The Tai Family Fund is reluctant to sell its holdings, so the number of transactions are small enough to be captured in this single page.
2025/03/20
Sold BRK Class A shares and bought PAX as mentioned in the 2025/03/20 update. The sale was caused by Robinhood not supporting fractional shares for BRK Class A shares anymore. Given I was going to be hit by a capital gain tax, I decided to use the proceeds to buy PAX, a much better risk-reward stock at the time, instead of simply going with the BRK Class B shares.
2025/02/07
Sold my whole positions in GTY and WPC in exchange for NNN as mentioned in my 2025/02/07 portfolio update. They are all triple-net lease REITs, but I like NNN a bit more due to its long track record in FFO per share and dividend increase for 35 years, its conservative balance sheets management, and a consistent simple strategy in acquiring retail properties which tend to have stable cash flow (writeup). It doesn't have the risk of getting disrupted by EV revolution in the case of GTY, and its management has a better track record than WPC. To be honest, I am not sure whether I need to swap WPC for NNN. WPC is not bad, and it's also very safe with a little bit higher dividend yield. I was mostly fixated on eliminating a REIT symbol given I have too many REIT stocks already. With my philosophy of avoiding selling for this portfolio, I might as well keep WPC. Anyway, what was done was done.
2024/12/20
Sold my whole position in PLTR and bought BN, PAX and HASI. The reason was detailed at the 2024-12-20 Portfolio Update. It's mainly due to my belief that PLTR Is too overvalued.
2024/09/12
Sold my whole position in BXMT and bought PAX. The reason was detailed at the 2024-09-12 update at Blackstone Mortgage Trust (BXMT) Brief Analysis and Updates, mostly because of the deterioration of its loans portfolio in offices and multi-families. At the current share price of $18.6, I believe the expected return of the company is at most its recently cut dividend of $0.47 quarterly, which is about 10% annually. Based on the share price alone, I lost 1-(18.6/19.6) ~ 5.1%. Including 5 dividend distributions I got since purchasing it since June 2023, the gain would be (51*18.6+5*31.62)/(51*19.6) - 1 ~ 10.7%, so so for about 15 months of holding.
2024-09-12 Portfolio update for this transaction
2024/08/23
Sold my whole position in MPW and bought PAX. The reason was detailed at the 2024-08-22 update at Medical Properties Trust (MPW) Brief Analysis and Updates, mostly because of multiple occurrences of troubles from MPW's top tenants, which shows the management is quite incompetent, and the chance of going to $0 is non-trivial.
MPW was about 4% of my portfolio before today. I first bought the shares at 2023-08-24 Portfolio Update. My cost basis for MPW was $4.96 per share and I sold it for about $4.53 a share. The loss based on price alone was about 8.6%. Including the dividends received, the loss was about 0.3%. I got lucky.
2024-08-23 Portfolio update for this transaction
2023/10/19
Sold OPKO Health (OPK) at $1.28. I finally sold this free stock I got when opening my robinhood account. I don't know what it does, and I am not interested. This is not my money to win or lose, so I decided to sell it and forget about it forever. The share price was $2 and change when I got the share, so it didn't perform well, and it doesn't bother me.
2023-10-19 Portfolio update for this transaction
2023/09/11
Sold SmartRent (SMRT) at $2.85 for a total proceeds of $937.25 because I lost confidence in the company after reviewing the several good points raised by the Bleecker Street Research short report. More details can be found in the 2023/09/09 update in the SmartRent (SMRT) Brief Analysis. I lost 21.3% in this investment.
2023-09-11 Portfolio update for this transaction
2022/12/09
Sold Store Capital (STOR) at $31.98 for a total proceeds of $1283.83. I earned 16.67% return on this investment, excluding the dividends received for about one year holding the shares.
It was going to be acquired by Oak Street at $32.25, and the premium became so low that I decided to sell earlier than the closing date in order to purchase some tech stocks (TSM, AMZN, and META) which did horribly around that time.
2022-12-09 Portfolio update for this transaction
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