MENLO ADVISORS LLC Long-Term Concentrated

Location: Menlo Park, CA

CIK: 0001279708 · Show all filings

Period: Q4 2025 (← Previous) (Next →)

Filing Date: Sep 10, 2026

Total Value: $223M (100.0% shares, 0.0% debt)

Holdings (30)

BRK/B BERKSHIRE HATHAWAY CLASS B 11.5%

Value $25.49M Shares 50,707 Share Price $502.63 Est. Cost/Share $115.31 Unrealized @ Report Date +331.5%

— ALPHABET INC CLASS CLASS C 10.4%

Value $23.22M Shares 73,993 Share Price $313.80 Est. Cost/Share $123.81 Unrealized @ Report Date —

— VANECK GOLD MINERS ETF 8.8%

Value $19.54M Shares 227,866 Share Price $85.77 Est. Cost/Share $27.95 Unrealized @ Report Date —

— SPDR GOLD SHARES 8.5%

Value $18.9M Shares 47,693 Share Price $396.31 Est. Cost/Share $137.96 Unrealized @ Report Date —

— ALPHABET INC CLASS A 8.1%

Value $17.98M Shares 57,455 Share Price $312.99 Est. Cost/Share $134.65 Unrealized @ Report Date —

AAPL APPLE INC 5.8%

Value $12.82M Shares 47,157 Share Price $271.86 Est. Cost/Share $84.97 Unrealized @ Report Date +215.8%

MSFT MICROSOFT CORP 5.7%

Value $12.76M Shares 26,387 Share Price $483.61 * Est. Cost/Share $44.07 Unrealized @ Report Date +1035.8%

— ALPHA ARCHITECT U.S. QUANTITAT 5.3%

Value $11.78M Shares 241,365 Share Price $48.79 Est. Cost/Share $23.34 Unrealized @ Report Date —

— ABBVIE INC 3.9%

Value $8.705M Shares 38,102 Share Price $228.47 Est. Cost/Share $51.35 Unrealized @ Report Date —

— TESLA INC 3.9%

Value $8.607M Shares 19,140 Share Price $449.69 Est. Cost/Share $323.89 Unrealized @ Report Date —

ABT ABBOTT LABS 3.8%

Value $8.418M Shares 67,196 Share Price $125.28 Est. Cost/Share $70.82 Unrealized @ Report Date +79.8%

— CISCO SYS INC 3.1%

Value $6.934M Shares 90,019 Share Price $77.03 Est. Cost/Share $27.25 Unrealized @ Report Date —

— GLOBAL X MLP & ENERGY INFRASTR 2.7%

Value $6.007M Shares 99,252 Share Price $60.52 Est. Cost/Share $56.15 Unrealized @ Report Date —

— SPROTT PHYSICAL SILVER E 2.7%

Value $5.958M Shares 251,960 Share Price $23.65 Est. Cost/Share $12.24 Unrealized @ Report Date —

— KKR & CO INC 2.7%

Value $5.912M Shares 46,380 Share Price $127.47 Est. Cost/Share $33.98 Unrealized @ Report Date —

LMT LOCKHEED MARTIN CORP 2.5%

Value $5.652M Shares 11,687 Share Price $483.61 Est. Cost/Share $433.04 Unrealized @ Report Date +10.0%

— ROYALTY PHARMA PLC F CLASS A 2.2%

Value $4.932M Shares 127,640 Share Price $38.64 Est. Cost/Share $26.37 Unrealized @ Report Date —

— SPROTT URANIUM MINERS ETF 2.1%

Value $4.737M Shares 86,304 Share Price $54.89 Est. Cost/Share $44.85 Unrealized @ Report Date —

MEMX MATTHEWS EMERGING MARKETS EX C 2.1%

Value $4.716M Shares 126,040 Share Price $37.42 Est. Cost/Share $30.84 Unrealized @ Report Date —

— ROYCE SMALL CAP TRUST CF 1.3%

Value $2.9M Shares 180,126 Share Price $16.10 Est. Cost/Share $10.35 Unrealized @ Report Date —

— WISDOMTREE U.S. QUALITY DIVIDE 1.1%

Value $2.446M Shares 27,360 Share Price $89.40 Est. Cost/Share $58.08 Unrealized @ Report Date —

FNDF SCHWAB FUNDAMENTAL INTERNATION 0.5%

Value $1.078M Shares 23,846 Share Price $45.21 Est. Cost/Share $37.79 Unrealized @ Report Date —

— HOWARD HUGHES HLDGS INC 0.4%

Value $939K Shares 11,777 Share Price $79.73 Est. Cost/Share $74.12 Unrealized @ Report Date —

SPY PUT STATE STREET SPDR S& $600 0.3%

Value $575K Shares 1,500 Share Price $383.33 Est. Cost/Share $432.89 Unrealized @ Report Date —

— SPROTT PHYSGLD TRST 0.2%

Value $396K Shares 12,000 Share Price $33.00 Est. Cost/Share $18.00 Unrealized @ Report Date —

