Historical Stock Holdings

Guy Spier - Aquamarine Capital

PeriodPortfolio ValueTop 20 holdings history (left to right)
2024   Q1$262 M BRK.B
Berkshire Hathaway CL B
22.57% of portfolio
 		AXP
American Express
18.25% of portfolio
 		MA
Mastercard Inc.
12.09% of portfolio
 		BAC
Bank of America Corp.
11.12% of portfolio
 		RACE
Ferrari NV
9.99% of portfolio
 		MU
Micron Technology Inc.
9.00% of portfolio
 		BRK.A
Berkshire Hathaway CL A
7.27% of portfolio
 		MCO
Moody's Corp.
4.05% of portfolio
 		SRG
Seritage Growth Properties
1.84% of portfolio
 		DJCO
Daily Journal Corp.
1.59% of portfolio
 		BABA
Alibaba Group Holdings
1.31% of portfolio
 		GOOGL
Alphabet Inc.
0.92% of portfolio
2023   Q4$229 M BRK.B
Berkshire Hathaway CL B
21.92% of portfolio
 		AXP
American Express
17.20% of portfolio
 		MA
Mastercard Inc.
12.26% of portfolio
 		RACE
Ferrari NV
11.78% of portfolio
 		BAC
Bank of America Corp.
11.30% of portfolio
 		MU
Micron Technology Inc.
7.46% of portfolio
 		BRK.A
Berkshire Hathaway CL A
7.12% of portfolio
 		MCO
Moody's Corp.
4.61% of portfolio
 		SRG
Seritage Growth Properties
2.04% of portfolio
 		DJCO
Daily Journal Corp.
1.71% of portfolio
 		BABA
Alibaba Group Holdings
1.61% of portfolio
 		GOOGL
Alphabet Inc.
0.98% of portfolio
2023   Q3$203 M BRK.B
Berkshire Hathaway CL B
24.28% of portfolio
 		AXP
American Express
15.45% of portfolio
 		MA
Mastercard Inc.
12.83% of portfolio
 		RACE
Ferrari NV
11.66% of portfolio
 		BAC
Bank of America Corp.
10.36% of portfolio
 		BRK.A
Berkshire Hathaway CL A
7.86% of portfolio
 		MU
Micron Technology Inc.
6.71% of portfolio
 		MCO
Moody's Corp.
4.21% of portfolio
 		BABA
Alibaba Group Holdings
2.03% of portfolio
 		SRG
Seritage Growth Properties
1.91% of portfolio
 		DJCO
Daily Journal Corp.
1.67% of portfolio
 		GOOGL
Alphabet Inc.
1.03% of portfolio
2023   Q2$210 M BRK.B
Berkshire Hathaway CL B
22.86% of portfolio
 		AXP
American Express
17.44% of portfolio
 		RACE
Ferrari NV
12.46% of portfolio
 		MA
Mastercard Inc.
12.33% of portfolio
 		BAC
Bank of America Corp.
10.50% of portfolio
 		BRK.A
Berkshire Hathaway CL A
7.41% of portfolio
 		MU
Micron Technology Inc.
6.02% of portfolio
 		MCO
Moody's Corp.
4.48% of portfolio
 		SRG
Seritage Growth Properties
2.13% of portfolio
 		BABA
Alibaba Group Holdings
1.89% of portfolio
 		DJCO
Daily Journal Corp.
1.59% of portfolio
 		GOOGL
Alphabet Inc.
0.91% of portfolio
2023   Q1$193 M BRK.B
Berkshire Hathaway CL B
22.45% of portfolio
 		AXP
American Express
17.82% of portfolio
 		MA
Mastercard Inc.
12.36% of portfolio
 		BAC
Bank of America Corp.
11.36% of portfolio
 		RACE
Ferrari NV
11.18% of portfolio
 		BRK.A
Berkshire Hathaway CL A
7.22% of portfolio
 		MU
Micron Technology Inc.
6.24% of portfolio
 		MCO
Moody's Corp.
4.27% of portfolio
 		BABA
Alibaba Group Holdings
2.51% of portfolio
 		SRG
Seritage Growth Properties
2.04% of portfolio
 		DJCO
Daily Journal Corp.
1.69% of portfolio
 		GOOGL
Alphabet Inc.
0.86% of portfolio
2022   Q4$186 M BRK.B
Berkshire Hathaway CL B
23.37% of portfolio
 		AXP
American Express
16.69% of portfolio
 		BAC
Bank of America Corp.
