MENLO ADVISORS LLC Long-Term Concentrated

CIK: 0001279708 · Show all filings

Period: Q2 2025 (← Previous)

Filing Date: Aug 6, 2025

Total Value ($000): $186 (100.0% shares, 0.0% debt)

Holdings (29)

New Positions (3)

— SPROTT PHYSICAL SILVER E 1.7%

Value ($000) $3 Shares 253,380 Est. Cost $0.01 Unrealized —

— CROWDSTRIKE HLDGS INC CLASS A 0.2%

Value ($000) $0 Shares 561 Est. Cost $0.51 Unrealized —

AMZN AMAZON.COM INC 0.1%

Value ($000) $0 Shares 1,000 Est. Cost $197.89 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	SPROTT PHYSICAL SILVER E	253,380	$3	1.7%	$0.01	—	COM	85207k107
—	CROWDSTRIKE HLDGS INC CLASS A	561	$0	0.2%	$0.51	—	COM	22788c105
AMZN	AMAZON.COM INC	1,000	$0	0.1%	$197.89	0.0%	COM	023135106

Exited Positions (1)

— ENERGY SELECT SECTOR SPDR ETF 3.1%

Value ($000) $6 Shares 60,775 Est. Cost $0.08 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	ENERGY SELECT SECTOR SPDR ETF	60,775	$6	3.1%	$0.08	—	—	81369y506

Decreased Positions (20)

— PUT SPDR S&P 500 $530 EXP 01/1 0.5%

Value ($000) $1 (-97.0%) Shares 1,000 (-98.0%) Est. Cost $0.56 Unrealized —

MSFT MICROSOFT CORP 7.3%

Value ($000) $14 (+29.6%) Shares 27,172 (-2.2%) Est. Cost $44.07 Unrealized +881.1%

BRK/B BERKSHIRE HATHAWAY CLASS B 13.8%

Value ($000) $26 (-10.2%) Shares 52,702 (-1.5%) Est. Cost $115.29 Unrealized +340.5%

— SPDR GOLD SHARES ETF 8.0%

Value ($000) $15 (-16.0%) Shares 48,503 (-20.6%) Est. Cost $109.17 Unrealized —

— ALPHABET INC CLASS C 7.4%

Value ($000) $14 (+12.4%) Shares 77,393 (-1.0%) Est. Cost $121.15 Unrealized —

— VANECK GOLD MINERS ETF 6.6%

Value ($000) $12 (+11.9%) Shares 236,215 (-1.2%) Est. Cost $25.25 Unrealized —

— SPROTT URANIUM MINERS ETF 2.2%

Value ($000) $4 (+43.9%) Shares 86,804 (-2.6%) Est. Cost $24.66 Unrealized —

— ALPHABET INC CLASS A 6.0%

Value ($000) $11 (+12.5%) Shares 63,473 (-1.2%) Est. Cost $134.65 Unrealized —

AAPL APPLE INC 5.9%

Value ($000) $11 (-9.3%) Shares 53,001 (-1.9%) Est. Cost $84.97 Unrealized +137.0%

