Share your Portfolio 2024

[valueventures]

7 minutes ago, Malmqky said:

Looks a lot like the “CoFB portfolio” mixed with big tech

 

What’s your cost basis for these out of curiosity?

I'm up ~5x on AAPL, ~8x on NVDA, ~3x on META, and ~2.5x on AMZN. Cost basis on my other holdings is significantly lower since I've owned them for a much shorter period of time. FFH is my largest position at MV only because it's also my largest position at cost basis, by far.

[adventurer]

I only own

 

Vanguard S&P 500 ETF 37%

Berkshire Hathaway B 37%

Fairfax Financial 25%

 

Still having to save a bit more to reach 33,33% each. 

[WayWardCloud]

On 6/21/2024 at 10:27 AM, valueventures said:

I'm up ~5x on AAPL, ~8x on NVDA, ~3x on META, and ~2.5x on AMZN. Cost basis on my other holdings is significantly lower since I've owned them for a much shorter period of time. FFH is my largest position at MV only because it's also my largest position at cost basis, by far.

Thanks for sharing! I'm curious are you the author of this blog? https://oraclefromomaha.wordpress.com/

[Ross812]

29% 31% FFH

12% $

10% BRK.B

4% 7% DFIN (Adding)

3% 6% NNI 

5% 6% NTDOY

5% 6% HQI (Adding)

4% 5% GOOGL

6% 4% LUV 

2% 4% HSY 

2% 3%TOITF

2% JCI

1% CPNG

 

6% USB 

4% ADSK

4% MSGE ($30 CCs on full position)

3% CASH ($50 CCs on full position)

3% HUM

2% CHDN

 

<1% in tracking positions -  CRH, BF.A, GB, SSD, BAC, ASHTY, LHX, META,BABA, BABA calls CPNG calls

[valueventures]

1 hour ago, WayWardCloud said:

Thanks for sharing! I'm curious are you the author of this blog? https://oraclefromomaha.wordpress.com/

I am not, but thanks for asking

[Xerxes]

My portfolio has not changed. Rarely it does.
 

but I am currently have a listen-to-list of AGMs:

 

- Brown & and Brown 

- SNC Lavalin

- Thompson Reuters 

- KKR

- Graham Holdings (per @Dinar suggestion)

 

i think I am missing one more 

Edited June 25 by Xerxes

[Dinar]

3 hours ago, Xerxes said:

My portfolio has not changed. Rarely it does.
 

but I am currently have a listen-to-list of AGMs:

 

- Brown & and Brown 

- SNC Lavalin

- Thompson Reuters 

- KKR

- Graham Holdings (per @Dinar suggestion)

 

i think I am missing one more 

You want to go to these in person.

[Eldad]

3 minutes ago, Dinar said:

You want to go to these in person.

What do you see in GHC? Like betting on Mr. T vs Rocky at this point. Gets blown out by SPY over any time period you want to pick. 

[Dinar]

2 hours ago, Eldad said:

What do you see in GHC? Like betting on Mr. T vs Rocky at this point. Gets blown out by SPY over any time period you want to pick. 

I do some of the parts analysis.  There is a money losing business that the company said it will close.  Company has a very fast growing and profitable healthcare business.  The company is also buying back stock and has seen insider buying recently.  

[Eldad]

36 minutes ago, Dinar said:

I do some of the parts analysis.  There is a money losing business that the company said it will close.  Company has a very fast growing and profitable healthcare business.  The company is also buying back stock and has seen insider buying recently.  

Cool. Thanks. 

[Paarslaars]

2 hours ago, RedLion said:

My portfolio is essentially entirely outside the public market again, with the exception of my retirement accounts. 

 

So you are completely out of your alts? APO, KKR, OWL,...?

[73 Reds]

Inaugural post, after guiltily monitoring this board for quite some time.  There are truly some amazing posters here who generously share their time and ideas.  And of course, thanks to Sanjeev.