13.68% of portfolio
 		MA
Mastercard Inc.
12.30% of portfolio
 		RACE
Ferrari NV
9.22% of portfolio
 		BRK.A
Berkshire Hathaway CL A
7.56% of portfolio
 		MU
Micron Technology Inc.
5.38% of portfolio
 		MCO
Moody's Corp.
4.05% of portfolio
 		SRG
Seritage Growth Properties
3.18% of portfolio
 		BABA
Alibaba Group Holdings
2.25% of portfolio
 		DJCO
Daily Journal Corp.
1.55% of portfolio
 		GOOGL
Alphabet Inc.
0.76% of portfolio
2022   Q3$164 M BRK.B
Berkshire Hathaway CL B
22.84% of portfolio
 		AXP
American Express
17.24% of portfolio
 		BAC
Bank of America Corp.
14.11% of portfolio
 		MA
Mastercard Inc.
11.37% of portfolio
 		RACE
Ferrari NV
9.15% of portfolio
 		BRK.A
Berkshire Hathaway CL A
7.42% of portfolio
 		MU
Micron Technology Inc.
6.10% of portfolio
 		MCO
Moody's Corp.
3.99% of portfolio
 		SRG
Seritage Growth Properties
2.74% of portfolio
 		BABA
Alibaba Group Holdings
2.31% of portfolio
 		DJCO
Daily Journal Corp.
1.79% of portfolio
 		GOOGL
Alphabet Inc.
0.93% of portfolio
2022   Q2$170 M BRK.B
Berkshire Hathaway CL B
22.55% of portfolio
 		AXP
American Express
17.10% of portfolio
 		BAC
Bank of America Corp.
14.04% of portfolio
 		MA
Mastercard Inc.
12.19% of portfolio
 		RACE
Ferrari NV
8.63% of portfolio
 		BRK.A
Berkshire Hathaway CL A
7.21% of portfolio
 		MU
Micron Technology Inc.
6.49% of portfolio
 		MCO
Moody's Corp.
4.31% of portfolio
 		BABA
Alibaba Group Holdings
3.17% of portfolio
 		DJCO
Daily Journal Corp.
1.75% of portfolio
 		SRG
Seritage Growth Properties
1.53% of portfolio
 		GOOGL
Alphabet Inc.
1.02% of portfolio
2022   Q1$221 M BRK.B
Berkshire Hathaway CL B
22.49% of portfolio
 		AXP
American Express
17.80% of portfolio
 		BAC
Bank of America Corp.
14.34% of portfolio
 		MA
Mastercard Inc.
10.65% of portfolio
 		RACE
Ferrari NV
7.97% of portfolio
 		BRK.A
Berkshire Hathaway CL A
7.19% of portfolio
 		MU
Micron Technology Inc.
7.06% of portfolio
 		MCO
Moody's Corp.
4.13% of portfolio
 		SRG
Seritage Growth Properties
2.87% of portfolio
 		BABA
Alibaba Group Holdings
2.34% of portfolio
 		DJCO
Daily Journal Corp.
1.63% of portfolio
 		GOOGL
Alphabet Inc.
1.01% of portfolio
 		TWTR-OLD
Twitter Inc.
0.53% of portfolio
2021   Q4$218 M BRK.B
Berkshire Hathaway CL B
19.32% of portfolio
 		AXP
American Express
15.79% of portfolio
 		BAC
Bank of America Corp.
15.70% of portfolio
 		MA
Mastercard Inc.
10.86% of portfolio
 		RACE
Ferrari NV
9.51% of portfolio
 		MU
Micron Technology Inc.
8.56% of portfolio
 		BRK.A
Berkshire Hathaway CL A
6.21% of portfolio
 		MCO
Moody's Corp.
4.85% of portfolio
 		SRG
Seritage Growth Properties
3.05% of portfolio
 		BABA
Alibaba Group Holdings
2.59% of portfolio
 		DJCO
Daily Journal Corp.
1.89% of portfolio
 		GOOGL
Alphabet Inc.
1.07% of portfolio
 		TWTR-OLD
Twitter Inc.
0.60% of portfolio
2021   Q3$204 M BRK.B
Berkshire Hathaway CL B
18.81% of portfolio
 		AXP
American Express
17.25% of portfolio
 		BAC
Bank of America Corp.
