lundi 22 mai 2017

Superinvestor's transactions (ce que les meilleurs achètent)

Many superinvestors transactions have been released lately. Let's take a look at the most revelating transactions, in my opinion.

Warren Buffett:

He added a lot to his Apple position. The stock now represents 11,5% of Berkshire Hathaway. That's huge. To me, Buffett seems to be late to the party. But who am I to judge Warren Buffett's picks?

IBM dropped to about 7% of Berkshire Hathaway. Buffet sold about 20% of his position.

The other transactions are related to small positions (which would however be huge in absolute numbers for another investor).

Chuck Akre:

Akre added 22% to his Moody's position. The stock now represents almost 11% of Akre Capital Management. He also added to his Mastercard position (now 10% of his fund) and to his Visa position (now 7,2% of his fund). The other transactions were light, on small positions. That Akre guy is surely worth following.

Bill Ackman:

Ackman didn't buy anything. He sold 13% of his Mondelez position and 41% of his Air Products and Chemicals position. He probably had some great plan, like selling for tax purposes. That's such a great idea to sell stocks for that reason. What a fucking misundersood genius.

David Einhorn:

My god, Einhorn increased his General Motors position by 316% (now 31% of Greenlight Capital). You may say he's stupid but you couldn't say that he's not a guy of conviction. And he reduced his Apple stake by 31% (now 9% of the fund).

Carl Icahn: He did nothing that interesting. He should have said to himself: "Icahn do better at the next quarter". LOL. That's a joke for you, fragile people who don't like to read the word "cunt".

I'm still bored with these superinvestors transactions that could be resumed that way: Buy Apple, Sell Apple. And sometimes, buy strange stuff like oil companies, energy companies and buy random shit. I really despise many of them, except for Buffett, Akre and a couple others. 

To conclude, let's take a look at some Giverny Capital transactions of the quarter ended 31th of march 2017:

Visa: up 7% (now 4,9% of the US portfolio)
Markel: up 5% (now  4,8% of the US portfolio)
O'Reilly: up7% (now 3,8% of the portfolio)
GOOG: up 29% (now 3,1% of the portfolio) please note that GOOGL is 0,8% of the portfolio
Heico: up 87% (now 2,6% of the portfolio)
Five Below: new position (0,04% of the portfolio)
Hanesbrand: new position (0,04% of the portfolio)
Southwest Airlines: new position (0,04% of the portfolio)
Buffalo Wild Wings: sold
Stericycle: sold
Knight Transportation: sold

4 commentaires:

  1. Keep an eye on Five Below (new position on the Giverny portfolio).
    They are a dollar type store that sells stuff for $5 or less (five /below). They are expanding aggressively. The stock is a bit expensive. There's always a lot of short action around the name...but FIVE stock is up about 40% in the last year. They have a lot of cash, a high roe, no debt and a plan to expand aggressively. Their marketing strategy is focusing more on teenagers and young adults. They are not trying to be all things to all people.

  2. In march, I've visited a Five Below store in Florida and I liked it. Great consumer experience. Much better than dollar stores.

    So yeah, I'll follow Five Below.

  3. It is funny to see Hanesbrand as a new Giverny pick since you asked them at the AGM if it was a stock they were looking at... I share the same level of excitement for FIVE. They remind me of DOL at the beginning because of the fast pay back for each store (around 300k). They don't raise equity for financing too. Another one that is intersting is Ollie's Bargain (OLLI) which is a discounter that is expanding rapidly. The risk of bad execution is there though. The Superinvestors picks are not always the best model for smaller investors like us. They need a lot of liquidity from their stocks, something we don't have to deal with but not to the point of jumping in micro-caps....

    1. About HBI: yeah and they didn't look that much excited about Hanesbrand then.