MENLO ADVISORS LLC Long-Term Concentrated

Location: Menlo Park, CA

CIK: 0001279708 · Show all filings

Period: Q2 2025 (← Previous) (Next →)

Filing Date: Aug 6, 2025

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

Holdings (29)

BRK/B BERKSHIRE HATHAWAY CLASS B 13.8%

Value $25.6M Shares 52,702 Share Price $485.77 * Est. Cost/Share $115.31 Unrealized @ Report Date +340.4%

— SPDR GOLD SHARES ETF 8.0%

Value $14.79M Shares 48,503 Share Price $304.83 Est. Cost/Share $137.96 Unrealized @ Report Date —

— ALPHABET INC CLASS C 7.4%

Value $13.73M Shares 77,393 Share Price $177.38 Est. Cost/Share $123.81 Unrealized @ Report Date —

MSFT MICROSOFT CORP 7.3%

Value $13.52M Shares 27,172 Share Price $497.42 * Est. Cost/Share $44.07 Unrealized @ Report Date +881.1%

— VANECK GOLD MINERS ETF 6.6%

Value $12.3M Shares 236,215 Share Price $52.06 Est. Cost/Share $27.95 Unrealized @ Report Date —

— ALPHABET INC CLASS A 6.0%

Value $11.19M Shares 63,473 Share Price $176.22 Est. Cost/Share $134.65 Unrealized @ Report Date —

— ALPHA ARCHTCT US QUNTV VAL ETF 5.9%

Value $10.95M Shares 248,740 Share Price $44.01 Est. Cost/Share $23.34 Unrealized @ Report Date —

AAPL APPLE INC 5.9%

Value $10.87M Shares 53,001 Share Price $205.17 Est. Cost/Share $84.97 Unrealized @ Report Date +137.0%

ABT ABBOTT LABS 4.9%

Value $9.185M Shares 67,536 Share Price $136.00 * Est. Cost/Share $70.82 Unrealized @ Report Date +84.4%

— KKR & CO INC 3.9%

Value $7.206M Shares 54,175 Share Price $133.01 Est. Cost/Share $33.98 Unrealized @ Report Date —

— ABBVIE INC 3.8%

Value $7.1M Shares 38,252 Share Price $185.61 Est. Cost/Share $51.35 Unrealized @ Report Date —

— CISCO SYS INC 3.5%

Value $6.517M Shares 93,944 Share Price $69.37 Est. Cost/Share $27.25 Unrealized @ Report Date —

— GLOBAL X MLP & ENERGY INFRASTR 3.4%

Value $6.309M Shares 100,697 Share Price $62.65 Est. Cost/Share $56.15 Unrealized @ Report Date —

— TESLA INC 3.3%

Value $6.08M Shares 19,140 Share Price $317.66 Est. Cost/Share $323.89 Unrealized @ Report Date —

LMT LOCKHEED MARTIN CORP 2.8%

Value $5.254M Shares 11,345 Share Price $463.11 Est. Cost/Share $432.65 Unrealized @ Report Date +6.1%

— ROYALTY PHARMA PLC F CLASS A 2.5%

Value $4.731M Shares 131,325 Share Price $36.03 Est. Cost/Share $26.37 Unrealized @ Report Date —

— SPROTT URANIUM MINERS ETF 2.2%

Value $4.16M Shares 86,804 Share Price $47.92 Est. Cost/Share $44.85 Unrealized @ Report Date —

MEMX MATTHEWS EMG MRKTS CHINA ACT E 2.2%

Value $4.045M Shares 123,590 Share Price $32.73 Est. Cost/Share $30.77 Unrealized @ Report Date —

— SPROTT PHYSICAL SILVER E 1.7%

Value $3.101M Shares 253,380 Share Price $12.24 Est. Cost/Share $12.24 Unrealized @ Report Date —

— ROYCE SMALL CAP TRUST CF 1.6%

Value $2.938M Shares 195,242 Share Price $15.05 Est. Cost/Share $10.35 Unrealized @ Report Date —

— WISDOMTREE US QLT DIV GRW ETF 1.3%

Value $2.339M Shares 27,935 Share Price $83.73 Est. Cost/Share $58.08 Unrealized @ Report Date —

— HOWARD HUGHES HLDGS INC 0.5%

Value $1M Shares 14,827 Share Price $67.44 Est. Cost/Share $74.12 Unrealized @ Report Date —

— PUT SPDR S&P 500 $530 EXP 01/1 0.5%

Value $841K Shares 1,000 Share Price $841.00 Est. Cost/Share $559.40 Unrealized @ Report Date —

FNDF SCHWAB FUNDAMNTL INTRNL EQT ET 0.3%

Value $616K Shares 15,403 Share Price $39.99 Est. Cost/Share $34.99 Unrealized @ Report Date —

