jeudi 15 février 2018

Ce que les meilleurs achètent

Hello everyone,

Here comes the time when you can find solace related to the mediocrity of some of your investments by taking a look at the investments picks of your heroes.

For instance, isn't it reassuring to find that Bruce Berkowitz is with you in Sears Holdings? Or to find that the magnificient Bill Ackman has put money in Nike in an attempt to put some pressure on the company to create more value for shareholders by reducing the work conditions of 8 years old indians employees?

So, let’s take a look at the most significant investments of our favorite guys over the last quarter. Take note that a significant investment for most of them may be unsignificant for Warren Buffett given the size of Berkshire Hathaway (a 0,5% position for BRK may be a 10% position for many others). So, even if Buffett put 300 million dollars on a specific stock, it's probably not enough to be considered here.

Warren Buffett:
Added 23% to his Apple position (now 14,6% of his fund)
Reduced by 94% his IBM position (now 0,16% of his fund. LOL)
OK, he bought for 357 000 000$ of TEVA stock, but it’s just 0,19% of Berkshire. I can’t write more about that. It’s not a “big conviction” investment.

Chuck Akre:
Nothing significant. Just very little transactions here and there (like adding 0,11% to his Markel stake)

Thomas Gayner (Markel):
He did nothing, just a 0,0000001% transaction with some obscure stock. 

Michael Larson:
I rarely mention this guy. But he's great. And he's very faithful to his stocks. One of the rare true investors (because he choses well, then sits on his ass)
Reduced by 7% his Berkshire position (now 48% of the fund)
Reduced by 14% his Microsoft position (now 16% of the fund)

Frank Rochon (Giverny):
Added 10% to his Carmax position (now 9,1% of the fund)
Reduced by 16% his LKQ position (now 5,1% of the fund)
Added 14% to his Alphabet position (GOOG now represents 4% of the fund + 0,84% for his GOOGL position)
Reduced by 24% his Disney position (now 3,9% of the fund)
Reduced by 37% his Wells Fargo position (now 2,8% of the fund)
Initiated a 2,6% position in Credit Acceptance Corp. Because of Sequoia Fund. Or more probably, because of me.
Reduced by 28% his position in M&T Bank (now 2,6% of the fund)
Initiated a 2,5% position in Edwards Lifesciences.

Daniel Loeb:
Reduced by 9,1% his position in Alibaba (now 7,7% of the fund)
Added 119% to his Alphabet position (now 5,4% of the fund)
Initiated a lot of new positions, most notably: Intercontinental exchange (2,9%), Netflix (2,9%), Lennar (2,5%), Aetna (2,5%).
Bill Ackman:
Added 67% to his position in Mondelez (now 17% of his fund)
Initiated a 6% position in Nike.

4 commentaires:

  1. Maybe it's time you guys met Todd and Ted. Not all the stock picks at Berkshire are made by Buffett these days.

    Here's a quote from an article: "it may surprise you to learn that it's not only Buffett calling the shots in Berkshire's stock portfolio anymore. Within the past several years, Buffett has added two stock-pickers to the mix, and they've been responsible for some of Berkshire's most notable recent stock investments."
    Here is the link to the full article:

    I don't think that "tiny" investment of around $350 million in TEVA is by Buffett. I think it was Todd who also got Berkshire into Davita a few years back and it's probably Todd who bought TEVA. Buffett usually avoids companies with over $30 billion in debt *unless he can lend them another billion at very favorable rates for Buffett with millions of shares or inexpensive stock options thrown in as extra reward to Buffett for propping up the stock of the debt junkie company (see case of Home Capital Group).

  2. What amazes me the more is the total turn-around with IBM.

  3. Penetrator, another team i find helpful to follow for Canadian stock ideas are the folks who run Mawer Canadian Equity. They really impress me. Their top 25 holdings can be found here, by weighting: