MENLO ADVISORS LLC Long-Term Concentrated

Location: Menlo Park, CA

CIK: 0001279708 · Show all filings

Period: Q4 2018 (← Previous) (Next →)

Filing Date: Jan 9, 2019

Total Value: $129M (100.0% shares, 0.0% debt)

Holdings (37)

BRK/B BERKSHIRE HATHAWAY CLASS B 15.5%

Value $19.97M Shares 97,823 Share Price $204.17 * Est. Cost/Share $110.48 Unrealized @ Report Date +89.1%

— SPDR GOLD SHARES ETF 5.3%

Value $6.88M Shares 56,743 Share Price $121.25 Est. Cost/Share $121.16 Unrealized @ Report Date —

— CISCO SYSTEMS INC 4.7%

Value $6.078M Shares 140,275 Share Price $43.33 Est. Cost/Share $24.33 Unrealized @ Report Date —

— PROSHARES SHORT SP500 4.1%

Value $5.308M Shares 169,454 Share Price $31.32 Est. Cost/Share $33.61 Unrealized @ Report Date —

— WISDOMTREE EMRG MRKT HG DIV ET 4.0%

Value $5.209M Shares 129,750 Share Price $40.15 Est. Cost/Share $42.06 Unrealized @ Report Date —

MSFT MICROSOFT CORP 4.0%

Value $5.182M Shares 51,026 Share Price $101.56 Est. Cost/Share $26.70 Unrealized @ Report Date +274.5%

— WISDOMTREE JAPAN HEDGED EQUITY 4.0%

Value $5.152M Shares 111,065 Share Price $46.39 Est. Cost/Share $54.52 Unrealized @ Report Date —

MKL MARKEL CORP 3.9%

Value $4.98M Shares 4,798 Share Price $1037.93 * Est. Cost/Share $526.07 Unrealized @ Report Date +107.9%

— ALPHA ARCHTCT US QUNTV VAL ETF 3.6%

Value $4.627M Shares 184,825 Share Price $25.03 Est. Cost/Share $21.37 Unrealized @ Report Date —

— HOWARD HUGHES CORP 3.5%

Value $4.567M Shares 46,783 Share Price $97.62 Est. Cost/Share $114.71 Unrealized @ Report Date —

— ALPHABET INC. CLASS C 3.5%

Value $4.532M Shares 4,377 Share Price $1035.41 Est. Cost/Share $572.35 Unrealized @ Report Date —

— ALPHABET INC. CLASS A 3.3%

Value $4.256M Shares 4,073 Share Price $1044.93 Est. Cost/Share $875.83 Unrealized @ Report Date —

BAC BANK OF AMERICA CORP 3.2%

Value $4.167M Shares 169,125 Share Price $24.64 * Est. Cost/Share $10.31 Unrealized @ Report Date +121.2%

GLW CORNING INC 3.2%

Value $4.135M Shares 136,895 Share Price $30.21 * Est. Cost/Share $12.64 Unrealized @ Report Date +107.1%

— ABBVIE INC 3.2%

Value $4.097M Shares 44,443 Share Price $92.19 Est. Cost/Share $46.39 Unrealized @ Report Date —

— LIBERTY MEDIA CORP SERIES C LI 3.2%

Value $4.055M Shares 132,087 Share Price $30.70 Est. Cost/Share $18.97 Unrealized @ Report Date —

— MADISON SQUARE GARDEN CO CL A 3.1%

Value $3.983M Shares 14,880 Share Price $267.67 Est. Cost/Share $267.67 Unrealized @ Report Date —

— LIBERTY MEDIA CORP SERIES C LI 3.0%

Value $3.887M Shares 105,114 Share Price $36.98 Est. Cost/Share $31.11 Unrealized @ Report Date —

AAPL APPLE INC 2.9%

Value $3.762M Shares 23,853 Share Price $157.72 * Est. Cost/Share $18.53 Unrealized @ Report Date +148.4%

DIS WALT DISNEY CO 2.8%

Value $3.648M Shares 33,270 Share Price $109.65 Est. Cost/Share $97.28 Unrealized @ Report Date +12.1%

