mardi 14 août 2018

Ce que les meilleurs achètent

Here's a shitload of information about your favorite investors, because quarterly information is out today about almost everybody worth of interest.

Berkshire Hathaway:
Apple: 24% of the fund (added 5% to his position last quarter) what a fucking bold move.
US Bancorp: 2,6% of the fund (added 11% last quarter)
Philipps 66: 2% of the fund (reduced by 24%). 

There's a lot of other transactions, but I don't think it's relevant to talk about small positions. 

Lou Simpson:
Liberty Broadband: 10,7% of the fund (added 161% to his position)

Bill Ackman:
Lowes: 12,7% of the fund (new position). I like Lowes, but Ackman stinks so I'd sell everything if I had some stock. Watch him do his usual fucking bullshit. 
United Technologies: 9,8% of the fund (added 134% to his position)
Automatic Data Processing:  9,8% (reduced by 47%)

Chuck Akre:
KKR: 3,1% (added 108% to his position)

Lee Ainslie:
A fucking shitload of transactions for Ainslie last quarter. I can't write everything, so here's his top 6 and the related transactions: 

Facebook: 5,6% (reduced by 20%)
Google: 5,3% (reduced by 11%)
Microsoft: 5% (added 3%)
Disney: 4,5% (new buy)
Dollar Tree: 4,2% (added 2244%)
Mohawk Industries: 3,7% (added 41%)

I like to follow closely Giverny Capital. Sometimes, they seem to copy exactly the stock picking of Sequoia Fund, but sometimes, they bring something new and interesting.

During the last quarter, the guys at Giverny increased slightly most of their stakes. Actually, in the top 10 below, only Heico was a bit decreased. They bought a few shares more of each other stock.  So, here’s the top 10 of the fund with the percentage of each stock.  Remember that Dollarama, MTY Food Group and Constellation Software were the only 3 canadian stocks of Giverny during the last years. They represented about 20% of the fund, so, US stocks below should be reduced by about 20% to see their exact percentage of the fund. 

Berkshire hathaway : 18,5%
Carmax : 10,5%
Bank of the Ozarks : 7,5%
Ametek : 6,8%
Visa : 5,9%
Union Pacific : 5%
Markel : 4,6%
Alphabet : 4,5%
Disney : 4%
Heico : 3,6%

Big movement :

LKQ : reduced by 59% after being a top 5 position in the past (now 1,6% of the portfolio);
Credit Acceptance Corp : reduced by 98%, before the recent surge of the stock (the guys at Giverny were lately quoted as saying : « Oops ») (now 0,05% of the portfolio);
Fastenal : Sold entirely;
Facebook : New buy (2,7% of the portfolio) ;
Littelfuss : Almost a new buy (from 0,04% to 2,7% of the portfolio).

I don’t understand why they keep  0,04% positions with some stocks. They would probably answer that they follow better the stocks they hold, even if it’s a very small position, but come on, what’s the use of a 0,04% position even if you manage 100 billion of dollars? That’s ridiculous. If you don’t believe in a stock, don’t buy it. If you believe in it, buy at least a 2% position. Don’t lose your time with something that doesn’t make a difference. 

You want to know the 2 secret ingredients of Giverny for a portfolio? Growth and predictability. In that top 10, most of the stocks are growing a bit more than the market and are highly predictable. That’s how you can emulate them and some other great investors such as Chuck Akre.  And me. 

5 commentaires:

  1. I must start a position in BRK.B it seems to be a worthwhile place to just set it and forget it!

    1. Great conglomerate. You won’t get rich but won’t get poor either.

  2. I'm seeing a string of positive earnings reports from the auto parts stocks lately.

  3. I'm buying back my Stella Jones here at 44.30 that i sold in the high 40's. Who says you cant time the market!