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Livermore
Livermore
ZHEN

Chou Associates

Superinvestor

Chou Associates Management Inc.

SEC CIK
0001389403
Manager
Francis Chou
Style
Value
Latest filing
Aug 12, 2026

The latest 13F from Chou Associates covers Q2 2026 (filed Aug 12, 2026): 31 long positions worth $216.6M. The top 10 holdings make up 82.6% of the portfolio, and the largest is Berkshire Hathaway Inc (BRK.A) at 29.7%. Livermore has 23 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
1
Est. +$20.4K
Added
0
Reduced
1
Est. −$1.16M
Sold out
1
Est. −$2.45M

Top 5 holdings

Share of this quarter's portfolio value

  1. BRK.ABerkshire Hathaway Inc
    29.7%$64.4MHistory
  2. GOOGAlphabet Inc.
    11.8%$25.6MHistory
  3. SYFSynchrony Financial
    7.8%$17.0MHistory
  4. OXYOccidental Petroleum Corp
    7.0%$15.2MHistory
  5. SIRISirius XM Holdings Inc.
    5.6%$12.1MHistory

Biggest buys

New and added positions, by estimated amount bought

  1. VTSVitesse Energy, Inc.
    +$20.4KNewHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. VTSVitesse Energy, Inc.
    +0.01 pp0.0% → <0.1%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. Braemar Hotels & Resorts Inc.10482BAB7
    −$2.45MSold out
  2. AAPLApple Inc.
    −$1.16MReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. Braemar Hotels & Resorts Inc.10482BAB7
    −1.17 pp1.2% → 0.0%

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$216.6M
+$6.33M (+3.0%) vs. prior quarter
Positions
31
0 vs. prior quarter
Top 10 concentration
82.6%
Top 10 as share of value
Turnover
<0.1%
Q2 2026, one quarter
Average holding period
14.4 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $216.6M (Q2 2026)

Q1 2021: $172.4MQ2 2021: $171.1MQ3 2021: $159.1MQ4 2021: $144.4MQ1 2022: $135.4MQ2 2022: $103.6MQ3 2022: $101.0MQ4 2022: $70.7MQ1 2023: $71.7MQ2 2023: $79.0MQ3 2023: $75.0MQ4 2023: $76.1MQ1 2024: $89.1MQ2 2024: $139.1MQ3 2024: $157.5MQ4 2024: $145.4MQ1 2025: $185.0MQ2 2025: $182.8MQ3 2025: $207.7MQ4 2025: $201.6MQ1 2026: $210.3MQ2 2026: $216.6M
Q1 2021Q2 2026
13F filings of Chou Associates by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 12, 202631$216.6MBRK.AGOOGSYFvs. Q1 2026SEC
Q1 2026May 14, 202631$210.3MBRK.AGOOGOXYvs. Q4 2025SEC
Q4 2025Feb 13, 202628$201.6MBRK.AGOOGSYFvs. Q3 2025SEC
Q3 2025Nov 14, 202531$207.7MBRK.AGOOGSIRIvs. Q2 2025SEC
Q2 2025Aug 13, 202531$182.8MBRK.ASIRIGOOGvs. Q1 2025SEC
Q1 2025May 15, 202533$185.0MBRK.ASIRISTLAvs. Q4 2024SEC
Q4 2024Feb 13, 202531$145.4MBRK.AGOOGSYFvs. Q3 2024SEC
Q3 2024Nov 8, 202432$157.5MBRK.AGOOGOXYvs. Q2 2024SEC
Q2 2024Aug 14, 202430$139.1MBRK.AGOOGAAPLvs. Q1 2024SEC
Q1 2024May 14, 202418$89.1MBRK.ABHCALLYvs. Q4 2023SEC
Q4 2023Feb 14, 202416$76.1MBRK.ABHCALLYvs. Q3 2023SEC
Q3 2023Nov 14, 202318$75.0MBRK.ABHCHTZWWvs. Q2 2023SEC
Q2 2023Aug 14, 202318$79.0MBRK.AHTZWWBHCvs. Q1 2023SEC
Q1 2023May 15, 202317$71.7MBRK.AHTZWWBHCvs. Q4 2022SEC
Q4 2022Feb 14, 202318$70.7MBRK.ARFPHTZWWvs. Q3 2022SEC
Q3 2022Nov 15, 202218$101.0MBRK.ARFPBHCvs. Q2 2022SEC
Q2 2022Aug 15, 202217$103.6MBRK.ARFPBHCvs. Q1 2022SEC
Q1 2022May 16, 202214$135.4MBRK.ARFPBHCvs. Q4 2021SEC
Q4 2021Feb 14, 202215$144.4MRFPBRK.ABHCvs. Q3 2021SEC
Q3 2021Nov 15, 202115$159.1MBHCBRK.ARFPvs. Q2 2021SEC
Q2 2021Aug 13, 202115$171.1MRFPBHCBRK.Avs. Q1 2021SEC
Q1 2021May 21, 2021Amended16$172.4MRFPBHCBRK.A–SEC