Finished the year by adding to my holding in FuboTV – which has seen volatile price movements of late. I have read that there is a huge short position by hedge funds, yet a number of analysts who cover the tech sector are positive about longer term prospects. My sources on OTT have been very reliable in the past – also wonder if big shorts (or longs) in relation to shares available to trade prior to quarter days are being used to manipulate hedge fund valuations – they will know who is leaving and who is joining usually a month or more in advance.
When Alibaba reached its high of 319 or so for 2020 I thought this investment was there for the longer term. However the CCP threw a spanner in the works over the public offer of Ant (which was cancelled). There must be party members and relatives holding the stock from the HongKong listing – maybe they needed to be punished by the Central Committee too. After reflection I decided to sell at 260 – a good profit on book cost, but not as good as it might have been.
My Chinese exposure is now limited to Kingsoft Cloud, which is a smaller cloud play in China. This company seems to have the right backing, which is important in China, where party officials can influence commercial decisions.
The rationale for buying Glaxo was that they and Sanofi were major vaccine companies. There was news that their COVID vaccine collaboration would not produce a viable product anytime soon (2022?) so sold this holding.
Bought small holdings in FuboTV (adding to entertainment sector) and Luminar Tech (driverless vehicle technology).
Learned that Magnite (now a larger holding due to price appreciation) should benefit substantially from its partnership with Disney (whose subscriber base is now huge).
About a month has passed since I sold half of Inphi after buying Marvell. Yesterday I sold the remaining Inphi and added the approximate proceeds to Marvell.
There is no point in retaining Inphi, as the takeover proposal is part cash. I hold cash as a portfolio investment in any case, so I can buy without selling investments to cover. There is no real logic in being fully invested , unless you just hold T-Bills or government securities with less than a year to maturity.