MENLO ADVISORS LLC Long-Term Concentrated

Location: Menlo Park, CA

CIK: 0001279708 · Show all filings

Period: Q3 2015 (← Previous) (Next →)

Filing Date: Oct 15, 2015

Total Value: $127M (100.0% shares, 0.0% debt)

Holdings (36)

BRK/B BERKSHIRE HATHAWAY CLASS B 11.9%

Value $15.13M Shares 116,038 Share Price $130.40 * Est. Cost/Share $110.48 Unrealized @ Report Date +24.0%

— PROSHARES SHORT S&P 500 ETF 7.9%

Value $10.05M Shares 446,560 Share Price $22.51 Est. Cost/Share $22.51 Unrealized @ Report Date —

MKL MARKEL CORP 5.8%

Value $7.328M Shares 9,139 Share Price $801.84 * Est. Cost/Share $526.07 Unrealized @ Report Date +60.8%

AIG AMERICAN INTL GROUP 5.1%

Value $6.476M Shares 113,983 Share Price $56.82 * Est. Cost/Share $32.60 Unrealized @ Report Date +44.8%

MSFT MICROSOFT CORP 4.7%

Value $5.955M Shares 134,549 Share Price $44.26 * Est. Cost/Share $26.70 Unrealized @ Report Date +45.8%

— HOWARD HUGHES CORP 4.6%

Value $5.909M Shares 51,500 Share Price $114.74 Est. Cost/Share $114.31 Unrealized @ Report Date —

BAC BANK OF AMERICA CORP 4.5%

Value $5.677M Shares 364,425 Share Price $15.58 * Est. Cost/Share $10.31 Unrealized @ Report Date +30.4%

— CISCO SYSTEMS INC 3.9%

Value $4.983M Shares 189,841 Share Price $26.25 Est. Cost/Share $24.33 Unrealized @ Report Date —

— MEDTRONIC PLC F 3.9%

Value $4.912M Shares 73,386 Share Price $66.93 Est. Cost/Share $53.51 Unrealized @ Report Date —

— ALLEGHANY CORP DEL 3.7%

Value $4.709M Shares 10,061 Share Price $468.04 Est. Cost/Share $472.15 Unrealized @ Report Date —

— ABBVIE INC 3.5%

Value $4.488M Shares 82,496 Share Price $54.40 Est. Cost/Share $46.39 Unrealized @ Report Date —

— YAHOO INC 3.4%

Value $4.279M Shares 148,037 Share Price $28.90 Est. Cost/Share $27.33 Unrealized @ Report Date —

DDS DILLARDS INC CLASS A 3.2%

Value $4.048M Shares 46,330 Share Price $87.37 * Est. Cost/Share $59.94 Unrealized @ Report Date +20.0%

— VODAFONE GROUP F ADR 1 ADR REP 3.2%

Value $4.032M Shares 127,052 Share Price $31.74 Est. Cost/Share $35.35 Unrealized @ Report Date —

— SPDR GOLD SHARES ETF 2.7%

Value $3.497M Shares 32,734 Share Price $106.83 Est. Cost/Share $118.40 Unrealized @ Report Date —

AAPL APPLE INC 2.7%

Value $3.428M Shares 31,086 Share Price $110.27 * Est. Cost/Share $18.34 Unrealized @ Report Date +43.3%

GVAL CAMBRIA GLOBAL VALUE ETF 2.6%

Value $3.336M Shares 182,306 Share Price $18.30 Est. Cost/Share $22.63 Unrealized @ Report Date —

— ALPHABET INC CLASS C 2.5%

Value $3.212M Shares 5,280 Share Price $608.33 Est. Cost/Share $566.24 Unrealized @ Report Date —

— LEUCADIA NATIONAL CO 2.3%

Value $2.927M Shares 144,511 Share Price $20.25 Est. Cost/Share $26.22 Unrealized @ Report Date —

GLW CORNING INC 2.2%

Value $2.793M Shares 163,175 Share Price $17.12 * Est. Cost/Share $10.49 Unrealized @ Report Date +30.0%