 

As an almost pure Buffett disciple, my goal has always been to invest in stocks and other assets that can eventually be passed down to heirs.  More than half of my net worth is in fully paid for real estate.  Other investments include a highly concentrated stock portfolio.  Largest holdings are BRK, AAPL, HD, MSFT and lately FRFHF.  Outside of a small retirement account (less than 3% of net worth), no stock sales since the end of last century, when I liquidated a longstanding position in MO.  The retirement account satisfies a recurring itch to "do something", though it has far under-performed other long-standing investments.   Since youth I have no debt - buy everything including real estate for cash.  (I watched debt ruin one too many people).  Will gladly trade an extra few % of return for a good night's sleep.  It took a good chunk of a lifetime to reach the point of not having to worry about money but the ride has been well worth it.

 

Comments, suggestions or criticism is welcome - that's one reason why I am here.

[schin]

1 hour ago, 73 Reds said:

Inaugural post, after guiltily monitoring this board for quite some time.  There are truly some amazing posters here who generously share their time and ideas.  And of course, thanks to Sanjeev.

 

As an almost pure Buffett disciple, my goal has always been to invest in stocks and other assets that can eventually be passed down to heirs.  More than half of my net worth is in fully paid for real estate.  Other investments include a highly concentrated stock portfolio.  Largest holdings are BRK, AAPL, HD, MSFT and lately FRFHF.  Outside of a small retirement account (less than 3% of net worth), no stock sales since the end of last century, when I liquidated a longstanding position in MO.  The retirement account satisfies a recurring itch to "do something", though it has far under-performed other long-standing investments.   Since youth I have no debt - buy everything including real estate for cash.  (I watched debt ruin one too many people).  Will gladly trade an extra few % of return for a good night's sleep.  It took a good chunk of a lifetime to reach the point of not having to worry about money but the ride has been well worth it.

 

Comments, suggestions or criticism is welcome - that's one reason why I am here.

 

@73 Reds - Congrats on the first post and limited use of debt. Why is your retirement account so small relative to your total holdings? Pretty impressive how you have purchase real estate without debt. How did you go about that? I know you are super conservative, but it's hard to get good returns without a bit of leverage there, isn't it?  It doesn't look like you'r doing fixer uppers or large apt complexes that might take more money on top of acq.

 

Again, interesting and just wanting to learn more.

[73 Reds]

I only worked for others long enough to learn my craft(s).  The retirement account was from the last 5-year period of employment 30 years ago.  After that I needed non-tax deferred liquidity in order to build a business and invest with no restrictions.  In hindsight it probably would have been better to set aside sums each year in tax deferred plans but a desire for unrestricted liquidity always trumped what looked like wealth that could only be enjoyed too far out into the future.  I've always been a prolific saver and lived well below my means - another lesson learned at a younger age by observing others close to me who did otherwise.   Initially I'd use only as much debt as needed to acquire real estate but then pay it off as quickly as possible.  Young folks here probably don't remember or even realize that mortgage rates were often much higher than they are now.  Once it became unnecessary to finance anything, I simply didn't.  Ironically, as difficult as the period between 2009-2011 was for most folks, it was a boon for those with cash and no debt.  Again, hindsight taught me I could have done much more even in those years but in truth, my lifestyle would not have changed regardless of how much more money could have been made.

 

Inaugural post, after guiltily monitoring this board for quite some time.  There are truly some amazing posters here who generously share their time and ideas.  And of course, thanks to Sanjeev.

 

As an almost pure Buffett disciple, my goal has always been to invest in stocks and other assets that can eventually be passed down to heirs.  More than half of my net worth is in fully paid for real estate.  Other investments include a highly concentrated stock portfolio.  Largest holdings are BRK, AAPL, HD, MSFT and lately FRFHF.  Outside of a small retirement account (less than 3% of net worth), no stock sales since the end of last century, when I liquidated a longstanding position in MO.  The retirement account satisfies a recurring itch to "do something", though it has far under-performed other long-standing investments.   Since youth I have no debt - buy everything including real estate for cash.  (I watched debt ruin one too many people).  Will gladly trade an extra few % of return for a good night's sleep.  It took a good chunk of a lifetime to reach the point of not having to worry about money but the ride has been well worth it.

