So, for fun, I wrote a script that grabs manager holdings and compares the portfolio since the last time a 13F was filed. This is available at places like dataroma.com but I wanted to be able to check out my own institutions that may not be superinvestors.
When I wanted to diff the 13F files, I used to download them to a spreadsheet and do it manually. It was a pain because for companies like BRK who may have the same stock listed across subsidiaries, you had to aggregate the holdings. Many of you know what a pain that is.
Computer Stuff (uh, yes, it’s a tangent)
Anyway, to make matters more interesting (OK, for most of you this part is irrelevant and not very interesting) I wrote this whole program on a Linux laptop (Ubuntu 14.04 at the time; I have since upgraded to Ubuntu 16.04) using the VIM editor (I used to use vi in a Unix environment a long time ago in my hedge fund days). Programmers know how much of a pain VI/VIM is until you get used to it. I had to refresh my memory but thought it was so cool to use vi again so I stuck it out and used it to write the whole program. (Now I use mostly Geany on my Linux machine, Notepad++ on Windows machines, and Idle or Spyder (depending on project) for Python).
The program itself is written in PHP, and I used the XAMPP/Apache web server as my local host. Anyway, something like this would have been much easier for me to write in Python, but I think I wanted some stuff on the web so wrote it directly in PHP. I haven’t worked with Flask/Django so wouldn’t know how to put Python-generated content on a website (well, there are other ways; I do use Python to update google sheets and then use PHP to grab google sheet data etc. for some non-financial stuff I do).
All of this happened a few months ago, actually.
…and here’s another thing (another tangent off a tangent). After turning my old, dead (or so I thought) Dell laptop (XPS M1710 that used to run Windows XP) into a Linux machine, I have really been loving the experience.
And what I noticed is that if you go to Barnes & Noble and look for computer-related magazines, you will see a bunch of them about Ubuntu, Linux and others. I love those Linux magazines but they are expensive. Why are they expensive? Because they are all published in Britain! Linux Voice, Linux Format etc… they are all published in the UK. Even the website design/programming related magazines are all UK magazines.
If you have kids, the other cool thing these days (other than Pokemon Go) is the Raspberry Pi, which is basically just a cheap computer on a motherboard (google it to see what it’s about). And that’s a UK invention, so of course, all of the Raspberry Pi related magazines are published in the UK.
Maybe there is something about the publishing industry in the UK that make these magazines possible. Or maybe there is too much commercialism in the U.S. for there to be support for anything open source (and therefore anything threatening Microsoft). I don’t know. If it’s open source, nobody is going to make money, and if nobody is going to make money, who is going to buy ad pages? Maybe that’s it.
But it makes me wonder. As a geek into this sort of thing, it seems like the UK is a much more exciting place. Also, it seems like they are more committed to teaching coding in the schools.
This sort of makes me wonder where the next wave of great innovations will come from. But, OK, who am I kidding? I’m sure the U.S. will keep leading the way.
Anyway, that’s straying too far from what this blog is supposed to be about.
Back to 13F’s
Let’s browse through some 13F’s. Most of this stuff has been seen and discussed already. Many websites track 13F’s closely and write about it, so I won’t mention most of the big investors.
Having said that, let’s look at BRK.
