value and opportunity

Another pilgrimage

Last year was the first time that I went to the “Woodstock for capitalists“, i.e. the annual shareholder Meeting of Berkshire Hathaway. As I mentioned last year, the annual meeting itself would not be a reason for me to (spend all the money and) go there, but the possibility to join a 2 day conference and talk to other Value Investors is definitely worth the trip.

Who knows how many more annual meetings with Buffett and Munger will be taking place and if there will be the same kind of atmosphere in the future once Warren and Charly are gone ?

I will definitely try to buy some of those great souvenirs, they make great presents for fellow value investors:

Portfolio transactions

In April so far, I have fully sold my SIAS Spa position. I further sold down April SA to 2,5% portfolio weight. The reason for this is that I have actually bought a new “half” position in the same sector, but I did not finish my write up yet. Other than that no actions.

As there will be no April monthly report, a very quick preliminary look at April: So far it looks like a relatively strong month, with the portfolio up +1,6% against -0,8% for the benchmark. Major contributors were KAS Bank (+6,2%) and the EM positions (Sistema, Ashmore, Koc) with +4 to +6%.

Slow posting ahead

The next 2-3 weeks, there will be slow or more likely no posting. Instead, I will try to support the economy of an ailing “PIIGS” country as good as I can 😉