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Punch Card Management

Q1 2018 13F · by Norbert Lou, founder

As of
Mar 31, 2018
Filed
May 14, 2018
US stock
$156M · prev $177M
Positions
4 · 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%

Moves2 since the prior filing

The book

Very concentrated · behaves like 2 equal-sized positions

  1. Very concentrated
  2. Concentrated
  3. Focused
  4. Diversified

Low turnover · 4.4% a year, about 22.6 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions100% of US stock

  1. BRK.A Berkshire Hathaway Inc. held held71.7%
  2. BIDU Baidu, Inc. held held23.8%
  3. unresolved Wells Fargo Warrants, 34.01 St trimmed−11.84 pp trimmed−11.843.4%
  4. CVNA Carvana Co. new+1.11 pp new+1.111.1%

Positions4 in this filing · 0 exited

BRK.ABerkshire Hathaway Inc.71.71%373$112Mheld—14 q
BIDUBaidu, Inc.23.75%165,577$37Mheld—11 q
unresolvedWells Fargo Warrants, 34.01 St3.43%278,005$5Mtrimmed−72%−11.84 pp14 q
CVNACarvana Co.1.11%75,112$2Mnew+1.11 ppnew

Source

Form
13F-HR
Reading
0 defects · 1 unresolved
Accession
0001398344-18-007608
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet