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

To: Jurgis Bekepuris who wrote (60371)	2/11/2018 8:57:49 PM
From: Spekulatius	Read Replies (4) \| Respond to of 78702

largest positions for me are ENB complex (EN, SEP, EEQ) MNPP (real estate in NYC etc) BRK.B, AXS, RE (a Bit Fairfax)- insurer WPZ, WMB, BWP- pipelines, MLPs GRVO. PA (selling this one down) recent buy/ads were: ENB, SEP, GE (ouch!) and Fang stocks GOOG and FB My intent is to increase exposure to fang stocks FB and GOOG on weakness which I think are cheap.

To: Jurgis Bekepuris who wrote (60371)	2/13/2018 4:25:31 PM
From: Graham Osborn	Read Replies (1) \| Respond to of 78702

I just noticed that Fairfax's LT debt has been higher than their tangible book since last March. That makes them no longer "conservatively financed" under my usual definition. That's a never for Berkshire and a first for Fairfax - Prem has always been more of a financier than Buffett but I'm surprised he let it get so high.

To: Jurgis Bekepuris who wrote (60371)	3/6/2018 2:02:33 AM
From: Jurgis Bekepuris	Read Replies (1) \| Respond to of 78702

My top (>2%) positions in no particular order: BRKB, FRFHF, ISTB, JPM, EXXRF, LSXMA, DISCK, TESB.BE, LVNTA, MKL, AAPL In: Out: Fixed income: 10% Cash: 6% Sectors (kinda): Insurance(FRFHF, BRK, MKL): 22%, Malone/media: 16%, Banks/financials: 9%, Oil: 2%, Medical/pharma: 2%, Tech: 10%, Various owner-operators (not included in other categories): 16% New positions: Positions increased: FB Positions reduced: Positions eliminated: LCSHF Flip-flop: Uneventful month - at least in the portfolio. :) Added a bit FB. Sold LCSHF based on 2017 results. The thesis was that LCSHF should have better underwriting results compared to other companies, since they wrote less business because of unattractive prices. Their results for 2017 were bad though. Which raised the question: why hold it if the original thesis does not seem to be true?