what are you selling today?

[rolling]

Signs of a bull market, this topic is dead for over 6 months.

 

Sold out BRK-B today. I think it is still undervalued but made a decent gain in a month or two and now I'm going back to my small companies corner.

[EricSchleien]

Sold 75% of my position in Markel

[woltac]

MTB

[Nell-e]

Wondering why this thread is dead while the "buy" thread is active.  That being said I haven't sold anything lately either.

[John Hjorth]

Nell-e,

 

Some board members actually do not sell, or sell seldom. [i.e. longinvestor and Valuehalla are in that camp, and you can include me there.]

Some board members selling or reducing their positions prefer to post about it in the particular topic in the Investment Idea forum.

Some board members prefer to post about their rebalancings gathered as one post in the buying topic.

Some board members don't post in detail about their doings. [We don't have to.]

 

- - - o 0 o - - -

 

I appreciate you asking. It's a big board. It takes time to find out how things actually work around here.

[writser]

And we're in year nine of a bull market. We've bullied away the sellers on this forum and replaced them with compounders.

[rb]

And we're in year nine of a bull market. We've bullied away the sellers on this forum and replaced them with compounders.

I got an itchy sales finger. I must sit on my hands.

[rukawa]

I've been thinking a lot about selling my most expensive net nets (trading at around 0.75% of NCAV) and buying even cheaper net-nets or ones which have heavier cash balances like Namura Shipbuilding, KDM Shipping or Kikukawa Enterprises.

[TwoCitiesCapital]

It's also because some of us think it's kind of pointless to have two threads for the same purpose - I post my sales in the "What are you buying" thread just so all transactions are discussed in one place.

 

Also, I don't post ALL of my transactions - just the ones that cross my mind at the time and the ones that might be worth discussing. I imagine other board members are the same.

[John Hjorth]

WFC. [All out.]

[John Hjorth]

Not actually today, but Wednesday this week, where there was a price peak during the day:

 

"Legacy assets":

 

MAERSK B.CPH [A. P. Møller - Mærsk A/S, ser. B], at DKK 9,000.00.

 

My brother built a position gradually November 2014 - March 2015 at average cost at ~DKK 13,400/share, doubled down at ~DKK 8,600 in February 2016, sold half in November 2017 at ~DKK 10,400 based on my recommendation, just before he gave me trading power of attorney on his behalf. He's now out with a positive zero, because of dividends.

 

I'm happy it's over now - the future for this company does not exactly appear to be bright.

[Spekulatius]

Not actually today, but Wednesday this week, where there was a price peak during the day:

 

"Legacy assets":

 

MAERSK B.CPH [A. P. Møller - Mærsk A/S, ser. B], at DKK 9,000.00.

 

My brother built a position gradually November 2014 - March 2015 at average cost at ~DKK 13,400/share, doubled down at ~DKK 8,600 in February 2016, sold half in November 2017 at ~DKK 10,400 based on my recommendation, just before he gave me trading power of attorney on his behalf. He's now out with a positive zero, because of dividends.

 

I'm happy it's over now - the future for this company does not exactly appear to be bright.

 

The shipping industry is a disaster. Sure, money can be made in an disastrous industry, but why go there, when there are far easier way to do equally well with much less risk and effort.

[Spekulatius]

Reduced my position in ENB and FB a bit. I added to FB after a disaster CC and now have reduced my position to what I had prior. ENB was an overweight holding that I reduced after the run up. I started buying into this to early. Still one of my largest holdings right now.

[cameronfen]

Reduced my position in ENB and FB a bit. I added to FB after a disaster CC and now have reduced my position to what I had prior. ENB was an overweight holding that I reduced after the run up. I started buying into this to early. Still one of my largest holdings right now.

 

Same idea as you with FB.  Bought after CC, will reduce around 195 to my normal position. 

[John Hjorth]

More "legacy assets" in my brothers portfolio - small positions:

 

FLS.CPH [F. L. Smidth & Co. A/S] [Website].

NDA DKK.CPH [Nordea Bank AB].

PAAL B.CPH [Per Aaarsleff Holding A/S B] [Website].

 

- - - o 0 o - - -

 

End of of legacy sweep, except PNDORA.

[Guest MarkS]

CAH - that wasn't a pretty quarter.

[Spekulatius]

CAH - that wasn't a pretty quarter.

 

Why CAH and not the better managed MCK or ABC? Valuation is a bit less for CAH, but I think the better management at MCK or ABC more than compensates for the valuation difference.

[gfp]

Didn't ask me, but its a selling thread

 

CAH - that wasn't a pretty quarter.

 

Why CAH and not the better managed MCK or ABC? Valuation is a bit less for CAH, but I think the better management at MCK or ABC more than compensates for the valuation difference.

[John Hjorth]

First [lowest] sell order for PNDORA.CPH [of 1/3, at 370] just filled.

[John Hjorth]

Second sell order for PNDORA.CPH [1/2 of the rest of the position, at 390] just filled.

[John Hjorth]

Third & last sell order for PNDORA.CPH [the rest of the position, at 410] just filled.

[CorpRaider]

Think of flipping from $CAG into $KHC.  Seem roughly similarly valued and I won't have the paid through the nose/integration risk with the $PF deal. 

[Cigarbutt]

Sold about half of BRK.b holdings today.

Could be a relative mistake as the other Buyer may have a particular sense of intrinsic value.

 

Bought recently after Mr. Buffett "signalled" a message which I thought was inefficently picked up by Mr. Market and made it about a 27% position. Would be happy to hold BRK.b forever and it has been used as an opportunity cost reference. However, I felt I needed to bring the position down to size within my portfolios. Interesting also because I have been selling another relatively illiquid security (small position) over a few days and was able to sell BRK.b in 11 separate accounts during the last 8 minutes of trading.

 

[John Hjorth]

That actually reads like you have done a great short term trade in Berkshire, Cigarbutt,

 

To me it reads like you have done 6 - 7 percent within about 3 weeks on north of 10 percent of your total capital.

 

I came across a tweet by Ed Borgato today:

 

The phrase "buy and hold" should actually be "buy and keep learning; and always leave room to change your mind."

 

Doesn't actually have the same ring to it.

 

A part of it is also about learning about ourselves, right? [ : - ) ]

[Cigarbutt]

...

I came across a tweet by Ed Borgato today:

 

The phrase "buy and hold" should actually be "buy and keep learning; and always leave room to change your mind."

 

Doesn't actually have the same ring to it.

 

A part of it is also about learning about ourselves, right? [ : - ) ]

So much to learn and so little time.

I guess you could call this work in progress but this short term stuff is mostly noise.

Ideally, it would be nice (and the right thing?) to be able to think like this gentleman, whom you may have heard of:

http://csinvesting.org/wp-content/uploads/2016/02/Nick-Train-The-King-of-Buy-and-Hold.pdf

For still an undefined period, will continue to have in mind St-Augustine's prayer who had his own way of formulating the paradigm between excellence and finish lines: "Lord make me pure, but not yet".

I'm also looking forward to your comments (especially concerning what's written between the lines) about Mr. Marks' latest book.