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Chou Associates Francis Chou
In Q2 2026, Chou Associates held 30 US-listed stocks worth $217m. It made only small changes. It started 1 new position and sold out of 0. Its largest holding is Berkshire Hathaway at 30%.
Source: SEC Form 13F for Q2 2026, filed 12 Aug 2026. How we use them
Changes Holdings Over time Look-through Sectors Value What changed in Q2 2026 Trimmed Apple -9.1% shares, now 5.3% Against Q1 2026, by number of shares and adjusted for splits. Up to five of each, largest first; the full list is below.
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US holdings from the 13F Q2 2026, filed 12 Aug 2026 (filing ): 1 new, 0 added to, 1 trimmed, 0 sold out. Select a row to see it over time. How this works Changes compare share counts with Q1 2026, adjusted for stock splits. Share classes of the same company are combined. Values are at quarter-end prices.
13F holdings with change from the previous quarter Company Value Shares Portfolio Change Q1 2026 Berkshire Hathaway BRK.B $66.0m 3,186 30.4%$66.0m 30.1% Alphabet GOOG $25.6m 72,390 11.8%$25.6m 9.9% Synchrony Financial SYF $17.0m 223,202 7.8%$17.0m 7.2% Occidental Petroleum OXY $15.2m 313,000 7.0%$15.2m 9.7% Siriusxm Holdings SIRI $12.1m 409,589 5.6%$12.1m 4.5% Apple AAPL $11.6m 40,000 5.3%$11.6m ▼ Trimmed -9.1%5.3% Ally Financial ALLY $10.4m 225,525 4.8%$10.4m 4.2% Stellantis STLA $8.0m 1,394,194 3.7%$8.0m 4.7% Jefferies Financial Group JEF $7.5m 149,237 3.4%$7.5m 2.9% Paypal Holdings PYPL $7.2m 167,400 3.3%$7.2m 3.6% Wells Fargo & Company WFC $4.9m 59,542 2.3%$4.9m 2.3% Citigroup C $4.6m 32,695 2.1%$4.6m 1.8% Alibaba Group Holding BABA $4.0m 41,900 1.9%$4.0m 2.5% General Motors GM $4.0m 52,000 1.9%$4.0m 1.8% Bank of America BAC $2.8m 50,000 1.3%$2.8m 1.2% Pathward Financial CASH $2.4m 27,389 1.1%$2.4m 1.2% Pool Ord POOL $2.3m 10,636 1.1%$2.3m 1.0% Mbia MBI $2.1m 321,000 1.0%$2.1m 0.9% Kraft Heinz KHC $1.6m 69,500 0.8%$1.6m 0.7% Assured Guaranty AGO $1.4m 16,990 0.6%$1.4m 0.7% China Yuchai International CYD $1.1m 23,364 0.5%$1.1m 0.4% Methanex MEOH $924k 20,000 0.4%$924k 0.6% Moody's MCO $679k 1,500 0.3%$679k 0.3% Magna International MGA $657k 10,000 0.3%$657k 0.3% Atkore ATKR $639k 8,400 0.3%$639k 0.2% HP HPQ $581k 26,500 0.3%$581k 0.2% Imperial Oil IMO $561k 5,000 0.3%$561k 0.3% Louisiana-Pacific LPX $463k 5,886 0.2%$463k 0.2% Ryanair Holdings RYAAY $384k 5,937 0.2%$384k 0.2% Vitesse Energy VTS $20k 1,293 0.0%$20k ▲ New–
Show all 30 Download the Q2 2026 holdings: CSV · JSON · Markdown
How the portfolio has changed Each bar is one 13F. Select a bar or press play to see that quarter’s 12 largest positions. How this works Bars are split by share of the US portfolio: the six biggest holdings over the period in colour, everything else in grey. The last eight quarters are shown in full, earlier years at year end.
2013 · Berkshire Hathaway: 15.2% 2013 · Resolute Fst Prods: 19.2% 2013 · Wells Fargo & Company: 4.5% 2013 · Everything else: 61.1% 2014 · Berkshire Hathaway: 17.8% 2014 · Resolute Fst Prods: 18.8% 2014 · Wells Fargo & Company: 5.6% 2014 · Everything else: 57.9% 2015 · Berkshire Hathaway: 12.7% 2015 · Resolute Fst Prods: 7.6% 2015 · Wells Fargo & Company: 4.4% 2015 · Everything else: 75.3% 2016 · Berkshire Hathaway: 11.7% 2016 · Resolute Fst Prods: 8.5% 2016 · Bausch Health Companies: 9.1% 2016 · Wells Fargo & Company: 6.8% 2016 · Everything else: 63.9% 2017 · Berkshire Hathaway: 19.1% 2017 · Resolute Fst Prods: 21.7% 2017 · Wells Fargo & Company: 11.8% 2017 · Everything else: 47.4% 2018 · Berkshire Hathaway: 20.6% 2018 · Resolute Fst Prods: 16.3% 2018 · Bausch Health Companies: 13.7% 2018 · Wells Fargo & Company: 9.0% 2018 · Everything else: 40.4% 2019 · Berkshire Hathaway: 29.3% 2019 · Resolute Fst Prods: 11.1% 2019 · Bausch Health Companies: 27.9% 2019 · Wells Fargo & Company: 6.5% 2019 · Everything else: 25.2% 2020 · Berkshire Hathaway: 25.6% 2020 · Resolute Fst Prods: 22.0% 2020 · Bausch Health Companies: 23.5% 2020 · Wells Fargo & Company: 4.7% 2020 · Everything else: 24.3% 2021 · Berkshire Hathaway: 23.6% 2021 · Resolute Fst Prods: 24.8% 2021 · Bausch Health Companies: 11.1% 2021 · Wells Fargo & Company: 0.5% 2021 · Everything else: 40.1% 2022 · Berkshire Hathaway: 53.0% 2022 · Resolute Fst Prods: 8.0% 2022 · Bausch Health Companies: 6.3% 2022 · Wells Fargo & Company: 1.1% 2022 · Synchrony Financial: 2.7% 2022 · Everything else: 28.8% 2023 · Berkshire Hathaway: 57.1% 2023 · Bausch Health Companies: 7.5% 2023 · Wells Fargo & Company: 1.3% 2023 · Synchrony Financial: 6.0% 2023 · Everything else: 28.1% Q3 ’24 · Berkshire Hathaway: 39.0% Q3 ’24 · Alphabet: 8.6% Q3 ’24 · Wells Fargo & Company: 2.1% Q3 ’24 · Synchrony Financial: 6.0% Q3 ’24 · Everything else: 44.3% Q4 ’24 · Berkshire Hathaway: 39.9% Q4 ’24 · Alphabet: 10.7% Q4 ’24 · Wells Fargo & Company: 2.9% Q4 ’24 · Synchrony Financial: 9.6% Q4 ’24 · Everything else: 37.0% Q1 ’25 · Berkshire Hathaway: 37.1% Q1 ’25 · Alphabet: 7.0% Q1 ’25 · Wells Fargo & Company: 2.3% Q1 ’25 · Synchrony Financial: 6.2% Q1 ’25 · Everything else: 47.4% Q2 ’25 · Berkshire Hathaway: 34.3% Q2 ’25 · Alphabet: 8.0% Q2 ’25 · Wells Fargo & Company: 2.6% Q2 ’25 · Synchrony Financial: 7.9% Q2 ’25 · Everything else: 47.3% Q3 ’25 · Berkshire Hathaway: 31.2% Q3 ’25 · Alphabet: 9.7% Q3 ’25 · Wells Fargo & Company: 2.4% Q3 ’25 · Synchrony Financial: 7.4% Q3 ’25 · Everything else: 49.3% Q4 ’25 · Berkshire Hathaway: 32.2% Q4 ’25 · Alphabet: 11.3% Q4 ’25 · Wells Fargo & Company: 2.8% Q4 ’25 · Synchrony Financial: 8.9% Q4 ’25 · Everything else: 44.8% Q1 ’26 · Berkshire Hathaway: 30.1% Q1 ’26 · Alphabet: 9.9% Q1 ’26 · Wells Fargo & Company: 2.3% Q1 ’26 · Synchrony Financial: 7.2% Q1 ’26 · Everything else: 50.6% Q2 ’26 · Berkshire Hathaway: 30.4% Q2 ’26 · Alphabet: 11.8% Q2 ’26 · Wells Fargo & Company: 2.3% Q2 ’26 · Synchrony Financial: 7.8% Q2 ’26 · Everything else: 47.6% 2013
2015
2017
2019
2021
2023
Q4 ’24
Q2 ’25
Q4 ’25
Q2 ’26
2013: Berkshire Hathaway 15.2%, Resolute Fst Prods 19.2%, Bausch Health Companies 0.0%, Alphabet 0.0%, Wells Fargo & Company 4.5%, Synchrony Financial 0.0%; 2014: Berkshire Hathaway 17.8%, Resolute Fst Prods 18.8%, Bausch Health Companies 0.0%, Alphabet 0.0%, Wells Fargo & Company 5.6%, Synchrony Financial 0.0%; 2015: Berkshire Hathaway 12.7%, Resolute Fst Prods 7.6%, Bausch Health Companies 0.0%, Alphabet 0.0%, Wells Fargo & Company 4.4%, Synchrony Financial 0.0%; 2016: Berkshire Hathaway 11.7%, Resolute Fst Prods 8.5%, Bausch Health Companies 9.1%, Alphabet 0.0%, Wells Fargo & Company 6.8%, Synchrony Financial 0.0%; 2017: Berkshire Hathaway 19.1%, Resolute Fst Prods 21.7%, Bausch Health Companies 0.0%, Alphabet 0.0%, Wells Fargo & Company 11.8%, Synchrony Financial 0.0%; 2018: Berkshire Hathaway 20.6%, Resolute Fst Prods 16.3%, Bausch Health Companies 13.7%, Alphabet 0.0%, Wells Fargo & Company 9.0%, Synchrony Financial 0.0%; 2019: Berkshire Hathaway 29.3%, Resolute Fst Prods 11.1%, Bausch Health Companies 27.9%, Alphabet 0.0%, Wells Fargo & Company 6.5%, Synchrony Financial 0.0%; 2020: Berkshire Hathaway 25.6%, Resolute Fst Prods 22.0%, Bausch Health Companies 23.5%, Alphabet 0.0%, Wells Fargo & Company 4.7%, Synchrony Financial 0.0%; 2021: Berkshire Hathaway 23.6%, Resolute Fst Prods 24.8%, Bausch Health Companies 11.1%, Alphabet 0.0%, Wells Fargo & Company 0.5%, Synchrony Financial 0.0%; 2022: Berkshire Hathaway 53.0%, Resolute Fst Prods 8.0%, Bausch Health Companies 6.3%, Alphabet 0.0%, Wells Fargo & Company 1.1%, Synchrony Financial 2.7%; 2023: Berkshire Hathaway 57.1%, Resolute Fst Prods 0.0%, Bausch Health Companies 7.5%, Alphabet 0.0%, Wells Fargo & Company 1.3%, Synchrony Financial 6.0%; Q3 ’24: Berkshire Hathaway 39.0%, Resolute Fst Prods 0.0%, Bausch Health Companies 0.0%, Alphabet 8.6%, Wells Fargo & Company 2.1%, Synchrony Financial 6.0%; Q4 ’24: Berkshire Hathaway 39.9%, Resolute Fst Prods 0.0%, Bausch Health Companies 0.0%, Alphabet 10.7%, Wells Fargo & Company 2.9%, Synchrony Financial 9.6%; Q1 ’25: Berkshire Hathaway 37.1%, Resolute Fst Prods 0.0%, Bausch Health Companies 0.0%, