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

To: Jurgis Bekepuris who wrote (55430)	6/29/2015 5:04:27 PM
From: Graham Osborn	Read Replies (1) \| Respond to of 78627

Hi Jurgis, Re: FRFHF Seems roughly comparable with Berkshire on PTB, A/E, ROE, ROA. Prem has lagged Warren on 10-year tangible book growth, no surprises there. As with Berkshire, I'd question whether a 60-80% premium to book provides the desired margin of safety. Of note, FRFHF is selling near an all time premium to tbook. To me this more than offsets the equity hedge of the underlying portfolio. As to the hedge itself, it might perform as in 2007-2008 - ample protection, no upside. And if the S&P should remain bullish another 3-5 years, he's dancing in chains. So why not just hold the cash for a firesale rather than risking a short-term haircut? - Graham

To: Jurgis Bekepuris who wrote (55430)	7/4/2015 5:31:36 PM
From: Jurgis Bekepuris	Read Replies (3) \| Respond to of 78627

My top (>2%) positions in no particular order: FRFHF, JPM, BRKB, LMCA, STRZA, TESB.BE, SFY bonds, SFTBY, FRMO, MKL, LBTYA/K, GDWN.L In: Out: Fixed income: ~10% Cash: ~18% Sectors (kinda): Insurance (including BRKB and FRFHF): 23%, Malone/media: 12%, Banks: 6%, Oil 9%, Tech 2%, Various owner-operators (not included in other categories) 16% New positions: CNSWF, Nanocap A, MU, BNKJF Positions increased: BRKB Positions reduced: DRAGF, BAC Positions eliminated: Flip-flop: Happy Independence Day! Not much happened this month. I sold most DRAGF after it accepted buyout offer from parent company. Sold some BAC on price rise and not high conviction in their business performance. Opened exploratory positions in CNSWF - great management, but expensive; BNKJF - replacing DRAGF in my oil basket; MU - large price drop while I believe that its business will work fine longer term; Added a bit of BRKB - the price seems attractive.