15.98% of portfolio
 		MA
Mastercard Inc.
11.21% of portfolio
 		RACE
Ferrari NV
8.22% of portfolio
 		MU
Micron Technology Inc.
6.96% of portfolio
 		BRK.A
Berkshire Hathaway CL A
6.05% of portfolio
 		MCO
Moody's Corp.
4.70% of portfolio
 		SRG
Seritage Growth Properties
3.64% of portfolio
 		BABA
Alibaba Group Holdings
3.45% of portfolio
 		DJCO
Daily Journal Corp.
1.81% of portfolio
 		GOOGL
Alphabet Inc.
1.05% of portfolio
 		TWTR-OLD
Twitter Inc.
0.89% of portfolio
2021   Q2$213 M BRK.B
Berkshire Hathaway CL B
18.33% of portfolio
 		AXP
American Express
16.28% of portfolio
 		BAC
Bank of America Corp.
14.85% of portfolio
 		MA
Mastercard Inc.
11.26% of portfolio
 		MU
Micron Technology Inc.
7.97% of portfolio
 		RACE
Ferrari NV
7.74% of portfolio
 		BRK.A
Berkshire Hathaway CL A
5.89% of portfolio
 		BABA
Alibaba Group Holdings
5.05% of portfolio
 		MCO
Moody's Corp.
4.59% of portfolio
 		SRG
Seritage Growth Properties
4.32% of portfolio
 		DJCO
Daily Journal Corp.
1.83% of portfolio
 		TWTR-OLD
Twitter Inc.
0.97% of portfolio
 		GOOGL
Alphabet Inc.
0.92% of portfolio
2021   Q1$191 M BRK.B
Berkshire Hathaway CL B
18.77% of portfolio
 		BAC
Bank of America Corp.
15.52% of portfolio
 		AXP
American Express
15.52% of portfolio
 		MA
Mastercard Inc.
12.23% of portfolio
 		MU
Micron Technology Inc.
9.22% of portfolio
 		RACE
Ferrari NV
8.74% of portfolio
 		BRK.A
Berkshire Hathaway CL A
6.05% of portfolio
 		SRG
Seritage Growth Properties
4.79% of portfolio
 		MCO
Moody's Corp.
4.21% of portfolio
 		WFC
Wells Fargo
3.10% of portfolio
 		TWTR-OLD
Twitter Inc.
1.00% of portfolio
 		GOOGL
Alphabet Inc.
0.86% of portfolio
2020   Q4$171 M BRK.B
Berkshire Hathaway CL B
19.02% of portfolio
 		AXP
American Express
14.81% of portfolio
 		MA
Mastercard Inc.
13.69% of portfolio
 		BAC
Bank of America Corp.
13.58% of portfolio
 		RACE
Ferrari NV
10.76% of portfolio
 		MU
Micron Technology Inc.
8.77% of portfolio
 		BRK.A
Berkshire Hathaway CL A
6.09% of portfolio
 		MCO
Moody's Corp.
4.57% of portfolio
 		SRG
Seritage Growth Properties
4.28% of portfolio
 		WFC
Wells Fargo
2.67% of portfolio
 		TWTR-OLD
Twitter Inc.
0.95% of portfolio
 		GOOGL
Alphabet Inc.
0.82% of portfolio
2020   Q3$152 M BRK.B
Berkshire Hathaway CL B
19.75% of portfolio
 		MA
Mastercard Inc.
14.67% of portfolio
 		AXP
American Express
13.89% of portfolio
 		BAC
Bank of America Corp.
12.20% of portfolio
 		RACE
Ferrari NV
9.69% of portfolio
 		BRK.A
Berkshire Hathaway CL A
6.33% of portfolio
 		STLA
Stellantis N.V.
6.15% of portfolio
 		MCO
Moody's Corp.
5.16% of portfolio
 		SRG
Seritage Growth Properties
4.44% of portfolio
 		MU
Micron Technology Inc.
3.72% of portfolio
 		WFC
Wells Fargo
2.35% of portfolio
 		TWTR-OLD
Twitter Inc.
0.88% of portfolio
 		GOOGL
Alphabet Inc.
0.77% of portfolio
2020   Q2$137 M BRK.B
Berkshire Hathaway CL B
18.28% of portfolio
 		AXP
American Express
14.56% of portfolio
 		MA
Mastercard Inc.
14.16% of portfolio
 		BAC
Bank of America Corp.
