My stock portfolio

I strongly believe in value investing principles, as defined by Ben Graham and all his successors. This approach not only has great track record, but most of all, simply makes sense. I try to focus on understanding the underlying business as much as I can, but being a small investor, I can only work with public data and the time I can spend on stock analysis is limited, no matter how interesting it is.

All of this causes me to hold a very concentrated portfolio (as of 2016-11-18):

Two largest, 'permanent' positions are vested Google equity and Berkshire Hathaway. I have high belief in both, and although they are not very cheap (and one might even argue that Google is expensive), I see bright future ahead of both, especially after adding Ruth Porat as a capital allocation expert at Google.

I have spent quite a bit of time studying APPL, VEREIT and most of the other positions. There might be a confirmation bias (I spend time studying companies I consider promising, and usually I can easily find evidence justifying an investment). But there were also some that I considered and rejected, such as RCAP, XOM, LXP, O, SOHO, PSX, C, FFH, etc. In hindsight, sometimes it was a good call, but in some cases I missed some gains. I think that's to be expected. But I felt comfortable with my choices and I still do. This will hopefully allow me to stick to them even through large market declines and even add to them.

In the following posts, I am going to shortly explain an investment thesis behind each investment.