Punch Card Management

Q2 2018 13F · by Norbert Lou, founder

As of: Jun 30, 2018
Filed: Jul 31, 2018
US stock: $155M · prev $156M
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%

Moves2 since the prior filing

0.0 pp in · +0.5 pp out

New 1 0.00 pp
Added 0 0.00 pp
Trimmed 1 +0.53 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, more than 30 years per position

Low
Moderate
High

Top 5 positions100% of US stock

BRK.A Berkshire Hathaway Inc. held held68.0%
BIDU Baidu, Inc. held held26.0%
unresolved Wells Fargo Warrants, 34.01 St trimmed+0.53 pp trimmed+0.534.0%
CVNA Carvana Co. held held2.0%
WFC Wells Fargo & Co. new0.00 pp new0.000.0%

Positions5 in this filing · 0 exited


BRK.ABerkshire Hathaway Inc.	68.01%	373	$105M	held	—	15 q
BIDUBaidu, Inc.	26.01%	165,577	$40M	held	—	12 q
unresolvedWells Fargo Warrants, 34.01 St	3.96%	277,905	$6M	trimmed−0%	+0.53 pp	15 q
CVNACarvana Co.	2.02%	75,112	$3M	held	—	2 q
WFCWells Fargo & Co.	0.00%	38	$2,000	new	0.00 pp	new

Source

Form: 13F-HR
Reading: 0 defects · 1 unresolved
Accession: 0001398344-18-011880
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet