Klarman’s Baupost Buys MSFT, BP, IDIX, CPF

Interesting to see Seth Klarman opening big positions in mega-cap stocks, Microsoft (MSFT) and BP (BP). As you can see from the spreadsheet, MSFT and BP now comprise 2 of Baupost’s top 5 holdings reported in the 13F-HR. Keep in mind, he bought these stocks before the big sell-off this month. View my quick valuations [...]

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Opportunities Available In Fairly Priced Market

Even as markets wobble on the basis of global macro uncertainty, we do not have 2009 redux. During that tumultuous period, nearly all asset classes, save US Treasurys, lost ground regardless of fundamentals.  Now, however, many stocks are moving due to their specific situations, regardless of the broader market moves. Personally, I favor this environment [...]

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Portfolio Update: May Go Away

THE ENLIGHTENED-AMERICAN PORTFOLIO SPREADSHEET Enlightened-American Portfolio: +1.1% through May, 2010 (my actual IRR, including cash balance) DJIA: -2.8% Nasdaq: -0.5% S&P 500: -2.3% DJ Wilshire 5000: -0.8% Russell 2000 (smallcap): +4.3% And we’re back, once again beating nearly all major indices, with the exception of the small cap index, plausibly due to the lower global [...]

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Sell in May and Go Away? Hardly.

Barely half over, May has already been the most active month for us in quite some time. The increased volatility has restored some premium back into options, used to good advantage by writing calls against our gold positions. Also, headline risk has presented us with some opportunities. Many European stocks have plunged along with the [...]

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Portfolio +3.3% YTD

THE ENLIGHTENED-AMERICAN PORTFOLIO SPREADSHEET Enlightened-American Portfolio: +3.3% through Apr, 2010 (my actual IRR, including cash balance) DJIA: +5.6% Nasdaq: +8.5% S&P 500: +6.4% DJ Wilshire 5000: +7.9% Russell 2000 (smallcap): +13.0% While BP is a relatively small position in the Enlightened American portfolio, I was somewhat alarmed by the 8% drop early Monday morning. After [...]

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Oil Majors Scraping For Barrels At the Bottom of The Ocean

Following up on the last post regarding peak oil and the demise of easy oil, today’s Wall Street Journal has several articles spotlighting the plight of oil majors: BP Taps Deep Water To Grow BP Sambas Up with Devon Deal Exxon Output Gains Pose Risks to Margin While the details differ, the general theme remains [...]

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