— ALPHABET INC CLASS A 2.2%

Value $2.757M Shares 4,319 Share Price $638.34 Est. Cost/Share $875.83 Unrealized @ Report Date —

QCOM QUALCOMM INC 2.1%

Value $2.669M Shares 49,685 Share Price $53.72 * Est. Cost/Share $50.31 Unrealized @ Report Date -12.3%

— HCP INC REIT REIT 2.0%

Value $2.589M Shares 69,529 Share Price $37.24 Est. Cost/Share $45.37 Unrealized @ Report Date —

ABT ABBOTT LABORATORIES 1.7%

Value $2.195M Shares 54,581 Share Price $40.22 * Est. Cost/Share $28.85 Unrealized @ Report Date +34.5%

— SPDR NUVEEN BARCLAYS SHORT TER 1.7%

Value $2.12M Shares 87,050 Share Price $24.35 Est. Cost/Share $24.34 Unrealized @ Report Date —

— LIBERTY MEDIA CORP 1.6%

Value $2.044M Shares 59,335 Share Price $34.45 Est. Cost/Share $34.45 Unrealized @ Report Date —

IGSB ISHARES 1-3 YEAR CREDIT BOND E 1.5%

Value $1.968M Shares 18,720 Share Price $105.13 Est. Cost/Share $104.99 Unrealized @ Report Date —

— BIG 5 SPORTING GOODS 1.1%

Value $1.437M Shares 138,473 Share Price $10.38 Est. Cost/Share $16.10 Unrealized @ Report Date —

— TESLA MOTORS INC 0.5%

Value $668K Shares 2,690 Share Price $248.33 Est. Cost/Share $129.86 Unrealized @ Report Date —

IGIB ISHARES INTERM CREDIT BOND ETF 0.5%

Value $583K Shares 5,370 Share Price $108.57 Est. Cost/Share $107.63 Unrealized @ Report Date —

— SOLAR SENIOR CAPITAL 0.2%

Value $308K Shares 21,665 Share Price $14.22 Est. Cost/Share $18.36 Unrealized @ Report Date —

— ISHARES CORE 1 5 YEAR USD BOND 0.2%

Value $250K Shares 2,500 Share Price $100.00 Est. Cost/Share $100.00 Unrealized @ Report Date —

ARAY ACCURAY INC 0.1%

Value $184K Shares 37,000 Share Price $4.97 * Est. Cost/Share $5.05 Unrealized @ Report Date +27.1%

— CRIMSON WINE GROUP 0.1%

Value $132K Shares 14,598 Share Price $9.04 Est. Cost/Share $8.50 Unrealized @ Report Date —

— NEW YORK REIT INC REIT 0.1%

Value $106K Shares 10,632 Share Price $9.97 Est. Cost/Share $9.88 Unrealized @ Report Date —

