Punch Card Management

Q4 2015 13F · by Norbert Lou, founder

As of: Dec 31, 2015
Filed: Jan 19, 2016
US stock: $189M · prev $167M
Positions: 5 · prev 7
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%

Moves2 since the prior filing

0.0 pp in · −0.9 pp out

New 0 0.00 pp
Added 0 0.00 pp
Trimmed 0 0.00 pp
Exited 2 −0.85 pp

The book

Very concentrated · behaves like 3 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 held39.0%
BIDU Baidu, Inc. held held35.2%
unresolved Wells Fargo Warrants, 34.01 St held held15.8%
TROW T Rowe Price Group Inc held held8.8%
CRCM Care.com, Inc. held held1.2%

Positions5 in this filing · 2 exited


BRK.ABerkshire Hathaway Inc.	39.01%	373	$74M	held	—	5 q
BIDUBaidu, Inc.	35.16%	351,759	$66M	held	—	2 q
unresolvedWells Fargo Warrants, 34.01 St	15.81%	1,459,516	$30M	held	—	5 q
TROWT Rowe Price Group Inc	8.80%	232,800	$17M	held	—	2 q
CRCMCare.com, Inc.	1.22%	322,178	$2M	held	—	3 q
CTCMCtc Media Inc Com Stk	—	−776,580	—	exited	−0.81 pp	—
BRK.BBERKSHIRE HATHAWAY Class B	—	−500	—	exited	−0.04 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 1 unresolved
Accession: 0001398344-16-010081
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet