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← Norbert Lou

Norbert Lou's 2025Q4 portfolio

Norbert Lou (Punch Card Management) held 5 positions as of Dec 31, 2025, with the largest position at 36.4% of the portfolio.

Showing positions still held at the most recent quarter so their historical weights can be reconstructed. Positions that were held in 2025Q4but have since been exited aren't included in this table — for a full point-in-time reconstruction, use the SEC EDGAR filing directly.

Holdings as of Dec 31, 2025 (5)

  1. 1BRK/ABerkshire Hathaway Inc-cl A
    % port
    36.4%
    +2.5pp vs prior Qnow 38.5%
  2. 2SGOVIshares 0-3 Month Treasury B
    % port
    18.9%
    +1.2pp vs prior Qnow 17.1%
  3. 3CROXCrocs Inc
    % port
    16.9%
    +0.5pp vs prior Qnow 18.2%
  4. 4PDDPdd Holdings Inc
    % port
    15.6%
    -1.4pp vs prior Q
  5. 5PYPLPaypal Holdings Inc
    % port
    12.2%
    -1.3pp vs prior Qnow 10.5%

13F-HR filings disclose long US-equity positions only. 13Fs don't cover shorts, bonds, derivatives, or non-US listings, so the picture here is the public part of the portfolio — not the whole.

Not investment advice.