Chou Associates
Picture
Moves
Options: 3 moves on a notional base, in the table below.
The book
- Very concentrated
- Concentrated
- Focused
- Diversified
- Low
- Moderate
- High
Top 5 positions
- trimmed+5.94
- trimmed+2.88
- held
- trimmed−1.02
- trimmed+0.20
Revealed late, restated
Positions
| 7AB1Resolute Forest Products | 28.94% | 4,559,460 | $50M | trimmed−0% | +5.94 pp | 32 q |
| BHCBausch Health Companies Inc | 27.50% | 1,495,000 | $47M | trimmed−3% | +2.88 pp | 11 q |
| BRK.ABerkshire Hathaway Inc. | 22.36% | 100 | $39M | held | — | 32 q |
| WFCWells Fargo & Co. | 3.84% | 169,542 | $7M | trimmed−19% | −1.02 pp | 11 q |
| MBIMBIA Inc. | 3.34% | 599,530 | $6M | trimmed−3% | +0.20 pp | 32 q |
| JPMJPMorgan Chase & Co. | 3.02% | 34,275 | $5M | held | — | 11 q |
| CCitigroup Inc. | 2.85% | 67,695 | $5M | held | — | 32 q |
| GSGoldman Sachs Group Inc. | 2.65% | 14,000 | $5M | trimmed−22% | −1.00 pp | 32 q |
| BBBlackBerry Limited | 1.94% | 400,000 | $3M | trimmed−7% | −0.25 pp | 31 q |
| MGAMagna International | 1.02% | 20,000 | $2M | held | — | 10 q |
| PKXPOSCO Holdings Inc. | 0.88% | 21,000 | $2M | held | — | 23 q |
| CYDChina Yuchai International Ltd. | 0.66% | 73,364 | $1M | held | — | 32 q |
| RYAAYRyanair Holdings plc | 0.31% | 4,575 | $526,000 | held | — | 22 q |
| STLAStellantis N.V. | 0.31% | 30,000 | $533,000 | new | +0.31 pp | new |
| BACBank of America Corporation | 0.19% | 8,376 | $324,000 | trimmed−54% | −0.24 pp | 11 q |
| LBTYALiberty Global Ltd. Class A | 0.18% | 12,000 | $308,000 | new | +0.18 pp | new |
| DVADaVita Inc. | — | −10,743 | — | exited | −0.97 pp | — |
| unresolvedFiat Chrysler Automobiles NV s | — | −30,000 | — | exited | −0.42 pp | — |
Other 13(f) securities
Options
| Contract | % of notional | Shares | Notional |
|---|---|---|---|
| Resolute Fst Prods Inc CALL | 46.40% | 2,075,000 | $23M |
| Bausch Health Cos Inc CALL | 38.89% | 600,000 | $19M |
| Mbia Inc CALL | 7.86% | 400,000 | $4M |
| Blackberry Ltd CALL | 6.85% | 400,000 | $3M |
Notes