Share your Portfolio 2024

[Junior R]

1 hour ago, moatrep said:

Elf.to, I meant, sorry. Empire life financial.

It is a solid life insurance company with a small business of asset management. They grow equity slowly but steady, and it's 60% book value now. They are buying back shares and paying good dividends and special dividends. They started this some years ago, looks like they want to narrow the value gap. But anyways i think you can expect 7% return and at some point sell with a good profit near book value. They also may sell subs and narrow the gap. Cash flow average 400m, income I think same, 16b float. 9b in the asset management business. Last 4 years they gave back 500m per year to the shareholders. Mkap is at 4.5b. Equity around 8b

Thanks for write up ELF.to is undervalued..Is there a reason why you have a higher % here vs ffh 

 

[thepupil]

Just now, benchmark said:

Given the choice of paying 37% tax vs holding and getting 6%ish percent a year, I'm not sure that selling wins, especially if the market is over-valued, and there is no compelling idea.

 

anyone having this discussion probably has long term gains, which are at most 23.8% at federal level. I guess a wealthy californian could get to 37%. 

 

 

 

 

[Spooky]

1 hour ago, benchmark said:

Given the choice of paying 37% tax vs holding and getting 6%ish percent a year, I'm not sure that selling wins, especially if the market is over-valued, and there is no compelling idea.

 

I wouldn't sell a key holding if it is 20% overvalued, even in a tax deferred account unless I had better opportunities to redeploy. You might not get the opportunity to buy back. Everyday I wish I owned more BRK, it is a rock in these volatile times.

[moatrep]

Not much, but I think it operates more like an index, and the insurance float and discount to book value gives you some margin of safety. Fairfax is more the ability of Prem across the operating businesses, underwriting and oportunistic investing. This one is just an average investment fund with a well behaved insurance operation. This is more like looking grass grow. But even I may put more in fairfax and should be alright

Edited April 1, 2025 by moatrep

[Castanza]

Man the dip this past month has changed my portfolio composition drastically. Not in any particular order...

 

 

Additional accounts at Vanguard and IBRK:

SSD
MSFT
BRK.b
META
BX
NNI
SBRCY
EASDY
FFXDF
RTO
NVO
RTX

[nwoodman]

24 minutes ago, Castanza said:

Man the dip this past month has changed my portfolio composition drastically. Not in any particular order...

 

 

Additional accounts at Vanguard and IBRK:

SSD
MSFT
BRK.b
META
BX
NNI
SBRCY
EASDY
FFXDF
RTO
NVO
RTX

Some quality names.  If you had to pick 5 with no tax considerations?

Edited May 1, 2025 by nwoodman

[Castanza]

14 minutes ago, nwoodman said:

A nice set of names.  If you had to pick 5 with no tax considerations?

Damn not sure I could do just 5 so I'll go 10. In terms of just business/management quality without regard for equity price in the short-term but a 30+ year timeline.

 

1-3 Easy

Fairfax 20%

Berkshire 20%

Constellation 20%

 

4-5 Tough

Alphabet or Meta each 10%

 

6-10 Tougher

Copart, NNI, CCJ , JOE, Topicus each 5%

 

Edit: If you told me I had to take my net worth and allocate it for the next 30 years I'd probably roll with the above and close my eyes. Slightly levered on 1-3. 

Edited May 1, 2025 by Castanza

[villainx]

Your list reminds me that I really have to get moving on looking into the insurance brokers and TPL.

 

 

[Eldad]

48 minutes ago, Castanza said:

Damn not sure I could do just 5 so I'll go 10. In terms of just business/management quality without regard for equity price in the short-term but a 30+ year timeline.

 

1-3 Easy

Fairfax 20%

Berkshire 20%

Constellation 20%

 

4-5 Tough

Alphabet or Meta each 10%

 

6-10 Tougher

Copart, NNI, CCJ , JOE, Topicus each 5%

 

Edit: If you told me I had to take my net worth and allocate it for the next 30 years I'd probably roll with the above and close my eyes. Slightly levered on 1-3. 

Now for the hard part. Sit and do nothing. 

[valueventures]

7 hours ago, Castanza said:

Damn not sure I could do just 5 so I'll go 10. In terms of just business/management quality without regard for equity price in the short-term but a 30+ year timeline.

 

1-3 Easy

Fairfax 20%

Berkshire 20%

Constellation 20%

 

4-5 Tough

Alphabet or Meta each 10%

 

6-10 Tougher

Copart, NNI, CCJ , JOE, Topicus each 5%

 

Edit: If you told me I had to take my net worth and allocate it for the next 30 years I'd probably roll with the above and close my eyes. Slightly levered on 1-3. 

Great names and nice overlap with my portfolio.

 

I don’t currently have any exposure to the Constellation Software family. Curious why you would weigh CSU so much more heavily than TOI? My concern with CSU is size / length of runway. TOI has a much smaller market cap and more room to compound from over time in my opinion. I’m leaning towards starting a position in TOI on a pullback, but hard when it’s always at all time highs…haha

[Blugolds]

Our ports are very similar with the majority of my port sharing your 1-3, the remainder in 4-5 with the addition of COST. As stated the majority is waiting for good entry when opportunity presents, smaller positions in various other names when opportune time. Also significant portion in ETF sharing the same reasoning as Par, no need to force things when singles and doubles will do.  
 

