MENLO ADVISORS LLC Long-Term Concentrated

Location: Menlo Park, CA

CIK: 0001279708 · Show all filings

Period: Q3 2025 (← Previous) (Next →)

Filing Date: Sep 10, 2026

Total Value: $211M (100.0% shares, 0.0% debt)

Holdings (30)

BRK/B BERKSHIRE HATHAWAY CLASS B 12.4%

Value $26.03M Shares 51,772 Share Price $502.72 * Est. Cost/Share $115.31 Unrealized @ Report Date +320.0%

— ALPHABET INC CLASS CLASS C 8.6%

Value $18.08M Shares 74,243 Share Price $243.54 Est. Cost/Share $123.81 Unrealized @ Report Date —

— VANECK GOLD MINERS ETF 8.3%

Value $17.5M Shares 229,090 Share Price $76.40 Est. Cost/Share $27.95 Unrealized @ Report Date —

— SPDR GOLD SHARES 8.1%

Value $16.99M Shares 47,803 Share Price $355.46 Est. Cost/Share $137.96 Unrealized @ Report Date —

— ALPHABET INC CLASS A 7.2%

Value $15.06M Shares 61,973 Share Price $243.09 Est. Cost/Share $134.65 Unrealized @ Report Date —

MSFT MICROSOFT CORP 6.5%

Value $13.67M Shares 26,397 Share Price $517.94 Est. Cost/Share $44.07 Unrealized @ Report Date +1054.3%

AAPL APPLE INC 6.3%

Value $13.28M Shares 52,157 Share Price $254.62 * Est. Cost/Share $84.97 Unrealized @ Report Date +165.5%

— ALPHA ARCHITECT U.S. QUANTITAT 5.3%

Value $11.26M Shares 241,375 Share Price $46.65 Est. Cost/Share $23.34 Unrealized @ Report Date —

ABT ABBOTT LABS 4.3%

Value $9M Shares 67,196 Share Price $133.94 * Est. Cost/Share $70.82 Unrealized @ Report Date +84.4%

— ABBVIE INC 4.2%

Value $8.822M Shares 38,102 Share Price $231.54 Est. Cost/Share $51.35 Unrealized @ Report Date —

— TESLA INC 4.0%

Value $8.511M Shares 19,140 Share Price $444.67 Est. Cost/Share $323.89 Unrealized @ Report Date —

— KKR & CO INC 3.0%

Value $6.286M Shares 48,380 Share Price $129.93 Est. Cost/Share $33.98 Unrealized @ Report Date —

— CISCO SYS INC 3.0%

Value $6.249M Shares 91,344 Share Price $68.41 Est. Cost/Share $27.25 Unrealized @ Report Date —

— GLOBAL X MLP & ENERGY INFRASTR 3.0%

Value $6.223M Shares 99,237 Share Price $62.71 Est. Cost/Share $56.15 Unrealized @ Report Date —

LMT LOCKHEED MARTIN CORP 2.8%

Value $5.81M Shares 11,640 Share Price $499.14 * Est. Cost/Share $433.04 Unrealized @ Report Date +3.5%

— SPROTT URANIUM MINERS ETF 2.5%

Value $5.215M Shares 86,304 Share Price $60.43 Est. Cost/Share $44.85 Unrealized @ Report Date —

— ROYALTY PHARMA PLC F CLASS A 2.1%

Value $4.503M Shares 127,640 Share Price $35.28 Est. Cost/Share $26.37 Unrealized @ Report Date —

MEMX MATTHEWS EMERGING MARKETS EX C 2.1%

Value $4.387M Shares 125,840 Share Price $34.86 Est. Cost/Share $30.84 Unrealized @ Report Date —

— SPROTT PHYSICAL SILVER E 1.9%

Value $3.955M Shares 251,960 Share Price $15.70 Est. Cost/Share $12.24 Unrealized @ Report Date —

— ROYCE SMALL CAP TRUST CF 1.5%

Value $3.082M Shares 191,083 Share Price $16.13 Est. Cost/Share $10.35 Unrealized @ Report Date —

— WISDOMTREE U.S. QUALITY DIVIDE 1.2%

Value $2.485M Shares 27,935 Share Price $88.96 Est. Cost/Share $58.08 Unrealized @ Report Date —

— HOWARD HUGHES HLDGS INC 0.6%

Value $1.185M Shares 14,427 Share Price $82.14 Est. Cost/Share $74.12 Unrealized @ Report Date —

FNDF SCHWAB FUNDAMENTAL INTERNATION 0.5%

Value $1.021M Shares 23,778 Share Price $42.94 Est. Cost/Share $37.79 Unrealized @ Report Date —

SPY PUT SPDR S&P 500 $530 EXP 01/1 ⚠ 0.2%

Value $509K Shares 2,000 Share Price $254.50 Est. Cost/Share $532.00 Unrealized @ Report Date —

— SPROTT PHYSGLD TRST 0.2%

Value $355K Shares 12,000 Share Price $29.58 Est. Cost/Share $18.00 Unrealized @ Report Date —

