Punch Card Management

Q3 2015 13F · by Norbert Lou, founder

As of: Sep 30, 2015
Filed: Nov 2, 2015
US stock: $167M · prev $116M
Positions: 7 · prev 5
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%

Moves4 since the prior filing

+39.2 pp in · −4.4 pp out

New 2 +38.67 pp
Added 1 +0.51 pp
Trimmed 1 −4.42 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 3 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 7.9% a year, about 12.6 years per position

Low
Moderate
High

Top 5 positions99% of US stock

BRK.A Berkshire Hathaway Inc. held held43.6%
BIDU Baidu, Inc. new+28.97 pp new+28.9729.0%
unresolved Wells Fargo Warrants, 34.01 St held held15.8%
TROW T Rowe Price Group Inc new+9.70 pp new+9.709.7%
CRCM Care.com, Inc. added+0.51 pp added+0.511.0%

Positions7 in this filing · 0 exited


BRK.ABerkshire Hathaway Inc.	43.65%	373	$73M	held	—	4 q
BIDUBaidu, Inc.	28.97%	351,759	$48M	new	+28.97 pp	new
unresolvedWells Fargo Warrants, 34.01 St	15.83%	1,459,516	$26M	held	—	4 q
TROWT Rowe Price Group Inc	9.70%	232,800	$16M	new	+9.70 pp	new
CRCMCare.com, Inc.	0.99%	322,178	$2M	added×3.5	+0.51 pp	2 q
CTCMCtc Media Inc Com Stk	0.81%	776,580	$1M	trimmed−71%	−4.42 pp	4 q
BRK.BBERKSHIRE HATHAWAY Class B	0.04%	500	$65,000	held	—	3 q

Source

Form: 13F-HR
Reading: 0 defects · 1 unresolved
Accession: 0001398344-15-007697
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet