Another year has come to an end and again it is time to list my largest holdings. This year I also disclose the approximate time that I have held the oldest shares in these holdings. A lot of these stocks I have bought and sold repeatedly over the years. So, although you may see a chart has risen spectacularly through my holding period, I probably did not profit as much as you think because I may have reduced a position before the best times or increased a position too late to catch all the upside. Nonetheless, I find the holding period information very useful to put a perspective on my investment strategy through the years. For example, it has made me much more forgiving of my mistakes. I have been kicking myself for reducing some positions before some great gains (IEHC). But I see now that I also had the wherewithal to hold on to some stocks for over a decade, which turned out to be great calls.
For my holdings from a year ago, use this link.
| Long Position | Category | Business | Holding Period |
|---|---|---|---|
| Anthem (ANTM) | US Large cap | Health insurance | 14 yrs |
| Kansas City Life (KCLI) | US smallcap | Life insurance | 4 yrs |
| IEH Corp (IEHC) | US Microcap | Manufacturing | 5.5 yrs |
| European Reliance (ATH:EUPIC) | Greek smallcap | Insurance | 4.5 yrs |
| Tachibana Eletech (TSE:8159) | Japanese smallcap | Electronic Distributor | 5.5 yrs |
| Senvest Capital (TSX:SEC) | Canadian smallcap | Investment Company | 3.5 yrs |
| Seaboard Corp (SEB) | US Mid cap | Food Conglomerate | 13 yrs |
| Installux SA | French microcap | Manufacturing | 5.5 yrs |
| New Century Hong Kong (HK:0234) | Hong Kong smallcap | Hotel, cruise line | 4 yrs |
| Riken Keiki (TSE:7754) | Japanese smallcap | Manufacturing | 5.5 yrs |
| Pacific Healthcare (PFHO) | US Microcrap | Health insurance | 4 yrs |
| Karelia Tobacco (ATH:KARE) | Greek smallcap | Cigarettes | 4 yrs |
| McRea Industries (MCRAA) | US Microcap | Footwear | 6 yrs |
| Bruce Fund (BRUFX) | Mutual fund | Mid-cap value | 11 yrs |
| Short Position | |||
| S&P500 E-mini (CME:ES) | Index Futures | 1 yr | |
| Direxion S&P500 Bear (SPXS) | ETF | 3x Inverse ETF | 1 mon |
Note this year I also listed my first two significant short positions. I explained in previous posts why I am bearish on the US market, and to a lesser extent, the whole world.
And finally, I should mention that I opened a large position in Folli Follie (OTC:FLLIY) late last year. I did not do a writeup because I cut corners and didn't do enough of my own research. I was going to get around to it. But before I could, everything went south for this Greek company. The world found out that the company founders and insiders have been committing massive fraud. Nine insiders have been fined already and they are currently facing fraud and money laundering charges. I hope they go to jail and pay restitution to the innocent shareholders like me. The stocks I still own are down 85%! That's all I can say for now. The loss is probably my biggest ever and dwelling too deeply can serve no constructive purpose.
But let's hope that next year brings us all better results! cheers!