 

Comments, suggestions or criticism is welcome - that's one reason why I am here.

[gfp]

1 hour ago, 73 Reds said:

I only worked for others long enough to learn my craft(s).  The retirement account was from the last 5-year period of employment 30 years ago.  After that I needed non-tax deferred liquidity in order to build a business and invest with no restrictions.  In hindsight it probably would have been better to set aside sums each year in tax deferred plans but a desire for unrestricted liquidity always trumped what looked like wealth that could only be enjoyed too far out into the future.  I've always been a prolific saver and lived well below my means - another lesson learned at a younger age by observing others close to me who did otherwise.   Initially I'd use only as much debt as needed to acquire real estate but then pay it off as quickly as possible.  Young folks here probably don't remember or even realize that mortgage rates were often much higher than they are now.  Once it became unnecessary to finance anything, I simply didn't.  Ironically, as difficult as the period between 2009-2011 was for most folks, it was a boon for those with cash and no debt.  Again, hindsight taught me I could have done much more even in those years but in truth, my lifestyle would not have changed regardless of how much more money could have been made.

 

Inaugural post, after guiltily monitoring this board for quite some time.  There are truly some amazing posters here who generously share their time and ideas.  And of course, thanks to Sanjeev.

 

As an almost pure Buffett disciple, my goal has always been to invest in stocks and other assets that can eventually be passed down to heirs.  More than half of my net worth is in fully paid for real estate.  Other investments include a highly concentrated stock portfolio.  Largest holdings are BRK, AAPL, HD, MSFT and lately FRFHF.  Outside of a small retirement account (less than 3% of net worth), no stock sales since the end of last century, when I liquidated a longstanding position in MO.  The retirement account satisfies a recurring itch to "do something", though it has far under-performed other long-standing investments.   Since youth I have no debt - buy everything including real estate for cash.  (I watched debt ruin one too many people).  Will gladly trade an extra few % of return for a good night's sleep.  It took a good chunk of a lifetime to reach the point of not having to worry about money but the ride has been well worth it.

 

Comments, suggestions or criticism is welcome - that's one reason why I am here.

 

Welcome and great first posts!  Reminds me of our friend dealraker (Charlie).  Maybe having more of your investment capital in tax-deferred accounts would have hurt your overall results since without that tax bill hanging over you it is much easier to make the mistake of exiting your wonderful long term holdings like BRK, AAPL, HD, MSFT and FRFHF.  I'm a firm believer that the tax bill can make people better long term investors who might be otherwise tempted to meddle.

[Viking]

@73 Reds Thank you for taking the time to post. I like theory. But I like to live in the real world - and getting 'real world' examples/frameworks that others use to achieve 'success' is priceless.

 

@gfp I want to expand on something you said:  "I'm a firm believer that the tax bill can make people better long term investors who might be otherwise tempted to meddle." I agree that this is probably true for lots of people. 

 

I also think the more simple a person can keep the investing process the better. Not having to think about taxes can be a big benefit. Canada today has an enormous number of tax free accounts (TFSA, RRSP, FHSA, RESP). For younger Canadian board members (or older board members with kids/family members) there is a clear path to building enormous wealth - and that is fully utilizing the gift that the Canadian government has decided to provide.

 

The reason I bring this up is because over my investing career I have not been a 'buy and hold' type of investor. Being able to compound wealth in tax free accounts for the past 20 years has been a game changer for me and my family.

 

Now I have been holding a very concentrated position in Fairfax since the end of 2020 and I think the company has a bright future  - so perhaps Fairfax will become my first long term hold. Most of my Fairfax position today is held in my taxable and TFSA accounts (the accounts I do not want to trade in). 

