Norbert Lou

Punch Card Management's Norbert Lou ran an unchanged $270M, 5-position portfolio in Q1 2026 — no new buys, no trims, no exits — which is itself the signal. With 100% of assets in just five names, the zero-activity quarter reflects Lou's trademark extreme patience and the 'punch card' philosophy of making very few, very high-conviction decisions. BRK/A anchors at 38.5%, functioning as both a concentrated equity bet and a cash-equivalent buffer given Berkshire's balance sheet. CROX (18.2%) and PDD (15.7%) remain his two most distinctive calls: a footwear brand with elite margins and a Chinese e-commerce giant trading at a steep discount to Western peers, both reflecting contrarian willingness to hold controversial names through volatility. SGOV (17.1%, short-term Treasury ETF) is a meaningful liquidity sleeve that suggests Lou is either preserving dry powder or simply earning yield while waiting for his next high-conviction opportunity. PYPL (10.5%) rounds out the book as a beaten-down fintech rerating story. Watch for any single new position initiation — given the five-slot constraint, any addition would require an exit and would represent a major signal about where Lou sees the next decade of value.