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2012 Returns


rkbabang
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I had a roller coaster year.  I was down almost 20% at one point and I finished up 9.4%.  I should have invested in BAC earlier.  I spent months making the decision while my portfolio was plumiting the whole time.  In retrospect I should have moved most of it to cash while doing my research.

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Up about 64% this year with a tailwind going into year-end.  Some of it may be taken away next year.  We will see.  I made a mistake of purchasing Freddie Mac pfds before the nationalization announcement.  The 10-yr returns are about 27% with mistakes which I find incredible.

 

Packer 

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Up about 64% this year with a tailwind going into year-end.  Some of it may be taken away next year.  We will see.  I made a mistake of purchasing Freddie Mac pfds before the nationalization announcement.  The 10-yr returns are about 27% with mistakes which I find incredible.

 

Packer

 

Very impressive. This year I am up 26%. Pretty happy with that. Especially given that I have quite a diversified portfolio because I'm not yet convinced about my own capabilities to beat the market. Hope to continue learning a lot next year, I really appreciate your insights on this forum.

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Up about 17% for the year. INTCs drop caused the largest loss, BAC WS-A caused the largest gains.

 

 

Hopefully next year I can learn from the wisdom of my fellow board members and not repeat the same mistakes I made, while compounding on the opportunities presented!

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WOLF was a buy-out earlier this year also with selling LNET before the collapse and FRE after the collapse and 100% losses in EXC and NRG LEAPs.  I have added some of these during the year.  My current top 10 include: TVL, SALM, ATSG, AIQ, GTN, SD, BAC, BAC-WTA, FFH, GM-WTB and RNK.TO.

 

Packer

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Up ~20% this year. Think I would describe my portfolio as something between quite diversified and concentrated. I don't have positions that make up 20%+ of my portfolio, but with around 20/30 positions every single position could impact returns in a meaningful way. The biggest contributor to my performance was SALM (+100%), think Packer16 recognizes the name ;)

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+8%. First year of underperformance since starting up in 08. Made some blunders that I think I have learned from, but mostly I couldn't find all that many cheap stocks domestically, so that's why I have widened my search. It's a slower process finding good stocks abroad, though. I think this has been the year when I have made the furthest progress in thinking and process so it's not all bad.

 

My CAGR since 08 is 17.6%.  But considering how clueless I have been for most of that time you have to put the bulk of that overperformance down to luck. I'd be ecstatic if I could keep making those kinds of returns, obviously.

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+37% before taxes, a monster year for me.  Following a +2% year in 2011, I maintained 100% long throughout 2012 in eight positions plus a basket of uncorrelated special situations.  Started year with no single position over 20% of portfolio.  I am a full time investor.  Some highlights (and lowlights):

 

 

BAC and BAC A warrants (I added more three times during the year):  +109%, +66%, +54%, +45%

 

BBSI +93%: Bought this owner-operated California PEO in 2009.  Owner died last year and the company bought back all his family's shares in one transaction equal to 30% of outstanding.  This is now a 4-bagger vs. my average cost.

 

RJET +65%:  Good management and restructuring efforts have keep costs down and business competitive.  Several catalysts in 2013.  Expects to generate $1.20 cash in 2013 vs. a year end close of $5.68. 

 

WFC +27%

 

BRK +17%

 

WRB +13%

 

Uncorrelated basket: +12%

 

MSFT  0%

 

PNCL -96%:  a painful and humbling goose egg.  My only good decision here was to avoid making this a big position.  In future, I will stay away from businesses with one customer and be more sensitive to the potential for deceitful actors.

 

 

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+33.7%

 

Top 10 holdings: GNW (biggest winner), AAPL, INTC (biggest loser), BRK-B, SYA, TEVA, GLW, F, CYD, EMC. Currently 125% long, 33% short. Other contributors: VQ, PPP, C.

 

My timing was above average, raised some cash going into Q2 and redeployed it going into Q3.

 

Have been actively investing since 2007.  2012 felt like a breakthrough in my thinking about investments, especially portfolio structure.

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+3%. Lower than normal as we took significant year over year losses on FBK, & pulled 1/2 our capital out following the buyout. We also put 75% of the remaining capital into cash from mid November onward. All told, a very good result.

 

We reinvested in 3 exceptional buys mid month, & fully expect that 2013-2016 are more than likely to make up for this years result.     

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