----------

Buffett greatly admired Walter Schloss. Schloss estimated his average holding period was about 4 years. 

• 'Why we invest the way we do.'

https://thetaoofwealth.wordpress.com/wp-content/uploads/2016/01/why-we-invest-the-way-we-do-by-walter-schloss.pdf

• A Superinvestor of Graham-and-Doddsville

http://www.fordhamgabellicenter.org/wp-content/uploads/2021/12/Walter-Schloss.pdf

 

What really struck me reading 'Why we invest the way we do' was how your early life experiences/set backs often sets/highly influences your investing framework for the rest of your life. It helps me better understand young family members (who have grown up in a world of plenty).

Edited July 4 by Viking

[SharperDingaan]

Welcome to the board!

 

Long a proponent of concentrated positions, a couple of takeaways ....

1) How you get into it, drives your investment approach; getting rich, versus staying rich, is very different. 2) Successors have different interests, tastes, and skill sets; there are ways around this, but assume riches/rags in 1 generation. 3) Investment expertise and an independent approach helps; but simpler the better.  

 

On real estate, we take a page from the multi-generational living page-book. Rather than each generation on a different floor within the same house; we prefer to split the house ownership across generations - kid with 50%+ financed via a mortgage, parents/grandparents willing their <50% to future grand-kids. Investment RE held in a corporate structure, each property in its own entity, and debt used to reduce net income to zero (zero-tax). Whether the RE be a dwelling (London, UK), or the partnership portion in a hotel (Paris, France).

 

Sadly, the better one does at this, the more corrosive to the overall family that success becomes. Hence, to keep the family 'healthy' you need to have a way of systematically giving some of it away; we try to trigger an earlier payment of taxes, so that there's less to pay on passing. Just have to get past intentionally writing the CRA a cheque!

 

SD

 

Edited July 4 by SharperDingaan

[Xerxes]

11 hours ago, 73 Reds said:

Inaugural post, after guiltily monitoring this board for quite some time.  There are truly some amazing posters here who generously share their time and ideas.  And of course, thanks to Sanjeev.

 

As an almost pure Buffett disciple, my goal has always been to invest in stocks and other assets that can eventually be passed down to heirs.  More than half of my net worth is in fully paid for real estate.  Other investments include a highly concentrated stock portfolio.  Largest holdings are BRK, AAPL, HD, MSFT and lately FRFHF.  Outside of a small retirement account (less than 3% of net worth), no stock sales since the end of last century, when I liquidated a longstanding position in MO.  The retirement account satisfies a recurring itch to "do something", though it has far under-performed other long-standing investments.   Since youth I have no debt - buy everything including real estate for cash.  (I watched debt ruin one too many people).  Will gladly trade an extra few % of return for a good night's sleep.  It took a good chunk of a lifetime to reach the point of not having to worry about money but the ride has been well worth it.

 

Comments, suggestions or criticism is welcome - that's one reason why I am here.

you rock !

I love this part 

 

“no stock sales since the end of last century,” 

[73 Reds]

Thanks to all for your kind words.  @dealraker, fear of failure has always been in the back of my mind - hence a conservative approach to investing.  With stocks in particular, I'll only invest in highly dominant (near-monopolistic) companies with superior management, great balance sheets, and a history of successful capital allocation, innovation and profitability in most any economic cycle.  Rarely will I venture into anything else.  Starting in the early 1980s and for many years I owned only 2 stocks - BRK and MO.  At the time both seemed to represent the perfect investment.  IMO, one still does.

