MENLO ADVISORS LLC Long-Term Concentrated

Location: Menlo Park, CA

CIK: 0001279708 · Show all filings

Period: Q2 2019 (← Previous) (Next →)

Filing Date: Jul 17, 2019

Total Value: $145M (100.0% shares, 0.0% debt)

Holdings (39)

BRK/B BERKSHIRE HATHAWAY CLASS B 14.4%

Value $20.97M Shares 98,380 Share Price $213.16 * Est. Cost/Share $110.48 Unrealized @ Report Date +87.3%

— SPDR GOLD SHARES ETF 5.2%

Value $7.585M Shares 56,949 Share Price $133.19 Est. Cost/Share $121.16 Unrealized @ Report Date —

DIS WALT DISNEY CO 4.8%

Value $6.97M Shares 49,915 Share Price $139.64 * Est. Cost/Share $100.82 Unrealized @ Report Date +27.0%

MSFT MICROSOFT CORP 4.6%

Value $6.731M Shares 50,251 Share Price $133.95 * Est. Cost/Share $26.70 Unrealized @ Report Date +347.6%

— HOWARD HUGHES CORP 4.5%

Value $6.525M Shares 52,694 Share Price $123.83 Est. Cost/Share $114.18 Unrealized @ Report Date —

— WISDOMTREE EMRG MRKT HG DIV ET 4.1%

Value $5.885M Shares 131,780 Share Price $44.66 Est. Cost/Share $42.09 Unrealized @ Report Date —

— WISDOMTREE JAPAN HEDGED EQUITY 3.7%

Value $5.4M Shares 110,900 Share Price $48.69 Est. Cost/Share $54.52 Unrealized @ Report Date —

— ALPHA ARCHTCT US QUNTV VAL ETF 3.6%

Value $5.197M Shares 185,331 Share Price $28.04 Est. Cost/Share $21.37 Unrealized @ Report Date —

— MADISON SQUARE GARDEN CO CL A 3.6%

Value $5.177M Shares 18,494 Share Price $279.93 Est. Cost/Share $271.22 Unrealized @ Report Date —

— CISCO SYSTEMS INC 3.5%

Value $5.143M Shares 93,988 Share Price $54.72 Est. Cost/Share $24.33 Unrealized @ Report Date —

MKL MARKEL CORP 3.4%

Value $4.918M Shares 4,514 Share Price $1089.50 * Est. Cost/Share $526.07 Unrealized @ Report Date +99.2%

BAC BANK OF AMERICA CORP 3.3%

Value $4.848M Shares 167,185 Share Price $29.00 * Est. Cost/Share $10.31 Unrealized @ Report Date +137.6%

— ALPHABET INC. CLASS C 3.3%

Value $4.764M Shares 4,408 Share Price $1080.76 Est. Cost/Share $572.35 Unrealized @ Report Date —

AAPL APPLE INC 3.2%

Value $4.631M Shares 23,403 Share Price $197.88 * Est. Cost/Share $18.53 Unrealized @ Report Date +151.7%

GLW CORNING INC 3.1%

Value $4.525M Shares 136,195 Share Price $33.22 * Est. Cost/Share $12.64 Unrealized @ Report Date +110.6%

— PROSHARES SHORT S&P500 3.1%

Value $4.509M Shares 169,454 Share Price $26.61 Est. Cost/Share $33.61 Unrealized @ Report Date —

— KKR & CO INC CLASS A 3.0%

Value $4.374M Shares 173,095 Share Price $25.27 Est. Cost/Share $25.27 Unrealized @ Report Date —

— ALPHABET INC. CLASS A 3.0%

Value $4.337M Shares 4,006 Share Price $1082.63 Est. Cost/Share $875.83 Unrealized @ Report Date —

— LIBERTY MEDIA CORP SERIES C LI 2.6%

Value $3.837M Shares 101,029 Share Price $37.98 Est. Cost/Share $31.11 Unrealized @ Report Date —

— KINDER MORGAN INC 2.6%

Value $3.738M Shares 179,025 Share Price $20.88 Est. Cost/Share $20.01 Unrealized @ Report Date —

GVAL CAMBRIA GLOBAL VALUE ETF 2.5%

Value $3.633M Shares 153,531 Share Price $23.66 Est. Cost/Share $22.58 Unrealized @ Report Date —