13.28% of portfolio
 		RACE
Ferrari NV
9.94% of portfolio
 		BRK.A
Berkshire Hathaway CL A
5.84% of portfolio
 		STLA
Stellantis N.V.
5.56% of portfolio
 		MCO
Moody's Corp.
5.40% of portfolio
 		MU
Micron Technology Inc.
4.50% of portfolio
 		SRG
Seritage Growth Properties
4.15% of portfolio
 		WFC
Wells Fargo
2.83% of portfolio
 		GOOGL
Alphabet Inc.
0.83% of portfolio
 		TWTR-OLD
Twitter Inc.
0.65% of portfolio
2020   Q1$147 M RACE
Ferrari NV
21.30% of portfolio
 		BRK.B
Berkshire Hathaway CL B
17.53% of portfolio
 		AXP
American Express
12.26% of portfolio
 		BAC
Bank of America Corp.
11.12% of portfolio
 		MA
Mastercard Inc.
10.83% of portfolio
 		STLA
Stellantis N.V.
8.90% of portfolio
 		BRK.A
Berkshire Hathaway CL A
5.56% of portfolio
 		MCO
Moody's Corp.
3.61% of portfolio
 		MU
Micron Technology Inc.
3.44% of portfolio
 		WFC
Wells Fargo
2.97% of portfolio
 		SRG
Seritage Growth Properties
2.48% of portfolio
2019   Q4$217 M RACE
Ferrari NV
15.27% of portfolio
 		BRK.B
Berkshire Hathaway CL B
14.66% of portfolio
 		STLA
Stellantis N.V.
13.62% of portfolio
 		AXP
American Express
12.74% of portfolio
 		BAC
Bank of America Corp.
12.45% of portfolio
 		MA
Mastercard Inc.
9.04% of portfolio
 		SRG
Seritage Growth Properties
7.38% of portfolio
 		BRK.A
Berkshire Hathaway CL A
4.69% of portfolio
 		WFC
Wells Fargo
3.76% of portfolio
 		MU
Micron Technology Inc.
2.97% of portfolio
 		MCO
Moody's Corp.
2.73% of portfolio
 		TOO
Teekay Offshore Partners LP
0.71% of portfolio
2019   Q3$198 M RACE
Ferrari NV
15.59% of portfolio
 		BRK.B
Berkshire Hathaway CL B
14.77% of portfolio
 		AXP
American Express
13.29% of portfolio
 		STLA
Stellantis N.V.
13.07% of portfolio
 		BAC
Bank of America Corp.
11.31% of portfolio
 		MA
Mastercard Inc.
9.02% of portfolio
 		SRG
Seritage Growth Properties
8.59% of portfolio
 		BRK.A
Berkshire Hathaway CL A
4.73% of portfolio
 		WFC
Wells Fargo
3.87% of portfolio
 		MU
Micron Technology Inc.
2.60% of portfolio
 		MCO
Moody's Corp.
2.59% of portfolio
 		TOO
Teekay Offshore Partners LP
0.59% of portfolio
2019   Q2$193 M RACE
Ferrari NV
16.80% of portfolio
 		BRK.B
Berkshire Hathaway CL B
15.51% of portfolio
 		STLA
Stellantis N.V.
14.43% of portfolio
 		AXP
American Express
14.21% of portfolio
 		BAC
Bank of America Corp.
11.53% of portfolio
 		MA
Mastercard Inc.
9.00% of portfolio
 		SRG
Seritage Growth Properties
6.67% of portfolio
 		BRK.A
Berkshire Hathaway CL A
4.94% of portfolio
 		WFC
Wells Fargo
3.72% of portfolio
 		MCO
Moody's Corp.
2.53% of portfolio
 		TOO
Teekay Offshore Partners LP
0.65% of portfolio
2019   Q1$181 M STLA
Stellantis N.V.
16.43% of portfolio
 		BRK.B
Berkshire Hathaway CL B
15.58% of portfolio
 		RACE
Ferrari NV
14.79% of portfolio
 		AXP
American Express
13.41% of portfolio
 		BAC
Bank of America Corp.
11.69% of portfolio
 		MA
Mastercard Inc.
8.54% of portfolio
 		SRG
Seritage Growth Properties
7.36% of portfolio
 		BRK.A
Berkshire Hathaway CL A
4.99% of portfolio
 		WFC
Wells Fargo
4.05% of portfolio
 		MCO
Moody's Corp.