MU MICRON TECHNOLOGY INC 0.1%

Value $333K Shares 1,170 Share Price $284.62 * Est. Cost/Share $229.35 Unrealized @ Report Date 0.0%

— CROWDSTRIKE HLDGS INC CLASS CL 0.1%

Value $262K Shares 561 Share Price $467.02 Est. Cost/Share $508.02 Unrealized @ Report Date —

AMZN AMAZON.COM INC 0.1%

Value $230K Shares 1,000 Share Price $230.00 Est. Cost/Share $197.89 Unrealized @ Report Date +15.6%

HD HOME DEPOT INC 0.1%

Value $218K Shares 636 Share Price $342.77 * Est. Cost/Share $295.79 Unrealized @ Report Date +23.3%

— DIREXION DAILY AAPL BEAR 1X SH 0.1%

Value $131K Shares 10,000 Share Price $13.10 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	50,707	$25.49M	11.5%	$502.63	$115.31	+331.5%	COM	084670702
—	ALPHABET INC CLASS CLASS C	73,993	$23.22M	10.4%	$313.80	$123.81	—	COM	02079k107
—	VANECK GOLD MINERS ETF	227,866	$19.54M	8.8%	$85.77	$27.95	—	UIUS	92189f106
—	SPDR GOLD SHARES	47,693	$18.9M	8.5%	$396.31	$137.96	—	UIUS	78463v107
—	ALPHABET INC CLASS A	57,455	$17.98M	8.1%	$312.99	$134.65	—	COM	02079k305
AAPL	APPLE INC	47,157	$12.82M	5.8%	$271.86	$84.97	+215.8%	COM	037833100
MSFT	MICROSOFT CORP	26,387	$12.76M	5.7%	$483.61 *	$44.07	+1035.8%	COM	594918104
—	ALPHA ARCHITECT U.S. QUANTITAT	241,365	$11.78M	5.3%	$48.79	$23.34	—	COM	02072l102
—	ABBVIE INC	38,102	$8.705M	3.9%	$228.47	$51.35	—	COM	00287y109
—	TESLA INC	19,140	$8.607M	3.9%	$449.69	$323.89	—	COM	88160r101
ABT	ABBOTT LABS	67,196	$8.418M	3.8%	$125.28	$70.82	+79.8%	COM	002824100
—	CISCO SYS INC	90,019	$6.934M	3.1%	$77.03	$27.25	—	COM	17275r102
—	GLOBAL X MLP & ENERGY INFRASTR	99,252	$6.007M	2.7%	$60.52	$56.15	—	COM	37954y293
—	SPROTT PHYSICAL SILVER E	251,960	$5.958M	2.7%	$23.65	$12.24	—	COM	85207k107
—	KKR & CO INC	46,380	$5.912M	2.7%	$127.47	$33.98	—	COM	48251w104
LMT	LOCKHEED MARTIN CORP	11,687	$5.652M	2.5%	$483.61	$433.04	+10.0%	COM	539830109
—	ROYALTY PHARMA PLC F CLASS A	127,640	$4.932M	2.2%	$38.64	$26.37	—	COM	g7709q104
—	SPROTT URANIUM MINERS ETF	86,304	$4.737M	2.1%	$54.89	$44.85	—	COM	85208p303
MEMX	MATTHEWS EMERGING MARKETS EX C	126,040	$4.716M	2.1%	$37.42	$30.84	—	COM	577125792
—	ROYCE SMALL CAP TRUST CF	180,126	$2.9M	1.3%	$16.10	$10.35	—	COM	780910105
—	WISDOMTREE U.S. QUALITY DIVIDE	27,360	$2.446M	1.1%	$89.40	$58.08	—	COM	97717x669
FNDF	SCHWAB FUNDAMENTAL INTERNATION	23,846	$1.078M	0.5%	$45.21	$37.79	—	COM	808524755
—	HOWARD HUGHES HLDGS INC	11,777	$939K	0.4%	$79.73	$74.12	—	COM	44267t102
SPY	PUT STATE STREET SPDR S& $600	1,500	$575K	0.3%	$383.33	$432.89	—	PUT	78462F103
—	SPROTT PHYSGLD TRST	12,000	$396K	0.2%	$33.00	$18.00	—	COM	85207h104
MU	MICRON TECHNOLOGY INC	1,170	$333K	0.1%	$284.62 *	$229.35	0.0%	COM	595112103
—	CROWDSTRIKE HLDGS INC CLASS CL	561	$262K	0.1%	$467.02	$508.02	—	COM	22788c105
AMZN	AMAZON.COM INC	1,000	$230K	0.1%	$230.00	$197.89	+15.6%	COM	023135106
HD	HOME DEPOT INC	636	$218K	0.1%	$342.77 *	$295.79	+23.3%	COM	437076102
—	DIREXION DAILY AAPL BEAR 1X SH	10,000	$131K	0.1%	$13.10	$22.65	—	COM	25461a304