2008 Q2 13-F Filings Speculative Edition: David Winters, Boone Pickens, Jim Puplava

The Wintergreen Fund, managed by David Winters, was fairly steady judging from its 13F filing. My spreadsheet is a little off as it seems some of the CUSP IDs were changed from last quarter so disregard the new positions shown in GLD & CNQ.

  • Winters opened only 1 new position, eBay. I’ve seen some investors (value and otherwise) tout EBAY based on their superior market position, but a user backlash against some of the new policies and charges they’ve implemented building momentum. I know a few friends who do quite a bit of selling on eBay who aren’t happy with the service. Amazon’s marketplace is quickly establishing itself for resellers, though eBay probably still has an advantage with collectible items. How this affects their prospects going forward, I don’t know. But in general, I’ve always had a hard time with tech stocks and especially, with the disconnect between their high cash flow levels but relatively low earnings.
  • Not much else of note other than building a position in General Dynamics and unwinding some of his short bet against financials.

Boone Pickens shows some of the cards in his hand via BP Capital’s Q2 13F filing and he was pretty much doing nothing but buying. Some have mentioned the big drop in his portfolio’s value the past quarter but smart investors know that if you have a winning hand, you put more money in the pot.

  • Pickens opened huge positions in 2 of my stocks, Chesapeake Energy (CHK) & Devon Energy (DVN). Welcome to the party. I haven’t heard him talk about these stocks but based on his touting of natural gas, I imagine that Pickens is attracted to the shale exposure of CHK and DVN as they are the biggest leaseholders in the Barnett, Haynesville and Marcellus shales.
  • Judging from the activity, I guess Pickens is more of a dollar-cost averager as he basically added to most all his positions across the board, but with added emphasis on more energy plays: Halliburton (HAL), Suncor (SU), XTO Energy (XTO) and Weatherford (WFT).

Jim Puplava’s 13F filing isn’t necessarily the best place to get ideas. He manages a brokerage firm and probably taylors each account’s holdings to the holder’s situation. But he does a great deal of investing in the junior mining space and so it’s an easy way to get a list of vetted junior names for further research.

  • Puplava’s biggest new position was Kinross Gold (KGC), which just announced a merger with Aurelian. I’ve looked briefly at KGC last summer but their stock price has hardly moved since then, despite the bull run in metals.
  • Nothing else really jumps out at me. It looks like he’s been steadily accumulating shares in resource companies, much as he advocates on his show.

Click here for my rundown on Seth Klarman, Meryl Witmer & Marty Whitman Q2 2008 13F filings.

Or here for my take on the same on Bruce Berkowitz, Bob Rodriguez & Mohnish Pabrai.

You can also find all the Q2 08 13F filing spreadsheets here.

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