[frommi]

On 7/4/2024 at 8:58 PM, Viking said:

@73 Reds T

https://thetaoofwealth.wordpress.com/wp-content/uploads/2016/01/why-we-invest-the-way-we-do-by-walter-schloss.pdf

http://www.fordhamgabellicenter.org/wp-content/uploads/2021/12/Walter-Schloss.pdf

 

Thanks for sharing, i didn't know these articles. Walter is my personal hero. 
My thinking about the holding period is a little different, i think if you are good in the business of value investing it only makes sense to hold onto your stocks if you 100% sure that the business compounds faster than you would be able to. It's always a question of opportunity. BRK has compounded @10% for the past 25 years, if thats your hurdle it may be a good idea to stay, but if you are able to compound faster than that, it may be wise to switch to more undervalued stocks. I for example sold a part of my FFH holdings too early in november/december last year, but the portfolio of NCAV stocks i bought with the money have compounded much faster (up 60-80%). So it was not a mistake, it was a good decision with a good outcome.

Edited July 7 by frommi

[Junior R]

2 hours ago, frommi said:

Thanks for sharing, i didn't know these articles. Walter is my personal hero. 
My thinking about the holding period is a little different, i think if you are good in the business of value investing it only makes sense to hold onto your stocks if you 100% sure that the business compounds faster than you would be able to. It's always a question of opportunity. BRK has compounded @10% for the past 25 years, if thats your hurdle it may be a good idea to stay, but if you are able to compound faster than that, it may be wise to switch to more undervalued stocks. I for example sold a part of my FFH holdings too early in november/december last year, but the portfolio of NCAV stocks i bought with the money have compounded much faster (up 60-80%). So it was not a mistake, it was a good decision with a good outcome.

Which NCAV  stocks

[frommi]

1 hour ago, Junior R said:

Which NCAV  stocks

Most of my big winners this year are already out of the portfolio like LABP, ITOS, JVA, XBIT, VNDA. Current NCAV stocks are all posted in this thread. But i don't expect them to perform good until oct/nov, they typically perform very very well in the winter months.

[Spekulatius]

@Viking Haven't seen that quote before, but it’s great:

 

Edited July 7 by Spekulatius

[73 Reds]

7 hours ago, frommi said:

Thanks for sharing, i didn't know these articles. Walter is my personal hero. 
My thinking about the holding period is a little different, i think if you are good in the business of value investing it only makes sense to hold onto your stocks if you 100% sure that the business compounds faster than you would be able to. It's always a question of opportunity. BRK has compounded @10% for the past 25 years, if thats your hurdle it may be a good idea to stay, but if you are able to compound faster than that, it may be wise to switch to more undervalued stocks. I for example sold a part of my FFH holdings too early in november/december last year, but the portfolio of NCAV stocks i bought with the money have compounded much faster (up 60-80%). So it was not a mistake, it was a good decision with a good outcome.

What about taxes?  A good value investor understands the value of money lost.  Just as some folks would not sell a valuable piece of rental property just because its value has risen, why sell a stock when the business continues to do well?  As Buffett has often said, selling requires two decisions.  It also requires more time and effort to learn and evaluate a new business.  When you look at some of the great wealth that has been created, it often is the result of sticking with one or a few winners.    

[frommi]

1 hour ago, 73 Reds said:

What about taxes?  A good value investor understands the value of money lost.  Just as some folks would not sell a valuable piece of rental property just because its value has risen, why sell a stock when the business continues to do well?  As Buffett has often said, selling requires two decisions.  It also requires more time and effort to learn and evaluate a new business.  When you look at some of the great wealth that has been created, it often is the result of sticking with one or a few winners.    

With hindsight bias that is easy, but out of 1000 stocks can you tell me which ones will do best over the next 20 years? There is so little data for this matter, that it is very hard to do by numbers. But for holdings periods of 1-5 years you can do a lot of backtests and see what has the most impact. With these periods your return will come from multiple expansion, growths and dividends. The longer you make the holding period the more this shifts to only growth+dividends. But a lot of my returns have just come from multiple expansions. Most extreme are NCAV stocks, where growth is typically negative. But even for FFH more than 60% of my return has been multiple expansion.

 

Tax deferrals matter to a degree but if you plan to sell at some point in the next 5 years the impact of selling early and switching onto something else is much smaller than most people think. For very long term holding periods it is a different story.