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

To: Jurgis Bekepuris who wrote (57720)	8/8/2016 12:46:01 PM
From: Graham Osborn	Read Replies (1) \| Respond to of 78659

Jurgis, have you noticed how AAPL has failed to grow their tangible book since 2013? Their P/ TB is about historical average but that indicated to me that the business is no longer growing. MKL looks interesting, I'll have a look.

To: Jurgis Bekepuris who wrote (57720)	8/8/2016 6:20:37 PM
From: Paul Senior	Read Replies (1) \| Respond to of 78659

ref your positions, fwiw: I've increased my small LSXMA position. I decided I would wait a while longer with SEDG to see just how much of an impact Musk actually has on SEDG business. Competitive threat is surely there; I don't expect SEDG to just do nothing though in response to Musk challenge.

To: Jurgis Bekepuris who wrote (57720)	8/14/2016 8:33:37 PM
From: Graham Osborn	Respond to of 78659

I had a look at MKL. Without looking at their portfolio that much, my initial impression is they are getting a tangible book growth premium of 2x despite the fact that a big chunk of that came from the Alterra acquisition. Why do you think they can continue to grow at that pace in the future? I've been watching a similar but less pleasant scenario play out with Centene/ HealthNet and some other health insurer consolidations, and while I would like to believe these are value-creating there is reason to believe managements are just glory-seeking.

To: Jurgis Bekepuris who wrote (57720)	9/18/2016 11:31:48 AM
From: Jurgis Bekepuris	Read Replies (1) \| Respond to of 78659

My top (>2%) positions in no particular order: FRFHF, BRKB, JPM, EXOSF, DISCK, ISTB, LSXMA, TESB.BE, MKL, AAPL In: Out: Fixed income: 5% Cash: 12% Sectors (kinda): Insurance(FRFHF, BRK, MKL): 30%, Malone/media: 13%, Banks/financials: 8%, Oil: 5%, Tech: 3%, Various owner-operators (not included in other categories): 14% New positions: AXP, Microcap G Positions increased: LILA Positions reduced: GENGF, ZPTAF, MCESF, AGXKF Positions eliminated: WOPEY, Nanocap A Flip-flop: Sold a bunch of oil/energy related stocks: GENGF, ZPTAF, MCESF, WOPEY. I am no longer sure that oil will go up much anytime soon. The stocks might be cheap, but it is tough for me to evaluate them and predict returns. Overall, results of my investments into oil equities this time were highly negative. I did not expect the drop to be so large and the recovery so slow. It's possible that I am getting out just as oil starts going up even more, but OTOH if we have a slowdown or recession, oil and oil stocks may go down even more. I still have some positions left. Bought a tiny bit of AXP. It seems that when I mention AXP, everyone reacts with either indifference or mild disgust. I am aware of the negative trends impacting the company. I don't have a very coherent bull case. I bought some, but I am not sure if I'll make this a larger position. Sold some AGXKF on slightly better prices. Another loser for me in commodity space. Bought some LILA as stock dropped.