2.50% of portfolio
 		TOO
Teekay Offshore Partners LP
0.66% of portfolio
2018   Q4$178 M STLA
Stellantis N.V.
16.37% of portfolio
 		BRK.B
Berkshire Hathaway CL B
16.16% of portfolio
 		AXP
American Express
11.93% of portfolio
 		RACE
Ferrari NV
11.20% of portfolio
 		GM.WS.B
General Motors WTS B
8.83% of portfolio
 		BAC
Bank of America Corp.
8.18% of portfolio
 		MA
Mastercard Inc.
6.98% of portfolio
 		BRK.A
Berkshire Hathaway CL A
5.17% of portfolio
 		SRG
Seritage Growth Properties
4.80% of portfolio
 		WFC
Wells Fargo
3.94% of portfolio
 		BAC.WS.A
Bank of America WTS A
2.31% of portfolio
 		MCO
Moody's Corp.
1.97% of portfolio
 		TERP
TerraForm Power Inc.
1.46% of portfolio
 		TOO
Teekay Offshore Partners LP
0.68% of portfolio
2018   Q3$208 M STLA
Stellantis N.V.
16.91% of portfolio
 		BRK.B
Berkshire Hathaway CL B
14.49% of portfolio
 		RACE
Ferrari NV
13.25% of portfolio
 		AXP
American Express
11.40% of portfolio
 		BAC
Bank of America Corp.
8.36% of portfolio
 		GM.WS.B
General Motors WTS B
7.94% of portfolio
 		MA
Mastercard Inc.
7.04% of portfolio
 		SRG
Seritage Growth Properties
4.89% of portfolio
 		BRK.A
Berkshire Hathaway CL A
4.62% of portfolio
 		WFC
Wells Fargo
2.91% of portfolio
 		BAC.WS.A
Bank of America WTS A
2.74% of portfolio
 		MCO
Moody's Corp.
2.01% of portfolio
 		TERP
TerraForm Power Inc.
1.28% of portfolio
 		TOO
Teekay Offshore Partners LP
1.13% of portfolio
 		WFC.WS
Wells Fargo WTS
1.02% of portfolio
2018   Q2$213 M STLA
Stellantis N.V.
17.96% of portfolio
 		RACE
Ferrari NV
12.81% of portfolio
 		AXP
American Express
12.56% of portfolio
 		BRK.B
Berkshire Hathaway CL B
12.35% of portfolio
 		GM.WS.B
General Motors WTS B
10.61% of portfolio
 		BAC
Bank of America Corp.
7.83% of portfolio
 		MA
Mastercard Inc.
6.08% of portfolio
 		BRK.A
Berkshire Hathaway CL A
3.98% of portfolio
 		C
Citigroup Inc.
3.34% of portfolio
 		WFC
Wells Fargo
3.00% of portfolio
 		BAC.WS.A
Bank of America WTS A
2.46% of portfolio
 		MCO
Moody's Corp.
2.01% of portfolio
 		SRG
Seritage Growth Properties
1.33% of portfolio
 		TERP
TerraForm Power Inc.
1.27% of portfolio
 		TOO
Teekay Offshore Partners LP
1.24% of portfolio
 		WFC.WS
Wells Fargo WTS
1.14% of portfolio
 		PKX
POSCO
0.04% of portfolio
2018   Q1$208 M STLA
Stellantis N.V.
19.55% of portfolio
 		BRK.B
Berkshire Hathaway CL B
13.48% of portfolio
 		AXP
American Express
12.21% of portfolio
 		RACE
Ferrari NV
11.55% of portfolio
 		GM.WS.B
General Motors WTS B
8.99% of portfolio
 		BAC
Bank of America Corp.
8.50% of portfolio
 		MA
Mastercard Inc.
5.53% of portfolio
 		BRK.A
Berkshire Hathaway CL A
4.31% of portfolio
 		C
Citigroup Inc.
3.44% of portfolio
 		WFC
Wells Fargo
2.90% of portfolio
 		BAC.WS.A
Bank of America WTS A
2.79% of portfolio
 		MCO
Moody's Corp.
1.94% of portfolio
 		TERP
TerraForm Power Inc.
1.19% of portfolio
 		TOO
Teekay Offshore Partners LP
1.09% of portfolio
 		WFC.WS
Wells Fargo WTS
1.01% of portfolio
 		PKX
POSCO
0.76% of portfolio
 		SRG
Seritage Growth Properties
0.75% of portfolio
2017   Q4$209 M STLA
Stellantis N.V.
17.14% of portfolio
 		BRK.B
Berkshire Hathaway CL B
13.35% of portfolio
 		AXP
American Express
12.96% of portfolio
 		GM.WS.B
General Motors WTS B
11.11% of portfolio
 		RACE
Ferrari NV
10.06% of portfolio
 		BAC
Bank of America Corp.
8.34% of portfolio
 		MA
Mastercard Inc.
4.77% of portfolio
 		BRK.A
Berkshire Hathaway CL A
4.28% of portfolio
 		C
Citigroup Inc.
3.78% of portfolio
 		WFC
Wells Fargo
3.34% of portfolio
 		BAC.WS.A
Bank of America WTS A
2.69% of portfolio
 		MCO
Moody's Corp.
1.77% of portfolio
 		PKX
POSCO
1.68% of portfolio
 		WFC.WS
Wells Fargo WTS
1.45% of portfolio
 		TERP
TerraForm Power Inc.
1.32% of portfolio
 		TOO
Teekay Offshore Partners LP
1.13% of portfolio
 		SRG
Seritage Growth Properties
0.85% of portfolio
2017   Q3$197 M STLA
Stellantis N.V.
18.18% of portfolio
 		BRK.B
Berkshire Hathaway CL B
13.08% of portfolio
 		AXP
American Express
12.51% of portfolio
 		GM.WS.B
General Motors WTS B
11.39% of portfolio
 		RACE
Ferrari NV
11.21% of portfolio
 		BAC
Bank of America Corp.
7.59% of portfolio
 		MA
Mastercard Inc.
4.71% of portfolio
 		BRK.A
Berkshire Hathaway CL A
4.18% of portfolio
 		C
Citigroup Inc.
3.91% of portfolio
 		WFC
Wells Fargo
3.22% of portfolio
 		PKX
POSCO
2.47% of portfolio
 		BAC.WS.A
Bank of America WTS A
2.15% of portfolio
 		MCO
Moody's Corp.
1.77% of portfolio
 		TERP
TerraForm Power Inc.
1.41% of portfolio
 		WFC.WS
Wells Fargo WTS
1.20% of portfolio
 		SRG
Seritage Growth Properties
1.03% of portfolio
 		ENLC
EnLink Midstream LLC
0.01% of portfolio
2017   Q2$164 M BRK.B
Berkshire Hathaway CL B
14.54% of portfolio
 		AXP
American Express
14.01% of portfolio
 		STLA
Stellantis N.V.
12.87% of portfolio
 		GM.WS.B
General Motors WTS B
10.57% of portfolio
 		RACE
Ferrari NV
10.48% of portfolio
 		BAC
Bank of America Corp.
8.74% of portfolio
 		MA
Mastercard Inc.
4.87% of portfolio
 		BRK.A
Berkshire Hathaway CL A
4.66% of portfolio
 		C
Citigroup Inc.
4.33% of portfolio
 		WFC
Wells Fargo
3.89% of portfolio
 		PKX
POSCO
2.67% of portfolio
 		BAC.WS.A
Bank of America WTS A
2.35% of portfolio
 		MCO
Moody's Corp.
1.86% of portfolio
 		TERP
TerraForm Power Inc.
1.53% of portfolio
 		WFC.WS
Wells Fargo WTS
1.49% of portfolio
 		SRG
Seritage Growth Properties
1.12% of portfolio
 		ENLC
EnLink Midstream LLC
0.01% of portfolio
2017   Q1$162 M BRK.B
Berkshire Hathaway CL B
14.44% of portfolio
 		STLA
Stellantis N.V.
13.46% of portfolio
 		AXP
American Express
13.28% of portfolio
 		GM.WS.B
General Motors WTS B
11.00% of portfolio
 		RACE
Ferrari NV
9.16% of portfolio
 		BAC
Bank of America Corp.
8.58% of portfolio
 		SRG
Seritage Growth Properties
4.79% of portfolio
 		BRK.A
Berkshire Hathaway CL A
4.62% of portfolio
 		MA
Mastercard Inc.
4.56% of portfolio
 		WFC
Wells Fargo
3.95% of portfolio
 		C
Citigroup Inc.
3.91% of portfolio
 		PKX
POSCO
2.78% of portfolio
 		BAC.WS.A
Bank of America WTS A
2.23% of portfolio
 		MCO
Moody's Corp.