— ALPHA ARCHTCT INTR QUNTV VAL E 2.4%

Value $3.443M Shares 127,818 Share Price $26.94 Est. Cost/Share $30.82 Unrealized @ Report Date —

ABT ABBOTT LABORATORIES 2.2%

Value $3.236M Shares 38,483 Share Price $84.09 * Est. Cost/Share $28.85 Unrealized @ Report Date +143.4%

— ABBVIE INC 2.2%

Value $3.182M Shares 43,762 Share Price $72.71 Est. Cost/Share $46.39 Unrealized @ Report Date —

— VANECK VECTORS GOLD MINERS ETF 2.0%

Value $2.839M Shares 111,085 Share Price $25.56 Est. Cost/Share $27.39 Unrealized @ Report Date —

— NEW RESIDENTIAL INVE REIT 1.6%

Value $2.268M Shares 147,385 Share Price $15.39 Est. Cost/Share $17.04 Unrealized @ Report Date —

— ANTERO RESOURCES COR 1.4%

Value $2.045M Shares 369,820 Share Price $5.53 Est. Cost/Share $8.83 Unrealized @ Report Date —

PETS PETMED EXPRESS INC 1.0%

Value $1.394M Shares 88,970 Share Price $15.67 * Est. Cost/Share $37.37 Unrealized @ Report Date -47.4%

— COHEN STEERS REIT PREFER 0.4%

Value $606K Shares 28,063 Share Price $21.59 Est. Cost/Share $19.99 Unrealized @ Report Date —

— TESLA INC 0.3%

Value $412K Shares 1,845 Share Price $223.31 Est. Cost/Share $129.86 Unrealized @ Report Date —

— COUPA SOFTWARE INCORPORA 0.2%

Value $328K Shares 2,596 Share Price $126.35 Est. Cost/Share $79.08 Unrealized @ Report Date —

— ALPHA ARCHTCT US QUNTV MTNM ET 0.2%

Value $303K Shares 9,682 Share Price $31.30 Est. Cost/Share $29.44 Unrealized @ Report Date —

— LIBERTY MEDIA CORP SERIES C LI 0.2%

Value $277K Shares 9,915 Share Price $27.94 Est. Cost/Share $14.59 Unrealized @ Report Date —

— SOLAR SENIOR CAPITAL 0.2%

Value $253K Shares 15,925 Share Price $15.89 Est. Cost/Share $18.28 Unrealized @ Report Date —

— NORTHWEST NATURAL HOLDIN 0.2%

Value $250K Shares 3,600 Share Price $69.44 Est. Cost/Share $66.67 Unrealized @ Report Date —

— BANK OF AMERIC 7.25 PFD CONV S 0.2%

Value $249K Shares 182 Share Price $1368.13 Est. Cost/Share $1191.59 Unrealized @ Report Date —

— POWERSHARES S&P 500 XXX NAME C 0.1%

Value $212K Shares 1,973 Share Price $107.45 Est. Cost/Share $104.41 Unrealized @ Report Date —

— CRIMSON WINE GROUP 0.1%

Value $96,000 Shares 12,049 Share Price $7.97 Est. Cost/Share $8.50 Unrealized @ Report Date —