— CROWDSTRIKE HLDGS INC CLASS CL 0.1%

Value $275K Shares 561 Share Price $490.20 Est. Cost/Share $508.02 Unrealized @ Report Date —

SPY PUT SPDR S&P 500 $600 EXP 12/3 ⚠ 0.1%

Value $266K Shares 500 Share Price $532.00 Est. Cost/Share $532.00 Unrealized @ Report Date —

HD HOME DEPOT INC 0.1%

Value $257K Shares 636 Share Price $404.09 * Est. Cost/Share $295.79 Unrealized @ Report Date +31.6%

AMZN AMAZON.COM INC 0.1%

Value $219K Shares 1,000 Share Price $219.00 * Est. Cost/Share $197.89 Unrealized @ Report Date +14.4%

— DIREXION DAILY AAPL BEAR 1X SH 0.1%

Value $140K Shares 10,000 Share Price $14.00 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	51,772	$26.03M	12.4%	$502.72 *	$115.31	+320.0%	COM	084670702
—	ALPHABET INC CLASS CLASS C	74,243	$18.08M	8.6%	$243.54	$123.81	—	COM	02079k107
—	VANECK GOLD MINERS ETF	229,090	$17.5M	8.3%	$76.40	$27.95	—	UIUS	92189f106
—	SPDR GOLD SHARES	47,803	$16.99M	8.1%	$355.46	$137.96	—	UIUS	78463v107
—	ALPHABET INC CLASS A	61,973	$15.06M	7.2%	$243.09	$134.65	—	COM	02079k305
MSFT	MICROSOFT CORP	26,397	$13.67M	6.5%	$517.94	$44.07	+1054.3%	COM	594918104
AAPL	APPLE INC	52,157	$13.28M	6.3%	$254.62 *	$84.97	+165.5%	COM	037833100
—	ALPHA ARCHITECT U.S. QUANTITAT	241,375	$11.26M	5.3%	$46.65	$23.34	—	COM	02072l102
ABT	ABBOTT LABS	67,196	$9M	4.3%	$133.94 *	$70.82	+84.4%	COM	002824100
—	ABBVIE INC	38,102	$8.822M	4.2%	$231.54	$51.35	—	COM	00287y109
—	TESLA INC	19,140	$8.511M	4.0%	$444.67	$323.89	—	COM	88160r101
—	KKR & CO INC	48,380	$6.286M	3.0%	$129.93	$33.98	—	COM	48251w104
—	CISCO SYS INC	91,344	$6.249M	3.0%	$68.41	$27.25	—	COM	17275r102
—	GLOBAL X MLP & ENERGY INFRASTR	99,237	$6.223M	3.0%	$62.71	$56.15	—	COM	37954y293
LMT	LOCKHEED MARTIN CORP	11,640	$5.81M	2.8%	$499.14 *	$433.04	+3.5%	COM	539830109
—	SPROTT URANIUM MINERS ETF	86,304	$5.215M	2.5%	$60.43	$44.85	—	COM	85208p303
—	ROYALTY PHARMA PLC F CLASS A	127,640	$4.503M	2.1%	$35.28	$26.37	—	COM	g7709q104
MEMX	MATTHEWS EMERGING MARKETS EX C	125,840	$4.387M	2.1%	$34.86	$30.84	—	COM	577125792
—	SPROTT PHYSICAL SILVER E	251,960	$3.955M	1.9%	$15.70	$12.24	—	COM	85207k107
—	ROYCE SMALL CAP TRUST CF	191,083	$3.082M	1.5%	$16.13	$10.35	—	COM	780910105
—	WISDOMTREE U.S. QUALITY DIVIDE	27,935	$2.485M	1.2%	$88.96	$58.08	—	COM	97717x669
—	HOWARD HUGHES HLDGS INC	14,427	$1.185M	0.6%	$82.14	$74.12	—	COM	44267t102
FNDF	SCHWAB FUNDAMENTAL INTERNATION	23,778	$1.021M	0.5%	$42.94	$37.79	—	COM	808524755
SPY	PUT SPDR S&P 500 $530 EXP 01/1 ⚠	2,000	$509K	0.2%	$254.50	$532.00	—	PUT	78462F103
—	SPROTT PHYSGLD TRST	12,000	$355K	0.2%	$29.58	$18.00	—	COM	85207h104
—	CROWDSTRIKE HLDGS INC CLASS CL	561	$275K	0.1%	$490.20	$508.02	—	COM	22788c105
SPY	PUT SPDR S&P 500 $600 EXP 12/3 ⚠	500	$266K	0.1%	$532.00	$532.00	—	PUT	78462F103
HD	HOME DEPOT INC	636	$257K	0.1%	$404.09 *	$295.79	+31.6%	COM	437076102
AMZN	AMAZON.COM INC	1,000	$219K	0.1%	$219.00 *	$197.89	+14.4%	COM	023135106
—	DIREXION DAILY AAPL BEAR 1X SH	10,000	$140K	0.1%	$14.00	$22.65	—	COM	25461a304