Ce que les meilleurs achètent

I think I've never written about that, but I'm fascinated about the Bill and Melinda Gates fundation. There's rarely some action with the holdings of that fund because those who manage it seem to stick with their choices over time. 

And that's something I admire. Because a great company usually remains great over time. Sometimes, they become OK or average but they rarely become mediocre and it looks they've understand that, at Gates Fundation. In that specific case, two stocks represent 51% of the fund: Berkshire Hathaway (40%) and Waste Management (11%). You add Canadian National, Caterpillar and Walmart and you've got 75% of the fund. These stocks are not spectacular, but they've all done well over the last 5 years. Once you're rich, you buy 7-8 of these no-brainer stocks and you remain rich and you'll surely get a little richer every year.  Why looking elsewhere? You're already rich and you take virtually no risks. 

But if you want to become rich, following Gates Fundation is probably not the shortest path. For that, you will probably follow Pat Dorsey. He's much more aggressive because he invests a lot of money in stocks that aren't profitable yet but that are growing their sales at an impressive rate. I'm not that comfortable with that approach, but it seems to work for him. 

It looks like, after all, what most people seek is nothing else than a speed that suits them to achieve their goals. And, frankly, it seems that I make my investment decisions based on a speed that suits me. And on some kind of virtue that is probably not always adequate. 

The fucking problem with that market is that it doesn't reward traditional virtue. You'll be rewarded for your patience in the long run, but you may very well be fucking much more rewarded if you're impatient. 

In that regard, "Ce que les meilleurs achètent" is just an exercice of curiosity, because  most of them buy stocks which are not interesting. And they buy and sell stuff in a random way. You try to understand what they do, but there's nothing to understand because they're almost all drug additcs. 

Anyway.

Buffett bought about 5.5B$ of three pharma stocks (Merck, AbbVie, Bristol-Myers). It seems a lot but it's about 2,5% of his portfolio, so please, remain calm. He also sold 46% of his Wells Fargo stake which should never have been bought in the first place. And 48% of his total portfolio is represented by Apple only. 

Akre added 10% to his Roper position. Good stock, but it doesn't grow that much. I don't understand what's so interesting with that stock.

Pat Dorsey added 30% to his Wix position (total position = 16% of his fund). He initiated a 6,74% position in Ebay. Wix is one of those stocks with which I'm not too comfortable but it will probably double in the next 3 months or so. I'm saying random shit here but this stock will surely outperform most of my portfolio. And I still won't buy it, because of my virtues.

Giverny Capital reduced their Berkshire stake by 20%. They also increased a shitload of other positions but very small positions (0,2% positions or shit like that).