Here's another chronique about ce que les meilleurs achètent.
I'm not more excited about these investors than I was before, but, once in a while, we find something interesting among their stocks. And, in general, we can see if these investors think that the market is expensive or not (lots of buy, or no buy at all). Small clues to help us make our way through this merciless market.
Let's begin with Giverny Capital from Montréal. I still like them. They don't do a lot of stupid things. Usually, they're pretty rational and their picks are interesting :
First, they started a new position with Progressive (PGR), an insurance company. It’s an interesting name that I’ve known via some old Sequoia investment letters. A long time ago, Progressive was a very big position for Sequoia (15% in 2006 and I think it was even bigger before that year).
PGR represents 2% of the american portfolio for Giverny. It's a significant new position. I don't like financial and insurance companies anymore, but that's one of the few names I'd be tempted to own, one day or another. But don't take my word as an advice and take a look by yourself.
LKQ is entirely sold. It was a big position for Giverny not so long ago so I guess they gave up on it. Mohawk is also almost completely sold (97% of the position was sold). It’s weird, given the fact that the stock is currently really cheap and Giverny boys have been fans of the stock for years.
Apart from Giverny, what did the others do?
Buffett did nothing significant other than reducing his Wells Fargo stake by 8%.
David Rolfe (the guy who owns almost all the stocks I like) was very active. He reduced almost all his positions but increased his Alphabet stake by 33% and his Electronic Arts stake by 55% and, finally, Alcon by 45%. He started new positions with NVIDIA and CDW.
Chuck Akre did almost nothing significant except than starting a position in Brookfield Asset Management and adding a lot of shares to his minor Alarm.Com position.
That good old Bill Ackman increased his Berkshire stake by 14%.
Many investors were very active. I don't understand this hyperactivity. Probably they don't understand it too, because as we all know, most of them improvise.
And you, unknown investors, did you do something special during the last quarter?