MENLO ADVISORS LLC Long-Term Concentrated

Location: Menlo Park, CA

CIK: 0001279708 · Show all filings

Period: Q1 2026 (← Previous) (Next →)

Filing Date: Sep 10, 2026

Total Value: $223M

Holdings (30)

BRK/B BERKSHIRE HATHAWAY CLASS B 11.5%

Value $25.49M Shares 50,707 Est. Cost $115.31 Unrealized +327.9%

— ALPHABET INC CLASS CLASS C 10.4%

Value $23.22M Shares 73,993 Est. Cost $123.81 Unrealized —

— VANECK GOLD MINERS ETF 8.8%

Value $19.54M Shares 227,866 Est. Cost $27.95 Unrealized —

— SPDR GOLD SHARES 8.5%

Value $18.9M Shares 47,693 Est. Cost $137.96 Unrealized —

— ALPHABET INC CLASS A 8.1%

Value $17.98M Shares 57,455 Est. Cost $134.65 Unrealized —

AAPL APPLE INC 5.8%

Value $12.82M Shares 47,157 Est. Cost $84.97 Unrealized +209.3%

MSFT MICROSOFT CORP 5.7%

Value $12.76M Shares 26,387 Est. Cost $44.07 Unrealized +886.1%

— ALPHA ARCHITECT U.S. QUANTITAT 5.3%

Value $11.78M Shares 241,365 Est. Cost $23.34 Unrealized —

— ABBVIE INC 3.9%

Value $8.705M Shares 38,102 Est. Cost $51.35 Unrealized —

— TESLA INC 3.9%

Value $8.607M Shares 19,140 Est. Cost $323.89 Unrealized —

ABT ABBOTT LABS 3.8%

Value $8.418M Shares 67,196 Est. Cost $70.82 Unrealized +63.0%

— CISCO SYS INC 3.1%

Value $6.934M Shares 90,019 Est. Cost $27.25 Unrealized —

— GLOBAL X MLP & ENERGY INFRASTR 2.7%

Value $6.007M Shares 99,252 Est. Cost $56.15 Unrealized —

— SPROTT PHYSICAL SILVER E 2.7%

Value $5.958M Shares 251,960 Est. Cost $12.24 Unrealized —

— KKR & CO INC 2.7%

Value $5.912M Shares 46,380 Est. Cost $33.98 Unrealized —

LMT LOCKHEED MARTIN CORP 2.5%

Value $5.652M Shares 11,687 Est. Cost $433.04 Unrealized +38.8%

— ROYALTY PHARMA PLC F CLASS A 2.2%

Value $4.932M Shares 127,640 Est. Cost $26.37 Unrealized —

— SPROTT URANIUM MINERS ETF 2.1%

Value $4.737M Shares 86,304 Est. Cost $44.85 Unrealized —

MEMX MATTHEWS EMERGING MARKETS EX C 2.1%

Value $4.716M Shares 126,040 Est. Cost $30.84 Unrealized —

— ROYCE SMALL CAP TRUST CF 1.3%

Value $2.9M Shares 180,126 Est. Cost $10.35 Unrealized —

— WISDOMTREE U.S. QUALITY DIVIDE 1.1%

Value $2.446M Shares 27,360 Est. Cost $58.08 Unrealized —

FNDF SCHWAB FUNDAMENTAL INTERNATION 0.5%

Value $1.078M Shares 23,846 Est. Cost $37.79 Unrealized —

— HOWARD HUGHES HLDGS INC 0.4%

Value $939K Shares 11,777 Est. Cost $74.12 Unrealized —

SPY PUT STATE STREET SPDR S& $600 0.3%

Value $575K Shares 1,500 Est. Cost $432.89 Unrealized —

— SPROTT PHYSGLD TRST 0.2%

Value $396K Shares 12,000 Est. Cost $18.00 Unrealized —