GVAL CAMBRIA GLOBAL VALUE ETF 2.5%

Value $3.235M Shares 154,091 Share Price $20.99 Est. Cost/Share $22.58 Unrealized @ Report Date —

— ALPHA ARCHTCT INTR QUNTV VAL E 2.4%

Value $3.065M Shares 122,725 Share Price $24.97 Est. Cost/Share $30.94 Unrealized @ Report Date —

ABT ABBOTT LABORATORIES 2.2%

Value $2.809M Shares 38,838 Share Price $72.33 * Est. Cost/Share $28.85 Unrealized @ Report Date +115.4%

— VANECK VECTORS GOLD MINERS ETF 1.8%

Value $2.341M Shares 111,020 Share Price $21.09 Est. Cost/Share $27.39 Unrealized @ Report Date —

PETS PETMED EXPRESS INC 1.7%

Value $2.172M Shares 93,390 Share Price $23.26 * Est. Cost/Share $37.37 Unrealized @ Report Date -28.6%

— NEW RESIDENTIAL INVE REIT 1.6%

Value $2.09M Shares 147,085 Share Price $14.21 Est. Cost/Share $17.04 Unrealized @ Report Date —

— SPDR NUVEEN BARCLAYS XXX REVER 1.3%

Value $1.61M Shares 33,508 Share Price $48.05 Est. Cost/Share $24.69 Unrealized @ Report Date —

— TESLA INC 0.5%

Value $697K Shares 2,095 Share Price $332.70 Est. Cost/Share $129.86 Unrealized @ Report Date —

— COUPA SOFTWARE INCORPORA 0.5%

Value $603K Shares 9,596 Share Price $62.84 Est. Cost/Share $79.08 Unrealized @ Report Date —

— COHEN STEERS REIT PREFER 0.4%

Value $479K Shares 26,943 Share Price $17.78 Est. Cost/Share $19.96 Unrealized @ Report Date —

— LIBERTY MEDIA CORP SERIES C LI 0.2%

Value $248K Shares 9,977 Share Price $24.86 Est. Cost/Share $14.59 Unrealized @ Report Date —

— BANK OF AMERIC 7.25 PFD CONV S 0.2%

Value $247K Shares 198 Share Price $1247.47 Est. Cost/Share $1191.59 Unrealized @ Report Date —

— SOLAR SENIOR CAPITAL 0.2%

Value $240K Shares 15,925 Share Price $15.07 Est. Cost/Share $18.28 Unrealized @ Report Date —

— NORTHWEST NATURAL HOLDIN 0.2%

Value $217K Shares 3,600 Share Price $60.28 Est. Cost/Share $66.67 Unrealized @ Report Date —

— CRIMSON WINE GROUP 0.1%

Value $94,000 Shares 12,080 Share Price $7.78 Est. Cost/Share $8.50 Unrealized @ Report Date —

ARAY ACCURAY INC 0.0%

Value $34,000 Shares 10,000 Share Price $3.40 * Est. Cost/Share $5.05 Unrealized @ Report Date -19.7%

