Chou Associates

Q2 2019 13F · by Francis Chou, portfolio manager

Picture98.8% US stock

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

0.0 pp in · −4.4 pp out

Options: 3 moves on a notional base, in the table below.

Very concentrated · behaves like 7 equal-sized positions

Low turnover · 0.3% a year, more than 30 years per position


BRK.ABerkshire Hathaway Inc.	22.60%	150	$48M	held	—	25 q
BHCBausch Health Companies Inc	19.68%	1,648,992	$42M	held	—	4 q
7AB1Resolute Forest Products	15.58%	4,571,960	$33M	held	—	25 q
WFCWells Fargo & Co.	9.73%	434,542	$21M	held	—	4 q
JPMJPMorgan Chase & Co.	5.78%	109,275	$12M	held	—	4 q
GSGoldman Sachs Group Inc.	4.84%	50,000	$10M	held	—	25 q
CCitigroup Inc.	4.31%	130,000	$9M	held	—	25 q
MBIMBIA Inc.	4.20%	952,531	$9M	held	—	25 q
DVADaVita Inc.	3.21%	120,743	$7M	trimmed−14%	−0.15 pp	5 q
BBBlackBerry Limited	1.87%	529,040	$4M	held	—	24 q
ENDPQEndo International PLC	1.72%	880,000	$4M	held	—	10 q
SHOSSears Hometown and Outlet Stores, Inc.	1.46%	1,296,960	$3M	trimmed−0%	+0.26 pp	20 q
BACBank of America Corporation	1.28%	93,376	$3M	held	—	4 q
SAVEQSpirit Airlines, Inc.	1.13%	50,000	$2M	held	—	5 q
PKXPOSCO Holdings Inc.	0.53%	21,000	$1M	held	—	16 q
CYDChina Yuchai International Ltd.	0.52%	73,364	$1M	held	—	25 q
MGAMagna International	0.47%	20,000	$994,000	held	—	3 q
SNYSanofi	0.41%	20,000	$865,000	trimmed−92%	−4.48 pp	25 q
ALGTAllegiant Travel Company	0.29%	4,317	$619,000	held	—	5 q
unresolvedFiat Chrysler Automobiles NV s	0.20%	30,000	$415,000	held	—	3 q
RYAAYRyanair Holdings plc	0.14%	4,575	$293,000	held	—	15 q
TEVATeva Pharmaceutical Industries Limited	0.07%	15,000	$138,000	held	—	10 q

Options 1

Contract	% of notional	Shares	Notional
SHOS CALL	100.00%	64,000	$152,000

Notes 1

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