Tracking John Paulson's Paulson & Company Holdings - Q2 2012 Update

Below is a spreadsheet that shows the changes to Paulson's 13F US long portfolio as of Q2 2012. For a look at how his portfolio has progressed, see our Q1 2012 update:



Paulson's portfolio came down around 30% this quarter from around $14B to just over $11B - many of the fund's positions decreased in value and the fund also experienced large redemptions as the portfolio underperformed the indexes. Notable new positions include ~2% stakes in Equinix (EQIX) and JPMorgan Chase & Co. (JPM) and ~1% stakes in Cooper Industries PLC and Hillshire Brands (HSH). The largest two stake increases were SPDR Gold Trust ETF (GLD) and HCA Holdings (HCA).




Tracking Prem Watsa's Fairfax Financial Holdings - Q2 2012 Update

Below is a spreadsheet that shows changes to Prem Watsa's 13F US long holdings as of Q2 2012. To have a look at how the portfolio has progressed, see our previous update:



The portfolio size came down from around $2.2B to $1.9B as a result of some of his large stakes going down in value. There is a new position named Resolute Forest Products (RFP) but that is just a rename of Abitibibowater (ABH). Other than that, the only changes were an almost 20% stake reduction in Cresud (CRESY) and a marginal stake increase in Sandridge Energy (SD).


Tracking Carl Icahn's Holdings - Q2 2012 Update

Below is a spreadsheet that shows Carl Icahn's US long portfolio holdings as of Q2 2012. To know more on how his holdings have progress, check-out our previous update:



Icahn's portfolio value increased by around 8% this quarter from $9.78B to $10.47B. There were several marginal increases and decreases to his holdings this quarter. Two major changes were both aggressive stake build-ups in two natural gas companies: CVR Energy Inc. (CVI) and Chesapeake Energy Corporation (CHK). Other activity in the quarter include a 20% stake reduction in Commercial Metals (CMC) and a 12% stake increase in Navistar International Corporation (NAV). CHK is trading currently at around $19, well off the lows of around $13 seen in Q2 2012. NAV is trading near the lows of around $25 seen last quarter. Icahn acquired a large stake in CVI through a tender offer at $30 per share and had plans to take it private. That plan was recently axed. It will be interesting to see what he does with the huge positions in CVI and CHK.






Tracking Wilbur Ross's Holdings - Q2 2012 Update

Below is a spreadsheet that shows changes to Wilbur Ross's US long portfolio as of Q2 2012. To see how his portfolio has progressed, click on our previous update:



The major change this quarter is the huge 30% of the US long portfolio stake in Bank of Ireland is not reported in his most recent 13F. As of 06/20/2012, Ross was appointed to the Board of Directors and so it is unlikely that he sold any of his holdings. It may be that the ticker is not a 13F holding and so does not have to be reported. The other changes to the portfolio are pretty minor: The very small 0.2% and 0.3% stakes in Bioscrip Inc. (BIOS) and United Continental (UAL) respectively were reduced this quarter. Also, the large 22.5% stake in Exco Resources (XCO) and the very small 0.2% stake in Key Energy Services (KEG) were increased marginally this quarter. The rest of the portfolio remained steady.






Tracking David Swensen's Yale Endowment Holdings - Q2 2012 Update

Below is a spreadsheet that shows the changes to Yale Endowment's US long portfolio holdings as of Q1 2012. To have an idea of how the endowment's holdings have progressed click on our previous update:



Yale's Endowment's 13F long positions have come down to an insignificant amount of just over $29M compared to their overall portfolio value of around $20B. The endowment almost sold off its 87.5% of the 13F portfolio stake in Vanguard MSCI Emerging Markets ETF (VWO) and that single trade accounts for most of the reduction in the overall value of the 13F long portion of the portfolio. There was activity with the other positions in the portfolio as well but the values involved are too small to indicate any bias.


Tracking Glenn Greenberg's Brave Warrior Capital Portfolio - Q2 2012 Update

Below is a spreadsheet that highlights the changes to in Glenn Greenberg's Brave Warrior Capital US long stock portfolio as of Q2 2012:



The portfolio increased in value from around $1.36B to $1.41B. From the pattern of trades, it looks like the fund did attract new investments this quarter. Most of the changes are incremental but two of the trades stand out:

  1. Aon Corporation (AON): The entire 4.61% stake was eliminated this quarter at prices between $45 and $52.50. The stock currently trades at around $52.50. The bulk of the stake was established in Q1 2011 at prices between $43.90 and $53.  The stake disposal indicates a clear bearish bias.
  2. Oracle Corporation (ORCL): the stake was doubled this quarter to a large 8.43% stake at prices between $25.50 and $29.80. The original stake was purchased in Q4 2011 at prices between $25.50 and $33.50. The stock currently trades at around $31.75. The stake doubling indicates a clear bullish bias.


