Punch Card Management

Q3 2017 13F · by Norbert Lou, founder

As of: Sep 30, 2017
Filed: Oct 24, 2017
US stock: $165M · prev $157M
Positions: 3 · prev 3
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

0.0 pp in · −0.9 pp out

New 0 0.00 pp
Added 0 0.00 pp
Trimmed 1 −0.90 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 held62.2%
BIDU Baidu, Inc. trimmed−0.90 pp trimmed−0.9024.9%
unresolved Wells Fargo Warrants, 34.01 St held held12.9%

Positions3 in this filing · 0 exited


BRK.ABerkshire Hathaway Inc.	62.23%	373	$102M	held	—	12 q
BIDUBaidu, Inc.	24.91%	165,577	$41M	trimmed−27%	−0.90 pp	9 q
unresolvedWells Fargo Warrants, 34.01 St	12.86%	982,224	$21M	held	—	12 q

Source

Form: 13F-HR
Reading: 0 defects · 1 unresolved
Accession: 0001398344-17-014701
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet