MENLO ADVISORS LLC Long-Term Concentrated

Location: Menlo Park, CA

CIK: 0001279708 · Show all filings

Period: Q1 2025 (← Previous) (Next →)

Filing Date: Apr 14, 2025

Total Value: $210M (100.0% shares, 0.0% debt)

Holdings (27)

BRK/B BERKSHIRE HATHAWAY CLASS B 13.6%

Value $28.5M Shares 53,512 Share Price $532.57 * Est. Cost/Share $115.31 Unrealized @ Report Date +321.6%

— PUT SPDR S&P 500 $530 EXP 01/1 13.3%

Value $27.97M Shares 50,000 Share Price $559.40 Est. Cost/Share $559.40 Unrealized @ Report Date —

— SPDR GOLD SHARES ETF 8.4%

Value $17.6M Shares 61,081 Share Price $288.13 Est. Cost/Share $137.96 Unrealized @ Report Date —

— ALPHABET INC CLASS C 5.8%

Value $12.22M Shares 78,193 Share Price $156.23 Est. Cost/Share $123.81 Unrealized @ Report Date —

AAPL APPLE INC 5.7%

Value $11.99M Shares 54,001 Share Price $222.13 * Est. Cost/Share $84.97 Unrealized @ Report Date +171.6%

— VANECK GOLD MINERS ETF 5.2%

Value $10.99M Shares 239,115 Share Price $45.97 Est. Cost/Share $27.95 Unrealized @ Report Date —

— ALPHA ARCHTCT US QUNTV VAL ETF 5.1%

Value $10.72M Shares 251,355 Share Price $42.65 Est. Cost/Share $23.34 Unrealized @ Report Date —

MSFT MICROSOFT CORP 5.0%

Value $10.43M Shares 27,787 Share Price $375.39 * Est. Cost/Share $44.07 Unrealized @ Report Date +819.1%

— ALPHABET INC CLASS A 4.7%

Value $9.939M Shares 64,273 Share Price $154.64 Est. Cost/Share $134.65 Unrealized @ Report Date —

ABT ABBOTT LABS 4.4%

Value $9.15M Shares 68,986 Share Price $132.64 * Est. Cost/Share $70.82 Unrealized @ Report Date +77.2%

— ABBVIE INC 3.9%

Value $8.119M Shares 38,752 Share Price $209.51 Est. Cost/Share $51.35 Unrealized @ Report Date —

— GLOBAL X MLP & ENERGY INFRASTR 3.1%

Value $6.533M Shares 102,392 Share Price $63.80 Est. Cost/Share $56.15 Unrealized @ Report Date —

— KKR & CO INC 3.1%

Value $6.448M Shares 55,775 Share Price $115.61 Est. Cost/Share $33.98 Unrealized @ Report Date —

— CISCO SYS INC 2.8%

Value $5.869M Shares 95,119 Share Price $61.70 Est. Cost/Share $27.25 Unrealized @ Report Date —

— ENERGY SELECT SECTOR SPDR ETF 2.7%

Value $5.679M Shares 60,775 Share Price $93.44 Est. Cost/Share $83.75 Unrealized @ Report Date —

LMT LOCKHEED MARTIN CORP 2.5%

Value $5.157M Shares 11,545 Share Price $446.69 Est. Cost/Share $432.65 Unrealized @ Report Date +3.6%

— TESLA INC 2.4%

Value $4.96M Shares 19,140 Share Price $259.14 Est. Cost/Share $323.89 Unrealized @ Report Date —

— ROYALTY PHARMA PLC F CLASS A 2.0%

Value $4.147M Shares 133,235 Share Price $31.13 Est. Cost/Share $26.37 Unrealized @ Report Date —

MEMX MATTHEWS EMG MRKTS CHINA ACT E 1.7%

Value $3.527M Shares 125,995 Share Price $27.99 Est. Cost/Share $30.77 Unrealized @ Report Date —

— SPROTT URANIUM MINERS ETF 1.4%

Value $2.891M Shares 89,120 Share Price $32.44 Est. Cost/Share $44.85 Unrealized @ Report Date —

— ROYCE SMALL CAP TRUST CF 1.4%

Value $2.862M Shares 201,044 Share Price $14.24 Est. Cost/Share $10.35 Unrealized @ Report Date —

— WISDOMTREE US QLT DIV GRW ETF 1.1%

Value $2.236M Shares 28,010 Share Price $79.83 Est. Cost/Share $58.08 Unrealized @ Report Date —

— HOWARD HUGHES HLDGS INC 0.5%

Value $1.132M Shares 15,292 Share Price $74.03 Est. Cost/Share $74.12 Unrealized @ Report Date —