— SPROTT PHYSICAL GOLD ETV 0.2%

Value $304K Shares 12,000 Share Price $25.33 Est. Cost/Share $18.00 Unrealized @ Report Date —

— CROWDSTRIKE HLDGS INC CLASS A 0.2%

Value $285K Shares 561 Share Price $508.02 Est. Cost/Share $508.02 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 +20.3%

AMZN AMAZON.COM INC 0.1%

Value $219K Shares 1,000 Share Price $219.00 * Est. Cost/Share $197.89 Unrealized @ Report Date 0.0%

— DIREXION DAILY AAPL BEAR 1X ET 0.1%

Value $175K Shares 10,000 Share Price $17.50 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	52,702	$25.6M	13.8%	$485.77 *	$115.31	+340.4%	COM	084670702
—	SPDR GOLD SHARES ETF	48,503	$14.79M	8.0%	$304.83	$137.96	—	UIUS	78463v107
—	ALPHABET INC CLASS C	77,393	$13.73M	7.4%	$177.38	$123.81	—	COM	02079k107
MSFT	MICROSOFT CORP	27,172	$13.52M	7.3%	$497.42 *	$44.07	+881.1%	COM	594918104
—	VANECK GOLD MINERS ETF	236,215	$12.3M	6.6%	$52.06	$27.95	—	UIUS	92189f106
—	ALPHABET INC CLASS A	63,473	$11.19M	6.0%	$176.22	$134.65	—	COM	02079k305
—	ALPHA ARCHTCT US QUNTV VAL ETF	248,740	$10.95M	5.9%	$44.01	$23.34	—	COM	02072l102
AAPL	APPLE INC	53,001	$10.87M	5.9%	$205.17	$84.97	+137.0%	COM	037833100
ABT	ABBOTT LABS	67,536	$9.185M	4.9%	$136.00 *	$70.82	+84.4%	COM	002824100
—	KKR & CO INC	54,175	$7.206M	3.9%	$133.01	$33.98	—	COM	48251w104
—	ABBVIE INC	38,252	$7.1M	3.8%	$185.61	$51.35	—	COM	00287y109
—	CISCO SYS INC	93,944	$6.517M	3.5%	$69.37	$27.25	—	COM	17275r102
—	GLOBAL X MLP & ENERGY INFRASTR	100,697	$6.309M	3.4%	$62.65	$56.15	—	COM	37954y293
—	TESLA INC	19,140	$6.08M	3.3%	$317.66	$323.89	—	COM	88160r101
LMT	LOCKHEED MARTIN CORP	11,345	$5.254M	2.8%	$463.11	$432.65	+6.1%	COM	539830109
—	ROYALTY PHARMA PLC F CLASS A	131,325	$4.731M	2.5%	$36.03	$26.37	—	COM	g7709q104
—	SPROTT URANIUM MINERS ETF	86,804	$4.16M	2.2%	$47.92	$44.85	—	COM	85208p303
MEMX	MATTHEWS EMG MRKTS CHINA ACT E	123,590	$4.045M	2.2%	$32.73	$30.77	—	COM	577125792
—	SPROTT PHYSICAL SILVER E	253,380	$3.101M	1.7%	$12.24	$12.24	—	COM	85207k107
—	ROYCE SMALL CAP TRUST CF	195,242	$2.938M	1.6%	$15.05	$10.35	—	COM	780910105
—	WISDOMTREE US QLT DIV GRW ETF	27,935	$2.339M	1.3%	$83.73	$58.08	—	COM	97717x669
—	HOWARD HUGHES HLDGS INC	14,827	$1M	0.5%	$67.44	$74.12	—	COM	44267t102
—	PUT SPDR S&P 500 $530 EXP 01/1	1,000	$841K	0.5%	$841.00	$559.40	—	PUT	78462f953
FNDF	SCHWAB FUNDAMNTL INTRNL EQT ET	15,403	$616K	0.3%	$39.99	$34.99	—	COM	808524755
—	SPROTT PHYSICAL GOLD ETV	12,000	$304K	0.2%	$25.33	$18.00	—	COM	85207h104
—	CROWDSTRIKE HLDGS INC CLASS A	561	$285K	0.2%	$508.02	$508.02	—	COM	22788c105
HD	HOME DEPOT INC	636	$233K	0.1%	$366.35 *	$295.79	+20.3%	COM	437076102
AMZN	AMAZON.COM INC	1,000	$219K	0.1%	$219.00 *	$197.89	0.0%	COM	023135106
—	DIREXION DAILY AAPL BEAR 1X ET	10,000	$175K	0.1%	$17.50	$22.65	—	COM	25461a304