CSU is a very high quality with beautiful management, seems to always be priced at a premium. I’ve listened to several podcasts and have added to my position over the years. They do things right on so many levels. Wish I owned more. 
 

Some might call it a boring port, but it works and allows me to ignore the noise. Also always remember Charlie saying, rather than being exactly right, try to never be exactly wrong, none of the holdings in the port will ever be exactly wrong and I sleep well at night. 

[Castanza]

19 minutes ago, valueventures said:

Great names and nice overlap with my portfolio.

 

I don’t currently have any exposure to the Constellation Software family. Curious why you would weigh CSU so much more heavily than TOI? My concern with CSU is size / length of runway. TOI has a much smaller market cap and more room to compound from over time in my opinion. I’m leaning towards starting a position in TOI on a pullback, but hard when it’s always at all time highs…haha

Eh people have been saying that about CSU for a long time. There are hundreds of thousands of opportunities out there. Chris Mayer has talked about this quite a bit in some of his writings and I believe Leonard has addressed it too. With AI who knows what the future holds in this space. Just trying to trust the operators here and not my own judgement on the future. 
 

Weighting is just based on track record. I know Leonard has final say still with Topicus and the European market seems ripe. Could see more spins off of CSU over time as well so it’s easier to capture a bigger share of those. 
 

I picked up a good amount of both when they dipped these last few months. 

[Eldad]

39 minutes ago, Castanza said:

Eh people have been saying that about CSU for a long time. There are hundreds of thousands of opportunities out there. Chris Mayer has talked about this quite a bit in some of his writings and I believe Leonard has addressed it too. With AI who knows what the future holds in this space. Just trying to trust the operators here and not my own judgement on the future. 
 

Weighting is just based on track record. I know Leonard has final say still with Topicus and the European market seems ripe. Could see more spins off of CSU over time as well so it’s easier to capture a bigger share of those. 
 

I picked up a good amount of both when they dipped these last few months. 

When I first tried Chatgpt I decided to de-risk some of my CSU position because the stock popped really big the winter of 2023 if I remember correctly and I thought it was a threat. 
 

Then at the annual meeting a few months later all of the CSU guys basically acted like all of the questions regarding AI potentially killing VMS were the stupidest things they had ever heard. I felt pretty dumb. 
 

It is still my largest holding at 14% but that sell is nearing a six figure mistake today. 
 

You are right when you say trust ML and the experts and don’t jump to conclusions based on your limited knowledge. 
 

I too own way more CSU than the spins. CSU owns 60%ish of both. I also feel that ML will pivot someday to a potentially even more lucrative or risk abating strategy and CSU will be the vehicle at the forefront. Plus the future spins, etc. 

 

The three of them are 20% for me and I consider them one investment. 

[Castanza]

47 minutes ago, Eldad said:

When I first tried Chatgpt I decided to de-risk some of my CSU position because the stock popped really big the winter of 2023 if I remember correctly and I thought it was a threat. 
 

Then at the annual meeting a few months later all of the CSU guys basically acted like all of the questions regarding AI potentially killing VMS were the stupidest things they had ever heard. I felt pretty dumb. 
 

It is still my largest holding at 14% but that sell is nearing a six figure mistake today. 
 

You are right when you say trust ML and the experts and don’t jump to conclusions based on your limited knowledge. 
 

I too own way more CSU than the spins. CSU owns 60%ish of both. I also feel that ML will pivot someday to a potentially even more lucrative or risk abating strategy and CSU will be the vehicle at the forefront. Plus the future spins, etc. 

 

The three of them are 20% for me and I consider them one investment. 

This forum is the only reason I found out about CSU. I read about it for years on here before I took a position. At first (immaturely) I thought…”who tf wants to own a Canadian based Software Rollup? Then I read about Leonard, followed the thread, read the annual reports and shareholder letters and leaned into some other writings out there by other investors. Still though it always looked expensive. Jumping to conclusions is a poor starting point for value investing. Meanwhile it was up 30% annually each year I passed. Eventually said you know what I like the management and the company and their track record. 

[Spooky]

Looks like we all have somewhat similar portfolios! CSU is about 55% of my portfolio now and BRK 21%. I've also been building up a position in FFH but that is only about 6%.

[schin]

On 3/28/2025 at 2:33 PM, thowed said:

 

This is a great point that I hadn't considered, thank you.

 

And even more so, given the cash level, which is obviously looking better and better, but less so if the above is true.

 

And from experience with people in the UK (and elsewhere) we should never underestimate how difficult succession is, even when it's been prepared for.  It can work, and part of me think it's actually obvious in advance when the right person is in place.

 

Warren can be very personable... but, I have not heard anybody sell their family business to them recently... Also, have you heard anybody say... I want Greg Abel to be a steward of my business? Or I am in trouble, I think Greg Abel can fix this or give me money rather than Goldman Sach.

