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John Vincent  

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  • Tracking Warren Buffett's Berkshire Hathaway Portfolio - Q2 2015 Update [View article]
    Hi Scootrd,

    Thank you for this great comment - I have made it the author's pick.

    Most probably, PSX was a holding for which Buffet used the section 13(f) Confidential Treatment Request (http://tinyurl.com/ojl...) to not disclose the position in the Q2 2015 13F report. The stake was being built in Q2 2015 and by late August crossed the 10% threshold, thereby triggering the regulatory requirement to file Form 3/4.

    You are absolutely correct that blindly mimicking Berkshire is a losing strategy. 13F based reporting has many pitfalls and the Confidentiality Treatment Request is one that Berkshire uses periodically. Recent examples - IBM, Exxon, and Deere.

    All the best,
    John.
    Aug 29, 2015. 08:54 PM | Likes Like |Link to Comment
  • Tracking Mason Hawkins' Southeastern Asset Management Portfolio - Q2 2015 Update [View article]
    Hi vigma,

    Thank you for your question.

    The issue you touch on is a rather important point with the 13F reports. Basically, the regulation says to report long stakes on 13F securities but does not indicate whether/how to report nominal long positions established using options. In Southeastern's case, the Longleaf fund reports indicate around half their CHK position is synthetic - wrote puts (also has a knock-in feature) and bought calls at the same strike. The 13F report on CHK does not designate how the long is structured at all and so it is unclear.

    Also, note that what Longleaf funds hold is a subset of what Southeastern reports in the 13F as that report also includes positions held in separately managed accounts.

    All the best,
    John.
    Aug 27, 2015. 09:31 AM | 3 Likes Like |Link to Comment
  • Tracking Bill Ackman's Pershing Square Portfolio - Q2 2015 Update [View article]
    Hi Sunshine123,

    The best work I have read on recent market action is http://seekingalpha.co... . There are a couple of links in that article to other works from the same author which are golden as well.

    All the best,
    John.
    Aug 23, 2015. 11:04 AM | Likes Like |Link to Comment
  • Tracking David Tepper's Appaloosa Management Portfolio - Q2 2015 Update [View article]
    Hi user158,

    Thank you for your feedback. I will be sure to incorporate that info, if available.

    All the best,
    John.
    Aug 21, 2015. 01:02 PM | 2 Likes Like |Link to Comment
  • Tracking Carl Icahn's Portfolio - Q2 2015 Update [View article]
    Hi jraskib,

    Thank you for your comment.

    Regarding IEP, there are a couple of things that should be considered:

    a) IEP is more volatile compared to the overall market,
    b) IEP Price/BV has come down in the last few months but is still above the range it traded at before 2013: http://bit.ly/1SvzY2W .

    All the best,
    John.
    Aug 21, 2015. 12:07 PM | Likes Like |Link to Comment
  • Tracking Dan Loeb's Third Point Portfolio - Q2 2015 Update [View article]
    Hi Anonymous Valueinvestor,

    Thank you for your question.

    The 13D regulatory filing (http://1.usa.gov/1Jp7MLy) has the following line: "The Funds expended an aggregate of approximately $2,122,774,805 of their own investment capital to acquire the 52,500,000 shares of Common Stock held by them. "

    All the best,
    John.
    Aug 21, 2015. 11:46 AM | 1 Like Like |Link to Comment
  • Tracking Carl Icahn's Portfolio - Q2 2015 Update [View article]
    Hi giofls,

    Thank you for your question. We had this conversation in the comments section on my previous update (see the comments stream at http://seekingalpha.co...) and came to the conclusion that there is double counting, when looking at the 13F holdings as a portfolio.

    As a clarification, the following note is included near the beginning of this article:

    Note: Icahn's 13F filing is a consolidated report and so should not be viewed as a single portfolio. Specifically, Icahn Enterprises holds several of the businesses and the entities in turn hold Icahn Enterprises. For an idea on the business structure, check-out Icahn Enterprises Investor Presentation (Slide 9 in http://bit.ly/1WHcGsN) and the "Included Managers" list in the 13F Header (http://1.usa.gov/1WHcGsP).

    All the best,
    John.
    Aug 20, 2015. 12:08 PM | Likes Like |Link to Comment
  • Tracking Carl Icahn's Portfolio - Q2 2015 Update [View article]
    Hi Mike Serebrennik,

    Thank you for your comment.

    He has PYPL but it is not in the report as the spinoff happened after the quarter ended.

    All the best,
    John.
    Aug 20, 2015. 09:45 AM | Likes Like |Link to Comment
  • Tracking David Einhorn's Portfolio - Q2 2015 Update [View article]
    Hi Balance sheet guru,

    Thank you for your comment.

    My numbers are from Einhorn's Q2 2015 letter and so should be accurate as of 6/30/2015. The link you provided includes the numbers for July and so is different.

    All the best,
    John.
    Aug 19, 2015. 10:54 PM | Likes Like |Link to Comment
  • Tracking Warren Buffett's Berkshire Hathaway Portfolio - Q2 2015 Update [View article]
    There is confusion surrounding cost-basis vs business ownership stake:

    a) Stock splits affect cost-basis while ordinary dividends and buybacks do not.
    b) Buybacks affect ownership stake while dividends and stock splits do not.

    Hope this helps.

    All the best,
    John.
    Aug 18, 2015. 09:54 AM | 1 Like Like |Link to Comment
  • Tracking Bill Ackman's Pershing Square Portfolio - Q2 2015 Update [View article]
    Hi Sunshine123,

    Thank you for your interest.

    The Q2 2015 update on Peltz and Icahn will be out in the coming days.

    All the best,
    John.
    Aug 17, 2015. 08:35 PM | Likes Like |Link to Comment
  • Tracking Prem Watsa's Fairfax Financial Holdings Portfolio - Q2 2015 Update [View article]
    Hi StreetWyze,

    Thank you for your comment.

    The $17 number is from Watsa's letter to shareholders for 2012: "We own approximately 10% of the company at an average cost of $17 per share and we are excited about its prospects under Thorsten’s leadership and Mike’s technical genius." The cost basis on the common has not changed much as his share count came down from ~51M shares (EOY 2012) to ~47M shares now.

    The cost-basis would come down to approximately $14 after conversion of the Q4 2013 convertible debentures (around 100M share implied dilution of which half is to Fairfax at a cost of $10).

    All the best,
    John.
    Aug 17, 2015. 08:31 PM | Likes Like |Link to Comment
  • Tracking Prem Watsa's Fairfax Financial Holdings Portfolio - Q2 2015 Update [View article]
    Hi joanquick.com,

    Thank you for pointing this out. I have submitted a correction request.

    All the best,
    John.
    Aug 17, 2015. 08:09 PM | Likes Like |Link to Comment
  • Tracking Warren Buffett's Berkshire Hathaway Portfolio - Q2 2015 Update [View article]
    Hi De Jong, Mart

    Please see "Note 3" near the end of the article for large positions mentioned in the AR, but not in the 13F. As mentioned in that note, Munich RE stake was at $4B (11.8% of the business).

    All the best,
    John.
    Aug 16, 2015. 09:32 PM | 1 Like Like |Link to Comment
  • Tracking Warren Buffett's Berkshire Hathaway Portfolio - Q2 2015 Update [View article]
    Hi Buell_jammer,

    HNZ started trading on July 6th. So, it was not in the Q2 2015 13F on which this article is based. Please see the following link for details on that position: http://bloom.bg/1K0P39M

    All the best,
    John.
    Aug 16, 2015. 09:25 PM | Likes Like |Link to Comment
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