price, rather than a value stocks.

To: Jurgis Bekepuris who wrote (55137)	5/5/2015 1:27:24 AM
From: Jurgis Bekepuris	Read Replies (4) \| Respond to of 78627

My top (>2%) positions in no particular order: FRFHF, JPM, LMCA, STRZA, SFY bonds, BRKB, SFTBY, TESB.BE, FRMO, MKL, LBTYA/K, GDWN.L In: SFTBY - bought more Out: BAC - sold some Fixed income: ~12% Cash: ~16% Sectors (kinda): Insurance (including BRKB and FRFHF): 24%, Malone/media: 12%, Banks: 5%, Oil 11%, Tech 2%, Various owner-operators (not included in other categories) 13% New positions: CLKFF, WOPEY, PSHZF Positions increased: SFTBY, PRDGF, AAPL, BRK, FMCKP Positions reduced: BAC Positions eliminated: IBM, GLRE, ISIG Flip-flop: A rather quiet month for shuffling the portfolio. I sold IBM after Q1 results. I did not think they were good and I don't have conviction to hold the shares. This might work fine for Buffett and me through BRK/FRFHF, but I won't hold shares directly. Sold GLRE - I don't like GLRE, TPRE (re)insurance results. I think they are weak (re)insurance companies and recently Einhorn/Loeb investment results are not great either. IMHO, it will be tough for them to outperform with hedge fund fee headwind. Sold ISIG - results not attractive to me. Sold a bit of BAC - I think BAC is not bad investment, so this is just portfolio adjustment move. Bought more SFTBY, PRDGF, AAPL, BRK, FMCKP. Not great prices, but possibly good enough for adding. Bought Canadian value investment company CLKFF shares for long term holding. Bought WOPEY to add to my oil portfolio. Bought PSHZF - although I am concerned about PSHZF hedge fund fees, I think that PSHZF might do better than GLRE/TPRE.