This is the fourth year-end portfolio review I’ve written on GuruFocus. I’ll stick with the same disclaimers I’ve used in the past: first, I have no idea how these stocks will do over the next 30, 90, 180 or 365 days; and second, I hope they go lower so I can buy more at attractive prices (I plan on being a net buyer of stocks for a long time). With that, let’s get started.
As I noted in my 2014 year-end portfolio review (here), I started 2015 with roughly 16% of my portfolio in cash and equivalents (short-term treasuries). While I found a handful of opportunities to put some capital to work, I made reductions elsewhere. In addition, I added some more cash to my portfolio that was relatively meaningful in comparison to the size of my portfolio. As a result, my cash and equivalents balance at the end of 2015 increased marginally, to 22%. Continue Reading »