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Punch Card Management

Q4 2018 13F · by Norbert Lou, founder

As of
Dec 31, 2018
Filed
Feb 14, 2019
US stock
$161M · prev $163M
Positions
3 · 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%

Moves3 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 · 13% a year, about 7.5 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions100% of US stock

  1. BRK.A Berkshire Hathaway Inc. held held71.0%
  2. BIDU Baidu, Inc. added+2.97 pp added+2.9726.3%
  3. WFC Wells Fargo & Co. added+2.77 pp added+2.772.8%

Positions3 in this filing · 1 exited

BRK.ABerkshire Hathaway Inc.70.97%373$114Mheld—17 q
BIDUBaidu, Inc.26.26%266,295$42Madded+61%+2.97 pp14 q
WFCWells Fargo & Co.2.77%96,746$4Madded×2545.9+2.77 pp3 q
unresolvedWells Fargo Warrants, 34.01 St—−277,905—exited−3.29 pp—

Source

Form
13F-HR
Reading
0 defects · 0 unresolved
Accession
0001398344-19-002958
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet