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Norbert Lou

Punch Card Management

Punch Card Management Portfolio 13F

Norbert Lou Holdings Activity

Portfolio value:
$300.88M≈ (-$22M≈)
Previous value:
$322.42M≈
# of changes:
3
New positions:
0
Reported for:
31 Dec 2025 (Q4)
Latest filing date:
17 Feb 2026
Punch Card Management has disclosed a total of 3 changes to the portfolio in the (2025 Q4) SEC report(s): decreased the number of shares of 2 and completely sold out 1 position(s).

What stocks did Norbert Lou buy in 2025 Q4?

During 2025 Q4 Norbert Lou has not purchased any securities.

What did Norbert Lou invest in during 2025 Q4?

Norbert Lou's holdings were (BRK-A) Berkshire Hathaway Inc (36.38%), (SGOV) iShares 0-3 Month Treasury Bond ETF (18.88%), (CROX) Crocs Inc (16.90%), (PDD) PDD Holdings Inc (15.64%) and (PYPL) PayPal Holdings Inc (12.20%).
In the 2025 Q4 report(s) the following changes have been made to the investments: (CROX) Crocs Inc (reduced shares -5.96%) and (PYPL) PayPal Holdings Inc (reduced shares -3.31%).
* Shares, change to shares, sold shares, shares held after: split-adjusted.
* Reported price: this doesn't represent the actual buy or sell price. It is the split-adjusted price of the security as of the last day of the reported period.
* Current price: this can be a delayed price and may not reflect the real-time market value, however it is too close.
* Value or Price: If the security is completely sold out, we show the reported value (or price) prior to the actual period.
* Held since / Held for: calculated since the latest "new buy" position. If the security was previously exited and re-entered, only the most recent holding period is counted.