So the theme I want to concentrate on this month is patience. The reason: When you look at the holdings, quite a few companies are undergoing corporate events which will take some time to complete.
For example, Liberty Interactive (LINTA), which makes up more than 20% of the portfolio and is the largest position, recently announced it is reevaluating how it wants to handle its composition of web-based enterprises.
Taking the long view
You also have the upcoming spin off of Liberty Broadband to wait for as well. In addition, IAC Interactive (IACI) is evaluating how to potentially spin its dating businesses into a separate company, which I assume will also include its holding in the wildly popular Tinder application.
BP is in the process of creating a new structure for their onshore energy holdings, called the Lower 48, and this also could ultimately wind up being a separate company.
All of these kinds of transactions take some time to complete. After they take place, shareholders sometimes reap the rewards. In my opinion, investing requires the patience and fortitude to hang in with what you own when the results are not spectacular, which is more often than not the case.
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DISCLAIMER: The investments discussed are held in client accounts as of August 31, 2014. These investments may or may not be currently held in client accounts. The reader should not assume that any investments identified were or will be profitable or that any investment recommendations or investment decisions we make in the future will be profitable. Past performance is no guarantee of future results.