Chou Associates

Q1 2019 13F · by Francis Chou, portfolio manager

Picture95.2% US stock

Full picture · of what this 13F reports is US stock

0.0 pp in · −1.3 pp out

Options: 2 moves on a notional base, in the table below.

Very concentrated · behaves like 8 equal-sized positions

Low turnover · 0.0% a year


BRK.ABerkshire Hathaway Inc.	20.12%	150	$45M	held	—	24 q
BHCBausch Health Companies Inc	18.02%	1,648,992	$40M	held	—	3 q
7AB1Resolute Forest Products	16.28%	4,571,960	$37M	held	—	24 q
WFCWells Fargo & Co.	9.51%	434,542	$21M	held	—	3 q
JPMJPMorgan Chase & Co.	4.90%	109,275	$11M	held	—	3 q
SNYSanofi	4.89%	248,000	$11M	trimmed−17%	−1.28 pp	24 q
GSGoldman Sachs Group Inc.	4.26%	50,000	$10M	held	—	24 q
MBIMBIA Inc.	4.19%	952,531	$9M	held	—	24 q
CCitigroup Inc.	3.59%	130,000	$8M	held	—	24 q
DVADaVita Inc.	3.36%	140,743	$8M	held	—	4 q
ENDPQEndo International PLC	3.14%	880,000	$7M	held	—	9 q
BBBlackBerry Limited	2.09%	529,040	$5M	held	—	23 q
SHOSSears Hometown and Outlet Stores, Inc.	1.20%	1,301,960	$3M	held	—	19 q
SAVEQSpirit Airlines, Inc.	1.15%	50,000	$3M	held	—	4 q
BACBank of America Corporation	1.14%	93,376	$3M	held	—	3 q
PKXPOSCO Holdings Inc.	0.52%	21,000	$1M	held	—	15 q
CYDChina Yuchai International Ltd.	0.51%	73,364	$1M	held	—	24 q
MGAMagna International	0.43%	20,000	$972,000	held	—	2 q
ALGTAllegiant Travel Company	0.24%	4,317	$547,000	held	—	4 q
unresolvedFiat Chrysler Automobiles NV s	0.20%	30,000	$444,000	held	—	2 q
RYAAYRyanair Holdings plc	0.15%	4,575	$342,000	held	—	14 q
TEVATeva Pharmaceutical Industries Limited	0.10%	15,000	$234,000	held	—	9 q
ASCMAAscent Capital Group, Inc. Series A	—	−149,104	—	exited	−0.03 pp	—
SHLDSears Holdings Corp	—	−99,135	—	exited	−0.01 pp	—

Options 2

Contract	% of notional	Shares	Notional
ENDPQ CALL	63.69%	700,000	$6M
7AB1 CALL	36.31%	400,000	$3M

Notes 1

Issue	% of notes	Principal	Value
Atlanticus Holdings Corp	100.00%	4,800,000	$2M