1.73% of portfolio
 		WFC.WS
Wells Fargo WTS
1.50% of portfolio
 		ENLC
EnLink Midstream LLC
0.01% of portfolio
2016   Q4$149 M BRK.B
Berkshire Hathaway CL B
15.36% of portfolio
 		AXP
American Express
13.53% of portfolio
 		STLA
Stellantis N.V.
12.22% of portfolio
 		GM.WS.B
General Motors WTS B
11.50% of portfolio
 		BAC
Bank of America Corp.
8.74% of portfolio
 		RACE
Ferrari NV
7.80% of portfolio
 		SRG
Seritage Growth Properties
5.15% of portfolio
 		BRK.A
Berkshire Hathaway CL A
4.91% of portfolio
 		MA
Mastercard Inc.
4.55% of portfolio
 		WFC
Wells Fargo
4.25% of portfolio
 		C
Citigroup Inc.
4.22% of portfolio
 		PKX
POSCO
2.47% of portfolio
 		BAC.WS.A
Bank of America WTS A
2.13% of portfolio
 		MCO
Moody's Corp.
1.58% of portfolio
 		WFC.WS
Wells Fargo WTS
1.57% of portfolio
 		ENLC
EnLink Midstream LLC
0.01% of portfolio
2016   Q3$125 M BRK.B
Berkshire Hathaway CL B
16.19% of portfolio
 		AXP
American Express
13.90% of portfolio
 		GM.WS.B
General Motors WTS B
11.04% of portfolio
 		STLA
Stellantis N.V.
10.12% of portfolio
 		RACE
Ferrari NV
8.28% of portfolio
 		BAC
Bank of America Corp.
7.36% of portfolio
 		SRG
Seritage Growth Properties
7.27% of portfolio
 		MA
Mastercard Inc.
5.33% of portfolio
 		BRK.A
Berkshire Hathaway CL A
5.17% of portfolio
 		WFC
Wells Fargo
4.06% of portfolio
 		C
Citigroup Inc.
3.99% of portfolio
 		PKX
POSCO
2.85% of portfolio
 		MCO
Moody's Corp.
2.16% of portfolio
 		BAC.WS.A
Bank of America WTS A
1.17% of portfolio
 		WFC.WS
Wells Fargo WTS
1.10% of portfolio
 		ENLC
EnLink Midstream LLC
0.01% of portfolio
2016   Q2$111 M BRK.B
Berkshire Hathaway CL B
18.37% of portfolio
 		AXP
American Express
14.93% of portfolio
 		STLA
Stellantis N.V.
11.01% of portfolio
 		GM.WS.B
General Motors WTS B
9.45% of portfolio
 		RACE
Ferrari NV
7.34% of portfolio
 		BAC
Bank of America Corp.
7.06% of portfolio
 		BRK.A
Berkshire Hathaway CL A
5.87% of portfolio
 		MA
Mastercard Inc.
5.22% of portfolio
 		WFC
Wells Fargo
4.91% of portfolio
 		SRG
Seritage Growth Properties
4.50% of portfolio
 		C
Citigroup Inc.
4.05% of portfolio
 		PKX
POSCO
2.81% of portfolio
 		MCO
Moody's Corp.
2.11% of portfolio
 		WFC.WS
Wells Fargo WTS
1.35% of portfolio
 		BAC.WS.A
Bank of America WTS A
1.00% of portfolio
 		ENLC
EnLink Midstream LLC
0.01% of portfolio
2016   Q1$118 M BRK.B
Berkshire Hathaway CL B
16.93% of portfolio
 		AXP
American Express
14.20% of portfolio
 		STLA
Stellantis N.V.
13.72% of portfolio
 		GM.WS.B
General Motors WTS B
11.60% of portfolio
 		RACE
Ferrari NV
7.05% of portfolio
 		BAC
Bank of America Corp.
6.77% of portfolio
 		BRK.A
Berkshire Hathaway CL A
5.44% of portfolio
 		MA
Mastercard Inc.
5.27% of portfolio
 		WFC
Wells Fargo
4.72% of portfolio
 		C
Citigroup Inc.
3.76% of portfolio
 		SRG
Seritage Growth Properties
3.18% of portfolio
 		PKX
POSCO
2.81% of portfolio
 		MCO
Moody's Corp.
