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Chou Associates

Superinvestor

Chou Associates Management Inc.

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

Holdings in Q4 2021

Holdings as of Dec 31, 2021, filed Feb 14, 2022. Long positions only; changes compare share counts with Q3 2021.

Institution overview
Positions
15
0 vs. Q3 2021
Portfolio value
$144.4M
−$14.7M (−9.2%) vs. Q3 2021
Filed
Feb 14, 2022
SEC
Holdings of Chou Associates in Q4 2021
SecurityClassSharesValue% of portfolioShare changeActionHistory
RFPResolute Forest Products Inc.COM3,096,460$47.3M32.7%−203,000−6.2%ReducedHistory
BRK.ABerkshire Hathaway IncCL A100$45.1M31.2%00.0%UnchangedHistory
BHCBausch Health Companies Inc.Stock765,000$21.1M14.6%−730,000−48.8%ReducedHistory
MBIMbia IncCOM599,530$9.47M6.6%00.0%UnchangedHistory
JPMJPMorgan Chase & CoStock34,275$5.43M3.8%00.0%UnchangedHistory
BBBLACKBERRY LtdCOM382,900$3.58M2.5%00.0%UnchangedHistory
CCitigroup IncStock57,695$3.48M2.4%00.0%UnchangedHistory
GSGoldman Sachs Group IncStock7,100$2.72M1.9%00.0%UnchangedHistory
MGAMagna International IncCOM20,000$1.62M1.1%00.0%UnchangedHistory
PKXPosco Holdings Inc.SPONSORED ADR21,000$1.22M0.8%00.0%UnchangedHistory
CYDChina Yuchai International LtdCOM73,364$1.09M0.8%00.0%UnchangedHistory
WFCWells Fargo & CompanyStock19,542$938.0K0.6%−150,000−88.5%ReducedHistory
STLAStellantis N.V.SHS30,000$563.0K0.4%00.0%UnchangedHistory
RYAAYRyanair Holdings PLCSPONSORED ADR4,575$468.0K0.3%00.0%UnchangedHistory
LBTYALiberty Global Ltd.SHS CL A12,000$333.0K0.2%00.0%UnchangedHistory

Options (4)

Puts and calls in the same filing. Amounts are the market value of the underlying shares, which is what 13F reports.

Option positions of Chou Associates in Q4 2021
SecurityClassPutsCalls
Resolute FST Prods Inc76117W909CALL–$20.2M
Bausch Health Cos Inc071734907CALL–$16.6M
Mbia Inc55262C900CALL–$6.32M
Blackberry Ltd09228F903CALL–$3.58M