Gold & Oil Stocks Weighing Down Portfolio

THE ENLIGHTENED-AMERICAN PORTFOLIO SPREADSHEET Enlightened-American Portfolio: +7.5% in 2012 (my actual IRR, including cash balance) Dow Jones Industrial Average:+8.6% Nasdaq: +19.8% S&P 500: +12.8% DJ Wilshire 5000: +13.4% Russell 2000: +13.3% With the exception of the Dow, the major indices are doubling my YTD returns (tripling in the case of the NASDAQ).  Not only is [...]

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Portfolio Review: Cautious Approach Struggles To Keep Pace With Market

THE ENLIGHTENED-AMERICAN PORTFOLIO SPREADSHEET Enlightened-American Portfolio: +7.3% in 2012 (my actual IRR, including cash balance) Dow Jones Industrial Average:+6.1% Nasdaq: +13.3% S&P 500: +8.5% DJ Wilshire 5000: +9.1% Russell 2000: +8.5% As I have often mentioned, my primary investment objectives are to outperform in down markets and keep within shouting distance during up years. 2012 [...]

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2011 Q4 Hedge Fund Holdings

If you have a strong case for other managers I should include, send me an email or post in the comments below. Also, keep in mind that I use a perl script to parse these filings into the spreadsheet format and some information may be misrepresented. As always, YMMV. Seth Klarman Q4 2011 13F Holdings [...]

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Buying Frontier Communications (FTR)

I opened a position today at $4.26 per share. Share prices have fallen drastically due to continued customer losses, declining revenue in its higher margin businesses, a large debt load over 3x EBITDA and concerns about the recent Verizon transaction that more than doubled the company’s size. Its current yield of 17.5% suggests the market [...]

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Portfolio Review: Markets Shoot Out of the Gate In Jan

THE ENLIGHTENED-AMERICAN PORTFOLIO SPREADSHEET Enlightened-American Portfolio: +6.1% in 2012 (my actual IRR, including cash balance) Dow Jones Industrial Average:+4.1% Nasdaq: +9.3% S&P 500: +5.3% DJ Wilshire 5000: +6.2% Russell 2000: +9.3% Yikes! With my large cash position, I am going to find it hard to maintain this pace if market keeps this up. No reason [...]

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Bye-Bye ExxonMobil, Hello Total

Yesterday I sold out of my ExxonMobil (XOM) position and bought Total SA (TOT). XOM is approaching my estimated fair value so my selling discipline forced me to sell. TOT is definitely one of the uglier houses on the energy block but the market seems to be over discounting the company just on a reserves [...]

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