— VEREIT INC REIT 0.1%

Value $98,000 Shares 12,787 Share Price $7.66 Est. Cost/Share $8.06 Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
BRK/B	BERKSHIRE HATHAWAY CLASS B	116,038	$15.13M	11.9%	$130.40 *	$110.48	+24.0%	COM	084670702
—	PROSHARES SHORT S&P 500 ETF	446,560	$10.05M	7.9%	$22.51	$22.51	—	COM	74347r503
MKL	MARKEL CORP	9,139	$7.328M	5.8%	$801.84 *	$526.07	+60.8%	COM	570535104
AIG	AMERICAN INTL GROUP	113,983	$6.476M	5.1%	$56.82 *	$32.60	+44.8%	COM	026874784
MSFT	MICROSOFT CORP	134,549	$5.955M	4.7%	$44.26 *	$26.70	+45.8%	COM	594918104
—	HOWARD HUGHES CORP	51,500	$5.909M	4.6%	$114.74	$114.31	—	COM	44267d107
BAC	BANK OF AMERICA CORP	364,425	$5.677M	4.5%	$15.58 *	$10.31	+30.4%	COM	060505104
—	CISCO SYSTEMS INC	189,841	$4.983M	3.9%	$26.25	$24.33	—	COM	17275r102
—	MEDTRONIC PLC F	73,386	$4.912M	3.9%	$66.93	$53.51	—	COM	g5960l103
—	ALLEGHANY CORP DEL	10,061	$4.709M	3.7%	$468.04	$472.15	—	COM	017175100
—	ABBVIE INC	82,496	$4.488M	3.5%	$54.40	$46.39	—	COM	00287y109
—	YAHOO INC	148,037	$4.279M	3.4%	$28.90	$27.33	—	COM	984332106
DDS	DILLARDS INC CLASS A	46,330	$4.048M	3.2%	$87.37 *	$59.94	+20.0%	COM	254067101
—	VODAFONE GROUP F ADR 1 ADR REP	127,052	$4.032M	3.2%	$31.74	$35.35	—	COM	92857w308
—	SPDR GOLD SHARES ETF	32,734	$3.497M	2.7%	$106.83	$118.40	—	UIUS	78463v107
AAPL	APPLE INC	31,086	$3.428M	2.7%	$110.27 *	$18.34	+43.3%	COM	037833100
GVAL	CAMBRIA GLOBAL VALUE ETF	182,306	$3.336M	2.6%	$18.30	$22.63	—	UIUS	132061409
—	ALPHABET INC CLASS C	5,280	$3.212M	2.5%	$608.33	$566.24	—	COM	02079k107
—	LEUCADIA NATIONAL CO	144,511	$2.927M	2.3%	$20.25	$26.22	—	COM	527288104
GLW	CORNING INC	163,175	$2.793M	2.2%	$17.12 *	$10.49	+30.0%	COM	219350105
—	ALPHABET INC CLASS A	4,319	$2.757M	2.2%	$638.34	$875.83	—	COM	02079k305
QCOM	QUALCOMM INC	49,685	$2.669M	2.1%	$53.72 *	$50.31	-12.3%	COM	747525103
—	HCP INC REIT REIT	69,529	$2.589M	2.0%	$37.24	$45.37	—	COM	40414l109
ABT	ABBOTT LABORATORIES	54,581	$2.195M	1.7%	$40.22 *	$28.85	+34.5%	COM	002824100
—	SPDR NUVEEN BARCLAYS SHORT TER	87,050	$2.12M	1.7%	$24.35	$24.34	—	UHUS	78464a425
—	LIBERTY MEDIA CORP	59,335	$2.044M	1.6%	$34.45	$34.45	—	COM	531229300
IGSB	ISHARES 1-3 YEAR CREDIT BOND E	18,720	$1.968M	1.5%	$105.13	$104.99	—	UHUS	464288646
—	BIG 5 SPORTING GOODS	138,473	$1.437M	1.1%	$10.38	$16.10	—	COM	08915p101
—	TESLA MOTORS INC	2,690	$668K	0.5%	$248.33	$129.86	—	COM	88160r101
IGIB	ISHARES INTERM CREDIT BOND ETF	5,370	$583K	0.5%	$108.57	$107.63	—	UHUS	464288638
—	SOLAR SENIOR CAPITAL	21,665	$308K	0.2%	$14.22	$18.36	—	COM	83416m105
—	ISHARES CORE 1 5 YEAR USD BOND	2,500	$250K	0.2%	$100.00	$100.00	—	UHUS	46432f859
ARAY	ACCURAY INC	37,000	$184K	0.1%	$4.97 *	$5.05	+27.1%	COM	004397105
—	CRIMSON WINE GROUP	14,598	$132K	0.1%	$9.04	$8.50	—	COM	22662x100
—	NEW YORK REIT INC REIT	10,632	$106K	0.1%	$9.97	$9.88	—	COM	64976l109
—	VEREIT INC REIT	12,787	$98,000	0.1%	$7.66	$8.06	—	COM	92339v100