BERKSHIRE HATHAWAY INC
|KRAFT HEINZ CO||28,812,169||22.21%||325,634,818|
|WELLS FARGO & CO NEW||22,704,405||17.50%||479,704,270|
|COCA COLA CO||18,132,000||13.98%||400,000,000|
|INTERNATIONAL BUSINESS MACHS||12,329,439||9.51%||81,232,303|
|AMERICAN EXPRESS CO||9,211,866||7.10%||151,610,700|
|US BANCORP DEL||3,430,598||2.64%||85,063,167|
|DAVITA HEALTHCARE PARTNERS I||2,981,889||2.30%||38,565,570|
|WAL MART STORES INC||2,937,332||2.26%||40,226,402||-15,009,461||-27%|
|CHARTER COMMUNICATIONS INC N||2,134,924||1.65%||9,337,491||9,337,491||new|
|DEERE & CO||1,779,577||1.37%||21,959,246||-1,321,748||-6%|
|GOLDMAN SACHS GROUP INC||1,628,365||1.26%||10,959,519|
|GENERAL MTRS CO||1,415,000||1.09%||50,000,000|
|LIBERTY MEDIA CORP DELAWARE||1,073,699||0.83%||37,499,996||7,499,996||25%|
|U S G CORP||1,051,494||0.81%||39,002,016|
|LIBERTY GLOBAL PLC||902,592||0.70%||30,712,739||6,903,848||29%|
|VERIZON COMMUNICATIONS INC||837,652||0.65%||15,000,928|
|BANK OF NEW YORK MELLON CORP||809,137||0.62%||20,827,212|
|COSTCO WHSL CORP NEW||680,511||0.52%||4,333,363|
|M & T BK CORP||636,319||0.49%||5,382,040|
|AXALTA COATING SYS LTD||618,786||0.48%||23,324,000|
|SUNCOR ENERGY INC NEW||617,696||0.48%||22,275,381||-7,724,619||-26%|
|KINDER MORGAN INC DEL||496,708||0.38%||26,533,525|
|RESTAURANT BRANDS INTL INC||351,030||0.27%||8,438,225|
|GENERAL ELECTRIC CO||333,233||0.26%||10,585,502|
|WABCO HLDGS INC||296,420||0.23%||3,237,094|
|TWENTY FIRST CENTY FOX INC||242,148||0.19%||8,951,869|
|VERISK ANALYTICS INC||126,763||0.10%||1,563,434|
|MEDIA GEN INC NEW||59,672||0.05%||3,471,309|
|GRAHAM HLDGS CO||52,663||0.04%||107,575|
|JOHNSON & JOHNSON||39,677||0.03%||327,100|
|PROCTER & GAMBLE CO||26,705||0.02%||315,400|
|MONDELEZ INTL INC||26,305||0.02%||578,000|
|UNITED PARCEL SERVICE INC||6,399||0.00%||59,400|
|LEE ENTERPRISES INC||170||0.00%||88,863|
|CHARTER COMMUNICATIONS INC D||0||0.00%||10,326,803||-10,326,803||-100%|
(sorry, but my tables show adding and dumping Charter Communication, but that’s due to change in the class of stock, I suppose, from the merger. Name changes also show up like this in my tables so look at the whole table before assuming a position was dumped).
|DAVITA HEALTHCARE PARTNERS I||2,981,889||16.74%|
|CHARTER COMMUNICATIONS INC N||2,134,924||11.99%|
|GENERAL MTRS CO||1,415,000||7.95%|
|LIBERTY MEDIA CORP DELAWARE||1,073,699||6.03%|
|LIBERTY GLOBAL PLC||902,592||5.07%|
|VERIZON COMMUNICATIONS INC||837,652||4.70%|
|BANK OF NEW YORK MELLON CORP||809,137||4.54%|
|AXALTA COATING SYS LTD||618,786||3.47%|
|SUNCOR ENERGY INC NEW||617,696||3.47%|
|KINDER MORGAN INC DEL||496,708||2.79%|
|RESTAURANT BRANDS INTL INC||351,030||1.97%|
|GENERAL ELECTRIC CO||333,233||1.87%|
|WABCO HLDGS INC||296,420||1.66%|
|TWENTY FIRST CENTY FOX INC||242,148||1.36%|
|VERISK ANALYTICS INC||126,763||0.71%|
|MEDIA GEN INC NEW||59,672||0.34%|
|GRAHAM HLDGS CO||52,663||0.30%|
|JOHNSON & JOHNSON||39,677||0.22%|
|PROCTER & GAMBLE CO||26,705||0.15%|
|MONDELEZ INTL INC||26,305||0.15%|
|UNITED PARCEL SERVICE INC||6,399||0.04%|
|LEE ENTERPRISES INC||170||0.00%|