FNDF SCHWAB FUNDAMNTL INTRNL EQT ET 0.3%

Value $556K Shares 15,403 Share Price $36.10 Est. Cost/Share $34.99 Unrealized @ Report Date —

— SPROTT PHYSICAL GOLD ETV 0.1%

Value $288K Shares 12,000 Share Price $24.00 Est. Cost/Share $18.00 Unrealized @ Report Date —

HD HOME DEPOT INC 0.1%

Value $233K Shares 636 Share Price $366.35 * Est. Cost/Share $295.79 Unrealized @ Report Date +28.7%

— DIREXION DAILY AAPL BEAR 1X ET 0.1%

Value $170K Shares 10,000 Share Price $17.00 Est. Cost/Share $22.65 Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
BRK/B	BERKSHIRE HATHAWAY CLASS B	53,512	$28.5M	13.6%	$532.57 *	$115.31	+321.6%	COM	084670702
—	PUT SPDR S&P 500 $530 EXP 01/1	50,000	$27.97M	13.3%	$559.40	$559.40	—	PUT	78462f953
—	SPDR GOLD SHARES ETF	61,081	$17.6M	8.4%	$288.13	$137.96	—	COM	78463v107
—	ALPHABET INC CLASS C	78,193	$12.22M	5.8%	$156.23	$123.81	—	COM	02079k107
AAPL	APPLE INC	54,001	$11.99M	5.7%	$222.13 *	$84.97	+171.6%	COM	037833100
—	VANECK GOLD MINERS ETF	239,115	$10.99M	5.2%	$45.97	$27.95	—	COM	92189f106
—	ALPHA ARCHTCT US QUNTV VAL ETF	251,355	$10.72M	5.1%	$42.65	$23.34	—	COM	02072l102
MSFT	MICROSOFT CORP	27,787	$10.43M	5.0%	$375.39 *	$44.07	+819.1%	COM	594918104
—	ALPHABET INC CLASS A	64,273	$9.939M	4.7%	$154.64	$134.65	—	COM	02079k305
ABT	ABBOTT LABS	68,986	$9.15M	4.4%	$132.64 *	$70.82	+77.2%	COM	002824100
—	ABBVIE INC	38,752	$8.119M	3.9%	$209.51	$51.35	—	COM	00287y109
—	GLOBAL X MLP & ENERGY INFRASTR	102,392	$6.533M	3.1%	$63.80	$56.15	—	COM	37954y293
—	KKR & CO INC	55,775	$6.448M	3.1%	$115.61	$33.98	—	COM	48251w104
—	CISCO SYS INC	95,119	$5.869M	2.8%	$61.70	$27.25	—	COM	17275r102
—	ENERGY SELECT SECTOR SPDR ETF	60,775	$5.679M	2.7%	$93.44	$83.75	—	COM	81369y506
LMT	LOCKHEED MARTIN CORP	11,545	$5.157M	2.5%	$446.69	$432.65	+3.6%	COM	539830109
—	TESLA INC	19,140	$4.96M	2.4%	$259.14	$323.89	—	COM	88160r101
—	ROYALTY PHARMA PLC F CLASS A	133,235	$4.147M	2.0%	$31.13	$26.37	—	COM	g7709q104
MEMX	MATTHEWS EMG MRKTS CHINA ACT E	125,995	$3.527M	1.7%	$27.99	$30.77	—	COM	577125792
—	SPROTT URANIUM MINERS ETF	89,120	$2.891M	1.4%	$32.44	$44.85	—	COM	85208p303
—	ROYCE SMALL CAP TRUST CF	201,044	$2.862M	1.4%	$14.24	$10.35	—	COM	780910105
—	WISDOMTREE US QLT DIV GRW ETF	28,010	$2.236M	1.1%	$79.83	$58.08	—	COM	97717x669
—	HOWARD HUGHES HLDGS INC	15,292	$1.132M	0.5%	$74.03	$74.12	—	COM	44267t102
FNDF	SCHWAB FUNDAMNTL INTRNL EQT ET	15,403	$556K	0.3%	$36.10	$34.99	—	COM	808524755
—	SPROTT PHYSICAL GOLD ETV	12,000	$288K	0.1%	$24.00	$18.00	—	COM	85207h104
HD	HOME DEPOT INC	636	$233K	0.1%	$366.35 *	$295.79	+28.7%	COM	437076102
—	DIREXION DAILY AAPL BEAR 1X ET	10,000	$170K	0.1%	$17.00	$22.65	—	COM	25461a304