2.05% of portfolio
 		WFC.WS
Wells Fargo WTS
1.46% of portfolio
 		BAC.WS.A
Bank of America WTS A
1.03% of portfolio
 		ENLC
EnLink Midstream LLC
0.01% of portfolio
2015   Q4$125 M STLA
Stellantis N.V.
22.41% of portfolio
 		AXP
American Express
15.14% of portfolio
 		BRK.B
Berkshire Hathaway CL B
14.83% of portfolio
 		GM.WS.B
General Motors WTS B
13.02% of portfolio
 		BAC
Bank of America Corp.
7.93% of portfolio
 		MA
Mastercard Inc.
5.11% of portfolio
 		WFC
Wells Fargo
4.99% of portfolio
 		BRK.A
Berkshire Hathaway CL A
4.74% of portfolio
 		C
Citigroup Inc.
4.38% of portfolio
 		ZINC
Horsehead Holding Corp.
2.16% of portfolio
 		PKX
POSCO
1.98% of portfolio
 		WFC.WS
Wells Fargo WTS
1.80% of portfolio
 		BAC.WS.A
Bank of America WTS A
1.49% of portfolio
2015   Q3$120 M STLA
Stellantis N.V.
21.62% of portfolio
 		AXP
American Express
16.83% of portfolio
 		BRK.B
Berkshire Hathaway CL B
15.28% of portfolio
 		GM.WS.B
General Motors WTS B
10.92% of portfolio
 		BAC
Bank of America Corp.
7.66% of portfolio
 		MA
Mastercard Inc.
4.94% of portfolio
 		WFC
Wells Fargo
4.92% of portfolio
 		BRK.A
Berkshire Hathaway CL A
4.88% of portfolio
 		C
Citigroup Inc.
4.38% of portfolio
 		ZINC
Horsehead Holding Corp.
3.34% of portfolio
 		PKX
POSCO
2.04% of portfolio
 		WFC.WS
Wells Fargo WTS
1.66% of portfolio
 		BAC.WS.A
Bank of America WTS A
1.53% of portfolio
2015   Q2$144 M STLA
Stellantis N.V.
20.40% of portfolio
 		AXP
American Express
14.75% of portfolio
 		BRK.B
Berkshire Hathaway CL B
13.33% of portfolio
 		GM.WS.B
General Motors WTS B
11.11% of portfolio
 		ZINC
Horsehead Holding Corp.
10.78% of portfolio
 		BAC
Bank of America Corp.
7.00% of portfolio
 		WFC
Wells Fargo
4.51% of portfolio
 		MA
Mastercard Inc.
4.28% of portfolio
 		BRK.A
Berkshire Hathaway CL A
4.28% of portfolio
 		C
Citigroup Inc.
4.08% of portfolio
 		PKX
POSCO
2.39% of portfolio
 		WFC.WS
Wells Fargo WTS
1.72% of portfolio
 		BAC.WS.A
Bank of America WTS A
1.38% of portfolio
2015   Q1$128 M STLA
Stellantis N.V.
25.50% of portfolio
 		AXP
American Express
16.67% of portfolio
 		BRK.B
Berkshire Hathaway CL B
15.90% of portfolio
 		ZINC
Horsehead Holding Corp.
13.09% of portfolio
 		BAC
Bank of America Corp.
7.10% of portfolio
 		BRK.A
Berkshire Hathaway CL A
5.11% of portfolio
 		WFC
Wells Fargo
4.90% of portfolio
 		MA
Mastercard Inc.
4.45% of portfolio
 		C
Citigroup Inc.
4.28% of portfolio
 		PKX
POSCO
3.00% of portfolio
2014   Q4$139 M AXP
American Express
18.27% of portfolio
 		STLA
Stellantis N.V.
16.74% of portfolio
 		BRK.B
Berkshire Hathaway CL B
15.21% of portfolio
 		ZINC
Horsehead Holding Corp.
13.92% of portfolio
 		BAC
Bank of America Corp.
7.61% of portfolio
 		BRK.A
Berkshire Hathaway CL A
4.89% of portfolio
 		WFC
Wells Fargo
4.54% of portfolio
 		GS
Goldman Sachs Group
4.26% of portfolio
 		C
Citigroup Inc.
4.13% of portfolio
 		MA
Mastercard Inc.
4.08% of portfolio
 		PKX
POSCO
3.22% of portfolio
 		DTV
DIRECTV Group Inc.
3.12% of portfolio