mercredi 12 août 2020

Akre Capital + Giverny Capital latest transactions

A few years ago, I had the worst boss I've ever had in my life. I hated my job. The guy was mean. He acted like a cool guy in public, but we saw how mean he was when he started to intimidate a lot of people by various methods and even fired some people. 

Recently, I learned that he has cancer. It was such great news! It may sound cruel to be happy with that kind of news. But to me, it would have been much more cruel if people being intimidated or fired by him would have got cancer before him. I've felt like shit for months and one of my friends was basically destroyed by that boss. I also know some other people who slept badly while they were under the orders of that boss. So, that's good for him. 

I don't know exactly what kind of cancer he has but I wouldn't give a fuck if he had pancreas cancer. 


OK, now that I've written another of these things that will keep me for many more years from being publicly praised by anybody with some notoriety, let's talk about the lastest transactions of two of the only firms that deserve respect: Akre Capital Management and Giverny Capital. 

First, for Akre, the two only "conviction" transactions made during the last quarter ended on june 30th were Costar Group (CSGP) where he added 117% to his position (the stake represents 5,11% of the portfolio) and Ansys (ANSS) where he added 30% (1,34% of the portfolio). 

Akre is usually not that active. I like that. To me, it means that  he stays focussed, which lacks to a lot of investors. 

That focus seems not to be as important for the guys at Giverny. They've been hyperactive during the last quarter. It looks like the bargains of the spring made them crazy like shit. 

They initiated a shitload of small positions. However, their conviction transactions were as follow: 

Alphabet: added 6% to GOOG and 38% to GOOGL (both representing 6,4% of the portfolio

Progressive (PGR) added 6% (4,81% of the portfolio):

Facebook (FB): added 24% (4,76% of the portfolio)

Heico (HEI): added 5% (4,11% of the portfolio)

Markel (MKL): added 7% (4,05% of the portfolio)

Charles Schwab: added 7% (3,21% of the portfolio)

Five Below: added 10% (3,07% of the portfolio)

Intercontinental Exchange (ICE) (which I wrote about not so long ago!): new position (2,34% of the portfolio)

They also sold entirely their long time stakes in Mohawk and Union Pacific. 

When I take a look at Giverny Capital's stakes, there's too much financials, in my opinion. But, except for that, they buy some of the same stocks as me. 

Well, maybe I copied their approach a bit.

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