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John Vincent  

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  • Tracking Prem Watsa's Fairfax Financial Holdings Portfolio - Q1 2015 Update [View article]
    Hi fcbergeron,

    As of Q1 2015, BV was $394.22. So, 1.13x would be $445.45 which is $547.90 CAD @ 1.23 exchange rate. Compared to long-term averages that bk_h quoted, Fairfax is trading at a ~10% premium.

    All the best,
    John.
    May 25, 2015. 11:07 PM | 1 Like Like |Link to Comment
  • Tracking Ole Andreas Halvorsen's Viking Global Portfolio - Q1 2015 Update [View article]
    Hi BAHAMAS1,

    Thank you for your comment.

    Over the years, I have seen many super-investors including Halvorsen use a strategy that can be termed "nibble and drop or build" - ie, they first purchase a very small starter position and over the following quarters either build on it or eliminate it. You can see what I mean from Viking's following trades this quarter: ANTM, CCE, IR, POT, SHPG, and WMT. They were all starter positions established last quarter but eliminated this quarter.

    All the best,
    John.
    May 25, 2015. 09:37 AM | 1 Like Like |Link to Comment
  • Tracking Dan Loeb's Third Point Portfolio - Q1 2015 Update [View article]
    It is corrected now.
    May 24, 2015. 10:04 PM | Likes Like |Link to Comment
  • Tracking Dan Loeb's Third Point Portfolio - Q1 2015 Update [View article]
    Hi bminas,

    Thank you for pointing out the errors in the quoted prices for YUM. I have put in a correction request.

    All the best,
    John.
    May 24, 2015. 09:21 PM | Likes Like |Link to Comment
  • Tracking Carl Icahn's Portfolio - Q1 2015 Update [View article]
    Hi Doug,

    Compared to historical valuations, IEP is actually trading at a high level. I suspect it is because the shares have a built-in Icahn premium. That premium has actually gone up over the last few years because Icahn had some big recent home runs (NFLX, AAPL, etc.). IEP will grow into the valuation if Icahn can continue to deliver at the same level.

    Please see the Price to BV ratio over time to see what I mean: http://bit.ly/1SvzY2W .

    All the best,
    John.
    May 24, 2015. 02:22 AM | 1 Like Like |Link to Comment
  • Tracking Seth Klarman's Baupost Group Holdings - Q1 2015 Update [View article]
    Hi johnnyospanov,

    Thank you for your comment.

    That 13G you referenced is an amendment for CY2014 and so the Q1 2015 13F is the more recent update. But, the share count in 13G is inconsistent with what is in the 13F for Q4 2014 as well. I am not sure why.

    All the best,
    John.
    May 24, 2015. 01:49 AM | Likes Like |Link to Comment
  • Tracking Carl Icahn's Portfolio - Q1 2015 Update [View article]
    Hi giofls,

    Thank you for being persistent. I see your point. When looking at the 13F report as a portfolio, IEP looks redundant. As you said, there is no way for a single entity to directly own ~81% of FDML & ~88% of IEP as IEP directly owns ~81% of FDML. The issue exists with all entries although it is most obvious with FDML. This happens probably because the 13F is a consolidated report.

    All the best,
    John.
    May 22, 2015. 08:16 PM | Likes Like |Link to Comment
  • Tracking Carl Icahn's Portfolio - Q1 2015 Update [View article]
    Hi giofls,

    Thank you for your comment.

    I do not believe there is any double-counting. The structure is confusing but the 13F under "Icahn Carl C" on which this article is based can be visualized as an umbrella - see "List of Other Included Managers" section in the report - http://1.usa.gov/1LsLGXp .

    The best graphic of the IEP structure I have seen is in their Investor Presentation (slide 9). Please see http://bit.ly/1LsLION .

    Hope this helps.

    All the best,
    John.
    May 22, 2015. 09:31 AM | 1 Like Like |Link to Comment
  • Tracking David Tepper's Appaloosa Management Portfolio - Q1 2015 Update [View article]
    Hi user158,

    Thank you for your comment.

    The ~24% portfolio stake in S&P 500 & Nasdaq 100 ETF Calls is a leveraged bet - the strikes, call premiums, etc. are unknown as there is no regulatory requirement to disclose them - so, the actual leverage is also unknown.

    The "equity portfolio increase" percentage have no correlation with the actual returns. Tepper's trading style causes wide variations in positions quarter-to-quarter. AUM is known to be well over $30B and only about one-third is in US equities.

    All the best,
    John.
    May 22, 2015. 07:17 AM | 1 Like Like |Link to Comment
  • Tracking George Soros's Portfolio - Q1 2015 Update [View article]
    Hi bk_h,

    His trading style (a type of trend following) is unique. It is also consistent with what he has done historically. There is huge turnover in the holdings quarter-to-quarter. It is a sucker's bet to try and follow him blindly. But, from the trades, it is possible to identify the trends he is exploiting.

    All the best,
    John.
    May 20, 2015. 01:08 PM | 1 Like Like |Link to Comment
  • Tracking Mohnish Pabrai's Portfolio - Q1 2015 Update [View article]
    Hi Ilanbigfoot,

    Thank you for your comment.

    US listed 13F securities are what is disclosed quarterly. Pabrai does that only because it is a regulatory requirement. Other holdings are generally not known. He is fairly secretive and made that point in his 2005 letter by quoting Buffett: "Despite our policy of candor, we will discuss our activities in marketable securities only to the extent legally required. Good investment ideas are rare, valuable and subject to competitive appropriation just as good product or business acquisition ideas are."

    All the best,
    John.
    May 20, 2015. 12:53 PM | 1 Like Like |Link to Comment
  • Tracking Seth Klarman's Baupost Group Holdings - Q1 2015 Update [View article]
    Hi Greenfire87,

    The article's scope is US listed stocks (13F securities). As noted in the article, that is less than ~20% of Baupost's overall portfolio.

    All the best,
    John.
    May 19, 2015. 12:46 PM | Likes Like |Link to Comment
  • Tracking Jeffrey Ubben's ValueAct Portfolio - Q1 2015 Update [View article]
    Hi buffett222,

    Thank you for pointing out the error in the ticker. I have submitted a correction.

    All the best,
    John.
    May 19, 2015. 12:15 PM | 3 Likes Like |Link to Comment
  • Tracking Bruce Berkowitz's Fairholme Portfolio - Q1 2015 Update [View article]
    Hi urikr11,

    I agree, that is a limitation - what is not disclosed is not reported - only 13f securities are required to be disclosed. They "erroneously" disclosed their position in Q2 2014 and I reported that - please see http://seekingalpha.co... . But, the actual current stake is not unknown.

    All the best,
    John.
    May 19, 2015. 12:11 PM | Likes Like |Link to Comment
  • Tracking David Abrams' Abrams Capital Management Portfolio - Q1 2015 Update [View article]
    Hi confused_in_fl,

    VimpelCom ADR is a 13f security and that is why it is reported. Please see http://1.usa.gov/1Ac3LYD .

    All the best,
    John.
    May 19, 2015. 03:45 AM | Likes Like |Link to Comment
COMMENTS STATS
342 Comments
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