 

It's just different now.

[Spekulatius]

 

On 5/1/2025 at 10:28 AM, Castanza said:

Damn not sure I could do just 5 so I'll go 10. In terms of just business/management quality without regard for equity price in the short-term but a 30+ year timeline.

 

1-3 Easy

Fairfax 20%

Berkshire 20%

Constellation 20%

 

4-5 Tough

Alphabet or Meta each 10%

 

6-10 Tougher

Copart, NNI, CCJ , JOE, Topicus each 5%

 

Edit: If you told me I had to take my net worth and allocate it for the next 30 years I'd probably roll with the above and close my eyes. Slightly levered on 1-3. 

No more $RTX ?

Edited May 4, 2025 by Spekulatius

[ValueMaven]

BRKB

CSU

HEI.A

Citi Preferred (10% yield)

T-Bills 

 

I've recently sold: TPL, FICO, and BX

[Castanza]

1 minute ago, Spekulatius said:

 

No more $RTX ?

It was tough but yeah I ended up selling it all the way down. Too many other bargains out there and it seemed like a good contender to use for additional cash. The position was oversized for some time and I probably wouldn’t have sold it all the way down; but considering the waves in the defense industry I figured I’ll take the chance. It’s one of the only defense stocks to avoid the dip….if we do hit a recession and defense diversifies to other countries I’m guessing this will eventually get caught in the drag. 

[valueventures]

On 5/1/2025 at 10:28 AM, Castanza said:

Damn not sure I could do just 5 so I'll go 10. In terms of just business/management quality without regard for equity price in the short-term but a 30+ year timeline.

 

1-3 Easy

Fairfax 20%

Berkshire 20%

Constellation 20%

 

4-5 Tough

Alphabet or Meta each 10%

 

6-10 Tougher

Copart, NNI, CCJ , JOE, Topicus each 5%

 

Edit: If you told me I had to take my net worth and allocate it for the next 30 years I'd probably roll with the above and close my eyes. Slightly levered on 1-3. 

Also curious why Topicus over Lumine? I think Topicus has a larger TAM / investable universe and likely a longer growth runway as a result. Is that your take too? Thanks!

[Castanza]

4 hours ago, valueventures said:

Also curious why Topicus over Lumine? I think Topicus has a larger TAM / investable universe and likely a longer growth runway as a result. Is that your take too? Thanks!

ROE, ROA, NPM, debt, P/S etc. all better currently. Primarily though I like the TAM better. Not into the media angle of Lumine. Topicus seems like a more durable business long-term with better runway. 

[thowed]

Yep, I think both will do well, but Lumine likely to be lumpier, as smaller and more niche so acquisitions less frequent (but will probably move dial more).  Both lumpy to a degree of course, Topicus did so much stuff at start of year after a quieter 2024.

[Marco Van Basten]

Aerospace bucket: Safran/GE, Transdigm and Airbus.  Roughly 20-22%.  Bought TDG in June of 2022, GE in March of 2024, Safran in 2022, Airbus - April of 2025.

Sand/grave/crushed stone/cement bucket: MCEM, MLM, CRH, ACA & Heidelberg materials.  Roughly 22-25% of the portfolio

Insurance: 20% of the portfolio - Fairfax, Progressive and Chubb

Tel-Aviv stock exchange - 13% of the portfolio

New England Realty - 13% of the portfolio

CASY, JOE, CDI FP, MSGE, Ashtead plc, URI, CP, GHC, SUI = another 40%.

Some positions are held through LEAPS, and exposure is measured on a delta basis, hence gross long exposure is higher than 100%.  

 

[Seoshin]

-NTDOY
-TOI.V
-CPNG
-BRK.B
-ASML
-ATCO.B
-DHR
-TXN
-ADYEN
-TEQ
-RMS
-IGIC

In order of largest weighting to smallest.

[Xerxes]

On 5/29/2025 at 12:57 PM, Marco Van Basten said:

Aerospace bucket: Safran/GE, Transdigm and Airbus.  Roughly 20-22%.  Bought TDG in June of 2022, GE in March of 2024, Safran in 2022, Airbus - April of 2025.

Sand/grave/crushed stone/cement bucket: MCEM, MLM, CRH, ACA & Heidelberg materials.  Roughly 22-25% of the portfolio

Insurance: 20% of the portfolio - Fairfax, Progressive and Chubb

Tel-Aviv stock exchange - 13% of the portfolio

New England Realty - 13% of the portfolio

CASY, JOE, CDI FP, MSGE, Ashtead plc, URI, CP, GHC, SUI = another 40%.

Some positions are held through LEAPS, and exposure is measured on a delta basis, hence gross long exposure is higher than 100%.  

 

Why Tel Aviv exchange ?

 

exchange are good business as often brokerage are. But why a large +10% weighing. And why that one 

 

Is there a large privatization program that you are expecting to fuel more business … 

 

if it was Hong Kong say 20 years ago or Singapore, or Shanghai I can understand the macro tailwind.