Chou Associates

Q3 2019 13F · by Francis Chou, portfolio manager

Picture99.0% US stock

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

0.0 pp in · −8.4 pp out

Options: 1 move on a notional base, in the table below.

Very concentrated · behaves like 6 equal-sized positions

Low turnover · 0.0% a year


BRK.ABerkshire Hathaway Inc.	28.83%	150	$47M	held	—	26 q
BHCBausch Health Companies Inc	22.20%	1,648,992	$36M	held	—	5 q
7AB1Resolute Forest Products	13.24%	4,571,960	$21M	held	—	26 q
WFCWells Fargo & Co.	10.55%	339,542	$17M	trimmed−22%	+0.82 pp	5 q
DVADaVita Inc.	4.25%	120,743	$7M	held	—	6 q
MBIMBIA Inc.	3.71%	652,531	$6M	trimmed−32%	−0.49 pp	26 q
JPMJPMorgan Chase & Co.	3.21%	44,275	$5M	trimmed−59%	−2.57 pp	5 q
CCitigroup Inc.	2.88%	67,695	$5M	trimmed−48%	−1.43 pp	26 q
GSGoldman Sachs Group Inc.	2.55%	20,000	$4M	trimmed−60%	−2.29 pp	26 q
BBBlackBerry Limited	1.71%	529,040	$3M	held	—	25 q
BACBank of America Corporation	1.68%	93,376	$3M	held	—	5 q
SAVEQSpirit Airlines, Inc.	1.12%	50,000	$2M	held	—	6 q
ENDPQEndo International PLC	0.75%	380,000	$1M	trimmed−57%	−0.97 pp	11 q
MGAMagna International	0.66%	20,000	$1M	held	—	4 q
PKXPOSCO Holdings Inc.	0.61%	21,000	$990,000	held	—	17 q
CYDChina Yuchai International Ltd.	0.59%	73,364	$950,000	held	—	26 q
SNYSanofi	0.57%	20,000	$927,000	held	—	26 q
ALGTAllegiant Travel Company	0.40%	4,317	$646,000	held	—	6 q
unresolvedFiat Chrysler Automobiles NV s	0.24%	30,000	$388,000	held	—	4 q
RYAAYRyanair Holdings plc	0.19%	4,575	$304,000	held	—	16 q
TEVATeva Pharmaceutical Industries Limited	0.06%	15,000	$103,000	held	—	11 q
SHOSSears Hometown and Outlet Stores, Inc.	—	−1,296,960	—	exited	−1.46 pp	—