|CHARTER COMMUNICATIONS INC D||0||0.00%|
|BROOKFIELD ASSET MGMT INC||395,284||16.73%||11,961,690||-979,557||-8%|
|BERKSHIRE HATHAWAY INC DEL||356,730||15.10%||2,432,332||-222,699||-8%|
|AMETEK INC NEW||344,723||14.59%||7,456,694||-484,585||-6%|
|SCHWAB CHARLES CORP NEW||292,606||12.39%||11,560,900||-719,054||-6%|
|WELLS FARGO & CO NEW||275,483||11.66%||5,820,464||-381,628||-6%|
|LIBERTY GLOBAL PLC||249,859||10.58%||8,685,850||-505,729||-6%|
|ALLISON TRANSMISSION HLDGS I||129,536||5.48%||4,588,604||4,588,604||new|
|WABCO HLDGS INC||128,135||5.42%||1,399,310||-102,928||-7%|
|CROWN HOLDINGS INC||74,230||3.14%||1,464,961||-1,496,522||-51%|
|US BANCORP DEL||62,431||2.64%||1,548,005||-413,603||-21%|
|VALEANT PHARMACEUTICALS INTL||48,868||2.07%||2,427,903||-163,496||-6%|
|BROOKFIELD BUSINESS PARTNERS||4,632||0.20%||243,059||243,059||new|
Share repurchases recycle capital back into the economy. It is not automatically good or bad. Look at Japan and their low returns on capital; largely because they don’t want to return capital to shareholders. They would rather hoard the cash, make stupid acquisitions overseas, speculate, buy expensive real estate, diworsify into an industry they have no knowledge of, build unnecessary facilities for unnecessary employees etc…
Notice GOOG at the top with an 11% position. This is not what you would really imagine as a Y stock. But I like GOOG so it’s fine with me. Not that I would second guess anyone. It is a relatively concentrated portfolio and I usually consider that a good thing.
|CVS HEALTH CORP||205,841||7.89%||2,150,000|
|ROPER INDS INC NEW||136,429||5.23%||800,000||-25,000||-3%|
|JPMORGAN CHASE & CO||108,383||4.16%||1,744,178|
|BARRICK GOLD CORP||106,750||4.09%||5,000,000||5,000,000||new|
|PPG INDS INC||104,149||3.99%||1,000,000||-525,000||-34%|
|WALT DISNEY CO||102,711||3.94%||1,050,000|
|DENTSPLY INTL INC NEW||99,264||3.81%||1,600,000|
|EXXON MOBIL CORP||93,740||3.60%||1,000,000||700,000||233%|
|VERIZON COMMUNICATIONS INC||92,417||3.54%||1,655,000||-375,000||-18%|
|DISNEY WALT CO||83,148||3.19%||850,000|
|EOG RES INC||56,995||2.19%||683,406||-316,594||-32%|
|AIR PRODS & CHEMS INC||54,685||2.10%||385,000|
|COMCAST CORP NEW||51,817||1.99%||795,000||795,000||new|
|OLD REP INTL CORP||48,225||1.85%||2,500,000||-331,467||-12%|
|BERKSHIRE HATHAWAY INC DEL||41,986||1.61%||290,000|
|HOME DEPOT INC||32,561||1.25%||255,000|
|DEVON ENERGY CORP NEW||31,890||1.22%||880,000|
|NEWELL BRANDS INC||30,985||1.19%||637,877||637,877||new|
|KIMBERLY CLARK CORP||27,493||1.05%||200,000|
|L BRANDS INC||23,163||0.89%||345,000|
|OCCIDENTAL PETE CORP DEL||21,535||0.83%||285,000|
|POLARIS INDS INC||14,309||0.55%||175,000||175,000||new|
|ARES CAP CORP||2,674||0.10%||188,326||4,660||3%|
|ARES COML REAL ESTATE CORP||1,538||0.06%||125,115|
|CONSOLIDATED TOMOKA LD CO||578||0.02%||12,166||12,166||new|
|ARES DYNAMIC CR ALLOCATION F||131||0.01%||9,550||224||2%|
|SMUCKER J M CO||0||0.00%||205,000||-205,000||-100%|
|PERRIGO CO PLC||0||0.00%||750,000||-750,000||-100%|
|CHURCH & DWIGHT INC||0||0.00%||365,000||-365,000||-100%|