Ce que les meilleurs achètent

Qu'il est bon de reprendre sa langue maternelle pendant quelques instants pour avoir la certitude d'écrire selon les conventions grammaticales d'usage. 

Ceux qui lisent Les Affaires se rappelleront peut-être de la chronique "Ce que les meilleurs achètent" de Bernard Mooney. La chronique ne m'a jamais incité à faire d'achats, mais c'est tout de même intéressant de voir les transactions majeures qui ont lieu chez les grands investisseurs. Parfois, on peut tomber sur une compagnie intéressante dont on n'avait jamais entendu parler au préalable.

Je reprends donc le flambeau.

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Sorry. I have erectile dysfunction and I needed to confess about it in my native tongue.

Lately, I've wrote that superinvestor's buys and sales were not important to me anymore. It's true, but it doesn't mean that we can't discover something by watching what has been bought or sold by some billionaire going millionaire (like Bill Ackman).

Let's take a look at some famous names and their recent activities:


Warren Buffet

Many people find it very special that Buffet bought 3 airlines recently, given the fact that he said some years ago that it was a bad sector to invest in. I find it a little bit strange too.

On absolute numbers, a lot of money has been invested in these 3 companies. But in a relative way (VS the total value of Berkshire Hathaway) these investments represent nothing (all together, they represent about 1% of BRK). Do you really want to talk about something that has no impact at all on a performance? I don't.

American Airlines: 0,62% of Berkshire Hathaway
Delta Airlines: 0,19% of Berkshire Hathaway
United Continentals: 0,18% of Berkshire Hathaway

Of all Berkshire's major holdings, only Philipps 66 (PSX) was bought, with about 2,4% more shares bought during the last quarter. So, not such an interesting quarter.

Bill Ackman

This guy is an improviser. I don't think anymore that he knows what he is doing.

Air Products and Chemicals, a major position for Pershing Square, was reduced by 47% and Zoetis was reduced by 87%. I never understood what he intented to do with this stock. Looks like he didn't know either.

Otherwise, Ackman is still heavily invested in Valeant and he bought Chipotle Mexican Grill, another company going not well, which now represent about 4,3% of Pershing Square.

Pershing Square performance over the last year is simply awful. The fund went from 14 billion dollars last year to 5,4 billion dollars this year.

You're trying very hard to look impressive Bill, but truth is you suck dicks. You suck gonorrhea dicks.

Try to look on Google image. It's a fucking squirking dick. 

Lou Simpson

A lot of transactions for Lou Simpson during the last quarter. Almost all the holdings have been impacted by a sale or a buy. Brookfield Asset Management was reduced by 18%. Allisson Transmission Holdings (ALSN) was heavily bought (+31% representing now a total 7% of the fund) and Axalta Coating Systems (AXTA) and Sensata Technologies (ST) are two new buys, representing about 6% and 3,5% of the fund.

Daniel Loeb

A good investor (take a look at the value of his fund over the last years) who did a lot of transactions during the last quarter. Heavy buying for Facebook (+45%), Google (+38%) and Monsanto (+85%). Alibaba and Apple are two new buys, such as for Humana (HUM) and Visa.

Thomas Gayner

François Rochon seems to follow this guy closely, given the actual portfolio of both guys. Not so much movement in this fund in the last quarter (very light buys and sales). Among the small positions of the fund, Amazon (+74%) and Google (+34%) have been two of the biggest buys... but together, they only represent 2% of the fund.

However, check at this list of stocks that Gayner had in his fund: Berkshire, Carmax, Disney, Visa, Google. All stocks owned by Giverny Capital.

David Einhorn the gambler and Carl Icahn the only 19th century man still alive have done some transactions in the recent quarter but I don't find them too interesting. Michael Larson, the guy who runs the Gates Foundation seems to be a very prudent investor. He only added to his Berkshire shares (+15,5%).

You can see everything on www.dataroma.com.