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

Holdings (30)

BRK/B BERKSHIRE HATHAWAY CLASS B 12.4%

Value $26.03M Shares 51,772 Est. Cost $115.31 Unrealized +320.0%

— ALPHABET INC CLASS CLASS C 8.6%

Value $18.08M Shares 74,243 Est. Cost $123.81 Unrealized —

— VANECK GOLD MINERS ETF 8.3%

Value $17.5M Shares 229,090 Est. Cost $27.95 Unrealized —

— SPDR GOLD SHARES 8.1%

Value $16.99M Shares 47,803 Est. Cost $137.96 Unrealized —

— ALPHABET INC CLASS A 7.2%

Value $15.06M Shares 61,973 Est. Cost $134.65 Unrealized —

MSFT MICROSOFT CORP 6.5%

Value $13.67M Shares 26,397 Est. Cost $44.07 Unrealized +1054.3%

AAPL APPLE INC 6.3%

Value $13.28M Shares 52,157 Est. Cost $84.97 Unrealized +165.5%

— ALPHA ARCHITECT U.S. QUANTITAT 5.3%

Value $11.26M Shares 241,375 Est. Cost $23.34 Unrealized —

ABT ABBOTT LABS 4.3%

Value $9M Shares 67,196 Est. Cost $70.82 Unrealized +84.4%

— ABBVIE INC 4.2%

Value $8.822M Shares 38,102 Est. Cost $51.35 Unrealized —

— TESLA INC 4.0%

Value $8.511M Shares 19,140 Est. Cost $323.89 Unrealized —

— KKR & CO INC 3.0%

Value $6.286M Shares 48,380 Est. Cost $33.98 Unrealized —

— CISCO SYS INC 3.0%

Value $6.249M Shares 91,344 Est. Cost $27.25 Unrealized —

— GLOBAL X MLP & ENERGY INFRASTR 3.0%

Value $6.223M Shares 99,237 Est. Cost $56.15 Unrealized —

LMT LOCKHEED MARTIN CORP 2.8%

Value $5.81M Shares 11,640 Est. Cost $433.04 Unrealized +3.5%

— SPROTT URANIUM MINERS ETF 2.5%

Value $5.215M Shares 86,304 Est. Cost $44.85 Unrealized —

— ROYALTY PHARMA PLC F CLASS A 2.1%

Value $4.503M Shares 127,640 Est. Cost $26.37 Unrealized —

MEMX MATTHEWS EMERGING MARKETS EX C 2.1%

Value $4.387M Shares 125,840 Est. Cost $30.84 Unrealized —

— SPROTT PHYSICAL SILVER E 1.9%

Value $3.955M Shares 251,960 Est. Cost $12.24 Unrealized —

— ROYCE SMALL CAP TRUST CF 1.5%

Value $3.082M Shares 191,083 Est. Cost $10.35 Unrealized —

— WISDOMTREE U.S. QUALITY DIVIDE 1.2%

Value $2.485M Shares 27,935 Est. Cost $58.08 Unrealized —

— HOWARD HUGHES HLDGS INC 0.6%

Value $1.185M Shares 14,427 Est. Cost $74.12 Unrealized —

FNDF SCHWAB FUNDAMENTAL INTERNATION 0.5%

Value $1.021M Shares 23,778 Est. Cost $37.79 Unrealized —

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

Value $509K Shares 2,000 Est. Cost $532.00 Unrealized —

— SPROTT PHYSGLD TRST 0.2%

Value $355K Shares 12,000 Est. Cost $18.00 Unrealized —

— CROWDSTRIKE HLDGS INC CLASS CL 0.1%

Value $275K Shares 561 Est. Cost $508.02 Unrealized —

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

Value $266K Shares 500 Est. Cost $532.00 Unrealized —

HD HOME DEPOT INC 0.1%

Value $257K Shares 636 Est. Cost $295.79 Unrealized +31.6%

AMZN AMAZON.COM INC 0.1%

Value $219K Shares 1,000 Est. Cost $197.89 Unrealized +14.4%

— DIREXION DAILY AAPL BEAR 1X SH 0.1%

Value $140K Shares 10,000 Est. Cost $22.65 Unrealized —

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