MU MICRON TECHNOLOGY INC 0.1%

Value $333K Shares 1,170 Est. Cost $229.35 Unrealized +68.8%

— CROWDSTRIKE HLDGS INC CLASS CL 0.1%

Value $262K Shares 561 Est. Cost $508.02 Unrealized —

AMZN AMAZON.COM INC 0.1%

Value $230K Shares 1,000 Est. Cost $197.89 Unrealized +14.6%

HD HOME DEPOT INC 0.1%

Value $218K Shares 636 Est. Cost $295.79 Unrealized +27.4%

— DIREXION DAILY AAPL BEAR 1X SH 0.1%

Value $131K Shares 10,000 Est. Cost $22.65 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BRK/B	BERKSHIRE HATHAWAY CLASS B	50,707	$25.49M	11.5%	$115.31	+327.9%	—	084670702
—	ALPHABET INC CLASS CLASS C	73,993	$23.22M	10.4%	$123.81	—	—	02079k107
—	VANECK GOLD MINERS ETF	227,866	$19.54M	8.8%	$27.95	—	—	92189f106
—	SPDR GOLD SHARES	47,693	$18.9M	8.5%	$137.96	—	—	78463v107
—	ALPHABET INC CLASS A	57,455	$17.98M	8.1%	$134.65	—	—	02079k305
AAPL	APPLE INC	47,157	$12.82M	5.8%	$84.97	+209.3%	—	037833100
MSFT	MICROSOFT CORP	26,387	$12.76M	5.7%	$44.07	+886.1%	—	594918104
—	ALPHA ARCHITECT U.S. QUANTITAT	241,365	$11.78M	5.3%	$23.34	—	—	02072l102
—	ABBVIE INC	38,102	$8.705M	3.9%	$51.35	—	—	00287y109
—	TESLA INC	19,140	$8.607M	3.9%	$323.89	—	—	88160r101
ABT	ABBOTT LABS	67,196	$8.418M	3.8%	$70.82	+63.0%	—	002824100
—	CISCO SYS INC	90,019	$6.934M	3.1%	$27.25	—	—	17275r102
—	GLOBAL X MLP & ENERGY INFRASTR	99,252	$6.007M	2.7%	$56.15	—	—	37954y293
—	SPROTT PHYSICAL SILVER E	251,960	$5.958M	2.7%	$12.24	—	—	85207k107
—	KKR & CO INC	46,380	$5.912M	2.7%	$33.98	—	—	48251w104
LMT	LOCKHEED MARTIN CORP	11,687	$5.652M	2.5%	$433.04	+38.8%	—	539830109
—	ROYALTY PHARMA PLC F CLASS A	127,640	$4.932M	2.2%	$26.37	—	—	g7709q104
—	SPROTT URANIUM MINERS ETF	86,304	$4.737M	2.1%	$44.85	—	—	85208p303
MEMX	MATTHEWS EMERGING MARKETS EX C	126,040	$4.716M	2.1%	$30.84	—	—	577125792
—	ROYCE SMALL CAP TRUST CF	180,126	$2.9M	1.3%	$10.35	—	—	780910105
—	WISDOMTREE U.S. QUALITY DIVIDE	27,360	$2.446M	1.1%	$58.08	—	—	97717x669
FNDF	SCHWAB FUNDAMENTAL INTERNATION	23,846	$1.078M	0.5%	$37.79	—	—	808524755
—	HOWARD HUGHES HLDGS INC	11,777	$939K	0.4%	$74.12	—	—	44267t102
SPY	PUT STATE STREET SPDR S& $600	1,500	$575K	0.3%	$432.89	—	—	78462F103
—	SPROTT PHYSGLD TRST	12,000	$396K	0.2%	$18.00	—	—	85207h104
MU	MICRON TECHNOLOGY INC	1,170	$333K	0.1%	$229.35	+68.8%	—	595112103
—	CROWDSTRIKE HLDGS INC CLASS CL	561	$262K	0.1%	$508.02	—	—	22788c105
AMZN	AMAZON.COM INC	1,000	$230K	0.1%	$197.89	+14.6%	—	023135106
HD	HOME DEPOT INC	636	$218K	0.1%	$295.79	+27.4%	—	437076102
—	DIREXION DAILY AAPL BEAR 1X SH	10,000	$131K	0.1%	$22.65	—	—	25461a304