Boone Pickens, David Winters & Jim Puplava Q4 2008 Holdings

Boone Pickens’ recent investment hiccups have been well-publicized. A few months back, Pickens appeared on CNBC and disclosed that he had moved BP Capital almost entirely to cash. As you can see in the spreadsheet view, he wasn’t exaggerating. Still, Pickens found did retain and open a few positions:

  • Pickens bought new stakes into Chesapeake Energy (CHK) and Peabody Energy (BTU). My preferred shares in Chesapeake are the largest holding in my portfolio (see my portfolio here) and it’s encouraging to see oil man Pickens move into CHK even as he sold off nearly everything else.
  • The sell list is too long to detail but his three largest positions post-selloff are Transocean (RIG), Devon Energy (DVN) and Occidental Petroleum (OXY). In fact, Pickens seems to have narrowed his focus exclusively to the energy sector. Gone are infrastructure plays like ABB (ABB), Fluor (FLR), Foster Wheeler (FWLT).

Perhaps it’s unfair of me to lump David Winters of the Wintergreen Fund in with the speculative money managers. He probably just has a broader view of value investing than others. In any case, Winters didn’t make many moves domestically as you can see in the spreadsheet. What you can’t see are his moves in foreign-listed stocks. In fact, his two largest holdings (Japan Tobacco and Jardine Matheson Holdings) do not appear in his SEC filing. Visible highlights include the following:

  • No new additions to the Wintergreen portfolio but Winters did divest stakes in EBay (ebay) and Grupo Televisa (TV).
  • Like some other money managers I track (Klarman, Berkowitz, Pabrai), Winters is poking his toe into the financial/asset manager sector. The largest augmented stakes were Franklin Resources (BEN), Goldman Sachs (GS) and Leucadia National (LUK). Clearly, some of the value investing pros think enough dust has cleared that obvious winners are now visible. Guys like Buffett, Pabrai and Winters apparently think that Goldman has the brand, culture and staying power to come out of this financial crisis.

Jim Puplava is a financial advisor and host of a relatively popular financial webcast. I occasionally listen to the guest portion of his program but generally find his rigid ideology (which he mistakenly calls politics) too prominent to listen to his whole show. As such, I don’t know what forecast he’s operating on but his portfolio activity suggests a batten-down-the-hatches approach. The spreadsheet shows roughly 70 positions exited over Q4.

  • As one familiar with Puplava’s outlook would expect, 3 of 4 new positions were energy plays: Enerplus Resource Fund (ERF), Hugoton Royalty Trust (HGT) and Sempra Energy (SRE), which is more of a utility.
  • The vast majority of his positions are now gold or energy related.
  • It appears Puplava may have given up on his Tyhee investment as the whole stake was divested.

Boone Pickens (BP Capital) 2008 Q4 13F-HR Filing Spreadsheet

David Winters (Wintergreen Fund) 2008 Q4 13F-HR Filing Spreadsheet

Jim Puplava 2008 Q4 13F-HR Filing Spreadsheet

You can also find other managers’ Q4 13F filing spreadsheets here.

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