ARAY ACCURAY INC 0.0%

Value $38,000 Shares 10,000 Share Price $3.80 * Est. Cost/Share $5.05 Unrealized @ Report Date -20.0%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
BRK/B	BERKSHIRE HATHAWAY CLASS B	98,380	$20.97M	14.4%	$213.16 *	$110.48	+87.3%	COM	084670702
—	SPDR GOLD SHARES ETF	56,949	$7.585M	5.2%	$133.19	$121.16	—	UIUS	78463v107
DIS	WALT DISNEY CO	49,915	$6.97M	4.8%	$139.64 *	$100.82	+27.0%	COM	254687106
MSFT	MICROSOFT CORP	50,251	$6.731M	4.6%	$133.95 *	$26.70	+347.6%	COM	594918104
—	HOWARD HUGHES CORP	52,694	$6.525M	4.5%	$123.83	$114.18	—	COM	44267d107
—	WISDOMTREE EMRG MRKT HG DIV ET	131,780	$5.885M	4.1%	$44.66	$42.09	—	UIUS	97717w315
—	WISDOMTREE JAPAN HEDGED EQUITY	110,900	$5.4M	3.7%	$48.69	$54.52	—	UIUS	97717w851
—	ALPHA ARCHTCT US QUNTV VAL ETF	185,331	$5.197M	3.6%	$28.04	$21.37	—	COM	02072l102
—	MADISON SQUARE GARDEN CO CL A	18,494	$5.177M	3.6%	$279.93	$271.22	—	COM	55825t103
—	CISCO SYSTEMS INC	93,988	$5.143M	3.5%	$54.72	$24.33	—	COM	17275r102
MKL	MARKEL CORP	4,514	$4.918M	3.4%	$1089.50 *	$526.07	+99.2%	COM	570535104
BAC	BANK OF AMERICA CORP	167,185	$4.848M	3.3%	$29.00 *	$10.31	+137.6%	COM	060505104
—	ALPHABET INC. CLASS C	4,408	$4.764M	3.3%	$1080.76	$572.35	—	COM	02079k107
AAPL	APPLE INC	23,403	$4.631M	3.2%	$197.88 *	$18.53	+151.7%	COM	037833100
GLW	CORNING INC	136,195	$4.525M	3.1%	$33.22 *	$12.64	+110.6%	COM	219350105
—	PROSHARES SHORT S&P500	169,454	$4.509M	3.1%	$26.61	$33.61	—	COM	74347b425
—	KKR & CO INC CLASS A	173,095	$4.374M	3.0%	$25.27	$25.27	—	COM	48251w104
—	ALPHABET INC. CLASS A	4,006	$4.337M	3.0%	$1082.63	$875.83	—	COM	02079k305
—	LIBERTY MEDIA CORP SERIES C LI	101,029	$3.837M	2.6%	$37.98	$31.11	—	COM	531229607
—	KINDER MORGAN INC	179,025	$3.738M	2.6%	$20.88	$20.01	—	COM	49456b101
GVAL	CAMBRIA GLOBAL VALUE ETF	153,531	$3.633M	2.5%	$23.66	$22.58	—	UIUS	132061409
—	ALPHA ARCHTCT INTR QUNTV VAL E	127,818	$3.443M	2.4%	$26.94	$30.82	—	COM	02072l201
ABT	ABBOTT LABORATORIES	38,483	$3.236M	2.2%	$84.09 *	$28.85	+143.4%	COM	002824100
—	ABBVIE INC	43,762	$3.182M	2.2%	$72.71	$46.39	—	COM	00287y109
—	VANECK VECTORS GOLD MINERS ETF	111,085	$2.839M	2.0%	$25.56	$27.39	—	UIUS	92189f106
—	NEW RESIDENTIAL INVE REIT	147,385	$2.268M	1.6%	$15.39	$17.04	—	COM	64828t201
—	ANTERO RESOURCES COR	369,820	$2.045M	1.4%	$5.53	$8.83	—	COM	03674x106
PETS	PETMED EXPRESS INC	88,970	$1.394M	1.0%	$15.67 *	$37.37	-47.4%	COM	716382106
—	COHEN STEERS REIT PREFER	28,063	$606K	0.4%	$21.59	$19.99	—	COM	19247x100
—	TESLA INC	1,845	$412K	0.3%	$223.31	$129.86	—	COM	88160r101
—	COUPA SOFTWARE INCORPORA	2,596	$328K	0.2%	$126.35	$79.08	—	COM	22266l106
—	ALPHA ARCHTCT US QUNTV MTNM ET	9,682	$303K	0.2%	$31.30	$29.44	—	COM	02072l409
—	LIBERTY MEDIA CORP SERIES C LI	9,915	$277K	0.2%	$27.94	$14.59	—	COM	531229888
—	SOLAR SENIOR CAPITAL	15,925	$253K	0.2%	$15.89	$18.28	—	COM	83416m105
—	NORTHWEST NATURAL HOLDIN	3,600	$250K	0.2%	$69.44	$66.67	—	COM	66765n105
—	BANK OF AMERIC 7.25 PFD CONV S	182	$249K	0.2%	$1368.13	$1191.59	—	CPUS	060505682
—	POWERSHARES S&P 500 XXX NAME C	1,973	$212K	0.1%	$107.45	$104.41	—	COM	739371813
—	CRIMSON WINE GROUP	12,049	$96,000	0.1%	$7.97	$8.50	—	COM	22662x100
ARAY	ACCURAY INC	10,000	$38,000	0.0%	$3.80 *	$5.05	-20.0%	COM	004397105