— BLACKROCK CALIFORNIA XXX ESCRO 0.0%

Value $0 Shares 42,370 Share Price $0.00 Est. Cost/Share — Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
BRK/B	BERKSHIRE HATHAWAY CLASS B	97,823	$19.97M	15.5%	$204.17 *	$110.48	+89.1%	COM	084670702
—	SPDR GOLD SHARES ETF	56,743	$6.88M	5.3%	$121.25	$121.16	—	UIUS	78463v107
—	CISCO SYSTEMS INC	140,275	$6.078M	4.7%	$43.33	$24.33	—	COM	17275r102
—	PROSHARES SHORT SP500	169,454	$5.308M	4.1%	$31.32	$33.61	—	COM	74347b425
—	WISDOMTREE EMRG MRKT HG DIV ET	129,750	$5.209M	4.0%	$40.15	$42.06	—	UIUS	97717w315
MSFT	MICROSOFT CORP	51,026	$5.182M	4.0%	$101.56	$26.70	+274.5%	COM	594918104
—	WISDOMTREE JAPAN HEDGED EQUITY	111,065	$5.152M	4.0%	$46.39	$54.52	—	UIUS	97717w851
MKL	MARKEL CORP	4,798	$4.98M	3.9%	$1037.93 *	$526.07	+107.9%	COM	570535104
—	ALPHA ARCHTCT US QUNTV VAL ETF	184,825	$4.627M	3.6%	$25.03	$21.37	—	COM	02072l102
—	HOWARD HUGHES CORP	46,783	$4.567M	3.5%	$97.62	$114.71	—	COM	44267d107
—	ALPHABET INC. CLASS C	4,377	$4.532M	3.5%	$1035.41	$572.35	—	COM	02079k107
—	ALPHABET INC. CLASS A	4,073	$4.256M	3.3%	$1044.93	$875.83	—	COM	02079k305
BAC	BANK OF AMERICA CORP	169,125	$4.167M	3.2%	$24.64 *	$10.31	+121.2%	COM	060505104
GLW	CORNING INC	136,895	$4.135M	3.2%	$30.21 *	$12.64	+107.1%	COM	219350105
—	ABBVIE INC	44,443	$4.097M	3.2%	$92.19	$46.39	—	COM	00287y109
—	LIBERTY MEDIA CORP SERIES C LI	132,087	$4.055M	3.2%	$30.70	$18.97	—	COM	531229854
—	MADISON SQUARE GARDEN CO CL A	14,880	$3.983M	3.1%	$267.67	$267.67	—	COM	55825t103
—	LIBERTY MEDIA CORP SERIES C LI	105,114	$3.887M	3.0%	$36.98	$31.11	—	COM	531229607
AAPL	APPLE INC	23,853	$3.762M	2.9%	$157.72 *	$18.53	+148.4%	COM	037833100
DIS	WALT DISNEY CO	33,270	$3.648M	2.8%	$109.65	$97.28	+12.1%	COM	254687106
GVAL	CAMBRIA GLOBAL VALUE ETF	154,091	$3.235M	2.5%	$20.99	$22.58	—	UIUS	132061409
—	ALPHA ARCHTCT INTR QUNTV VAL E	122,725	$3.065M	2.4%	$24.97	$30.94	—	COM	02072l201
ABT	ABBOTT LABORATORIES	38,838	$2.809M	2.2%	$72.33 *	$28.85	+115.4%	COM	002824100
—	VANECK VECTORS GOLD MINERS ETF	111,020	$2.341M	1.8%	$21.09	$27.39	—	UIUS	92189f106
PETS	PETMED EXPRESS INC	93,390	$2.172M	1.7%	$23.26 *	$37.37	-28.6%	COM	716382106
—	NEW RESIDENTIAL INVE REIT	147,085	$2.09M	1.6%	$14.21	$17.04	—	COM	64828t201
—	SPDR NUVEEN BARCLAYS XXX REVER	33,508	$1.61M	1.3%	$48.05	$24.69	—	UHUS	78464a425
—	TESLA INC	2,095	$697K	0.5%	$332.70	$129.86	—	COM	88160r101
—	COUPA SOFTWARE INCORPORA	9,596	$603K	0.5%	$62.84	$79.08	—	COM	22266l106
—	COHEN STEERS REIT PREFER	26,943	$479K	0.4%	$17.78	$19.96	—	COM	19247x100
—	LIBERTY MEDIA CORP SERIES C LI	9,977	$248K	0.2%	$24.86	$14.59	—	COM	531229888
—	BANK OF AMERIC 7.25 PFD CONV S	198	$247K	0.2%	$1247.47	$1191.59	—	CPUS	060505682
—	SOLAR SENIOR CAPITAL	15,925	$240K	0.2%	$15.07	$18.28	—	COM	83416m105
—	NORTHWEST NATURAL HOLDIN	3,600	$217K	0.2%	$60.28	$66.67	—	COM	66765n105
—	CRIMSON WINE GROUP	12,080	$94,000	0.1%	$7.78	$8.50	—	COM	22662x100
ARAY	ACCURAY INC	10,000	$34,000	0.0%	$3.40 *	$5.05	-19.7%	COM	004397105
—	BLACKROCK CALIFORNIA XXX ESCRO	42,370	$0	0.0%	$0.00	—	—	COM	092esc102