New courses available for Cisco CCNA and CCNP Service Provider Certifications


Global Knowledge, who is a world renowned leader in the fields of business training and IT, has announced that they are providing six courses to assist students with obtaining their CCNP (Cisco Certified Network Professional) Service Provider and CCNA (Cisco Certified Network Associate) Service Provider certification.

The CCNA Service Provider (SP) course is split into two parts. In the first portion, students review all the key components of a Cisco network (service provider) and the ways in which it functions. In the second part of the course, students will learn the IP NGN architectural material as well as the big concept of network construction. Both of these courses are completed over a five day long span and is available in classrooms, on the internet or as a private course that can be adapted to the student’s needs.

While taking the CCNP Service Provider (SP) course, students will learn tasks such as how to use routing techniques to enable scalability for Cisco routers connected to WANs and LANs. They will also learn how to verify and troubleshoot advanced BGP configuration, IPv6 transition mechanisms and IP multicasting. Additionally they will learn how to use the principles of QoS to implement advanced functions and features. These courses are also five days long and available online or in the classroom as well.

Last Updated: 03/2013.


Tracking Seth Klarman's Baupost Group Holdings - Q2 2012 Update

Below is a spreadsheet that highlights Seth Klarman's moves this quarter. Please check-out our SeekingAlpha column for an analysis of the moves:

Tracking Mohnish Pabrai's Portfolio - Q2 2012 Update

Below is a spreadsheet that highlights Mohnish Pabrai's moves this quarter. Please check-out our SeekingAlpha column for an analysis of the moves:

Tracking Ian Cumming and Joseph Steinberg's Leucadia National Portfolio - Q2 2012 Update

This article is part of an ongoing series that provides analysis of the changes made to Ian Cumming & Joseph Steinberg’s Leucadia National's (LUK) US stock portfolio on a quarterly basis. Their US long portfolio currently has just four names and there was only one change from the previous quarter.

The spreadsheet below show Cumming's US stock holdings as of Q2 2012:




The portfolio size dropped around 23% last quarter primarily due to the poor performance of Jefferies (JEF) stock during quarter. The huge positions in Jefferies Corp (JEF) and Mueller Industries Inc (MLI) account for most of Leucadia's US long portfolio. JEF, an over 60% of the portfolio position was a major loser as the stock price went down from the $19 range to the $12 range during the quarter. The stock currently trades in the $13 range and is a good entry point for folks wishing to follow Leucadia's positions. Cowen Group is a very small stake that was doubled this quarter. It still accounts for less than 0.5% of the US long portfolio. The stake increase does not represent a clear bias as it is still insignificantly small.

 Please visit our previous updates to get an idea on how the portfolio has progressed.


Health Benefits of Probiotics - An Introduction

It might seem like a strange notion that the intake of bacteria can improve your health, but it’s true. It’s also true that over sanitizing an environment can comprise an actual health risk by compromising your immune response. In recent years, food processing techniques have actually eliminated some crucial ingredients that have historically been present in the stuff we eat, like benign pathogens that provoke an immune response. Just as importantly, something less present nowadays is a class of bacteria called probiotics, which actually confer a benefit to their host.

The human digestive system is actually host to a large variety of bacteria, some beneficial, and some not. Without the beneficial bacteria, digestion can be seriously impaired to the point where one can get sick or malnourished just from a sterilized digestive tract. These bacteria are essential, which is why doctors sometimes prescribe a dose probiotic bacteria cultures to patients taking a run of antibiotic medication, since antibiotics can obliterate the well-tuned bacterial balance of your intestine.

Recent research in this area have revealed the manifold health benefits of probiotics, which is why they have become an important new facet of the health supplement industry. Probiotic supplements offer a wide range of scientifically tested health benefits, including reducing the risk of colon cancer and strengthening the immune system. There is also evidence that certain strains can aid in weight loss by affecting how the body stores calories. Probiotics are an essential ingredient in a person’s overall health that our bodies have naturally depended on, even before the invention of supplements.


Last Updated: 10/2012.

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