— ABBVIE INC 3.8%

Value ($000) $7 (-12.6%) Shares 38,252 (-1.3%) Est. Cost $44.70 Unrealized —

— KKR & CO INC 3.9%

Value ($000) $7 (+11.8%) Shares 54,175 (-2.9%) Est. Cost $33.98 Unrealized —

— CISCO SYS INC 3.5%

Value ($000) $7 (+11.0%) Shares 93,944 (-1.2%) Est. Cost $27.25 Unrealized —

— ROYALTY PHARMA PLC F CLASS A 2.5%

Value ($000) $5 (+14.1%) Shares 131,325 (-1.4%) Est. Cost $0.03 Unrealized —

MEMX MATTHEWS EMG MRKTS CHINA ACT E 2.2%

Value ($000) $4 (+14.7%) Shares 123,590 (-1.9%) Est. Cost $0.03 Unrealized —

— ALPHA ARCHTCT US QUNTV VAL ETF 5.9%

Value ($000) $11 (+2.1%) Shares 248,740 (-1.0%) Est. Cost $22.84 Unrealized —

— GLOBAL X MLP & ENERGY INFRASTR 3.4%

Value ($000) $6 (-3.4%) Shares 100,697 (-1.7%) Est. Cost $0.06 Unrealized —

— HOWARD HUGHES HLDGS INC 0.5%

Value ($000) $1 (-11.7%) Shares 14,827 (-3.0%) Est. Cost $0.07 Unrealized —

LMT LOCKHEED MARTIN CORP 2.8%

Value ($000) $5 (+1.9%) Shares 11,345 (-1.7%) Est. Cost $432.65 Unrealized +6.1%

— ROYCE SMALL CAP TRUST CF 1.6%

Value ($000) $3 (+2.7%) Shares 195,242 (-2.9%) Est. Cost $8.81 Unrealized —

ABT ABBOTT LABS 4.9%

Value ($000) $9 (+0.4%) Shares 67,536 (-2.1%) Est. Cost $70.82 Unrealized +84.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	PUT SPDR S&P 500 $530 EXP 01/1	1,000 (-98.0%)	$1 (-97.0%)	0.5%	$0.56	—	PUT	78462f953
MSFT	MICROSOFT CORP	27,172 (-2.2%)	$14 (+29.6%)	7.3%	$44.07	+881.1%	COM	594918104
BRK/B	BERKSHIRE HATHAWAY CLASS B	52,702 (-1.5%)	$26 (-10.2%)	13.8%	$115.29	+340.5%	COM	084670702
—	SPDR GOLD SHARES ETF	48,503 (-20.6%)	$15 (-16.0%)	8.0%	$109.17	—	UIUS	78463v107
—	ALPHABET INC CLASS C	77,393 (-1.0%)	$14 (+12.4%)	7.4%	$121.15	—	COM	02079k107
—	VANECK GOLD MINERS ETF	236,215 (-1.2%)	$12 (+11.9%)	6.6%	$25.25	—	UIUS	92189f106
—	SPROTT URANIUM MINERS ETF	86,804 (-2.6%)	$4 (+43.9%)	2.2%	$24.66	—	COM	85208p303
—	ALPHABET INC CLASS A	63,473 (-1.2%)	$11 (+12.5%)	6.0%	$134.65	—	COM	02079k305
AAPL	APPLE INC	53,001 (-1.9%)	$11 (-9.3%)	5.9%	$84.97	+137.0%	COM	037833100
—	ABBVIE INC	38,252 (-1.3%)	$7 (-12.6%)	3.8%	$44.70	—	COM	00287y109
—	KKR & CO INC	54,175 (-2.9%)	$7 (+11.8%)	3.9%	$33.98	—	COM	48251w104
—	CISCO SYS INC	93,944 (-1.2%)	$7 (+11.0%)	3.5%	$27.25	—	COM	17275r102
—	ROYALTY PHARMA PLC F CLASS A	131,325 (-1.4%)	$5 (+14.1%)	2.5%	$0.03	—	COM	g7709q104
MEMX	MATTHEWS EMG MRKTS CHINA ACT E	123,590 (-1.9%)	$4 (+14.7%)	2.2%	$0.03	—	COM	577125792
—	ALPHA ARCHTCT US QUNTV VAL ETF	248,740 (-1.0%)	$11 (+2.1%)	5.9%	$22.84	—	COM	02072l102
—	GLOBAL X MLP & ENERGY INFRASTR	100,697 (-1.7%)	$6 (-3.4%)	3.4%	$0.06	—	COM	37954y293
—	HOWARD HUGHES HLDGS INC	14,827 (-3.0%)	$1 (-11.7%)	0.5%	$0.07	—	COM	44267t102
LMT	LOCKHEED MARTIN CORP	11,345 (-1.7%)	$5 (+1.9%)	2.8%	$432.65	+6.1%	COM	539830109
—	ROYCE SMALL CAP TRUST CF	195,242 (-2.9%)	$3 (+2.7%)	1.6%	$8.81	—	COM	780910105
ABT	ABBOTT LABS	67,536 (-2.1%)	$9 (+0.4%)	4.9%	$70.82	+84.4%	COM	002824100

Unchanged Positions (6)

— TESLA INC 3.3%

Value ($000) $6 Shares 19,140 Est. Cost $320.42 Unrealized —

— WISDOMTREE US QLT DIV GRW ETF 1.3%

Value ($000) $2 Shares 27,935 Est. Cost $41.19 Unrealized —

FNDF SCHWAB FUNDAMNTL INTRNL EQT ET 0.3%

Value ($000) $1 Shares 15,403 Est. Cost $0.03 Unrealized —

— SPROTT PHYSICAL GOLD ETV 0.2%

Value ($000) $0 Shares 12,000 Est. Cost $0.02 Unrealized —

— DIREXION DAILY AAPL BEAR 1X ET 0.1%

Value ($000) $0 Shares 10,000 Est. Cost $0.02 Unrealized —

HD HOME DEPOT INC 0.1%

Value ($000) $0 Shares 636 Est. Cost $295.79 Unrealized +20.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	TESLA INC	19,140	$6	3.3%	$320.42	—	COM	88160r101
—	WISDOMTREE US QLT DIV GRW ETF	27,935	$2	1.3%	$41.19	—	COM	97717x669
FNDF	SCHWAB FUNDAMNTL INTRNL EQT ET	15,403	$1	0.3%	$0.03	—	COM	808524755
—	SPROTT PHYSICAL GOLD ETV	12,000	$0	0.2%	$0.02	—	COM	85207h104
—	DIREXION DAILY AAPL BEAR 1X ET	10,000	$0	0.1%	$0.02	—	COM	25461a304
HD	HOME DEPOT INC	636	$0	0.1%	$295.79	+20.3%	COM	437076102