Punch Card Management

Q2 2015 13F · by Norbert Lou, founder

As of: Jun 30, 2015
Filed: Aug 5, 2015
US stock: $116M · prev $122M
Positions: 5 · prev 4
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

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

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves1 since the prior filing

+0.5 pp in · 0.0 pp out

New 1 +0.48 pp
Added 0 0.00 pp
Trimmed 0 0.00 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 2 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 0.0% a year

Low
Moderate
High

Top 5 positions100% of US stock

BRK.A Berkshire Hathaway Inc. held held65.9%
unresolved Wells Fargo Warrants, 34.01 St held held28.3%
CTCM Ctc Media Inc Com Stk held held5.2%
CRCM Care.com, Inc. new+0.48 pp new+0.480.5%
BRK.B BERKSHIRE HATHAWAY Class B held held0.1%

Positions5 in this filing · 0 exited


BRK.ABerkshire Hathaway Inc.	65.92%	373	$76M	held	—	3 q
unresolvedWells Fargo Warrants, 34.01 St	28.32%	1,459,516	$33M	held	—	3 q
CTCMCtc Media Inc Com Stk	5.23%	2,669,630	$6M	held	—	3 q
CRCMCare.com, Inc.	0.48%	93,198	$552,000	new	+0.48 pp	new
BRK.BBERKSHIRE HATHAWAY Class B	0.06%	500	$68,000	held	—	2 q

Source

Form: 13F-HR
Reading: 0 defects · 1 unresolved
Accession: 0001398344-15-005366
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet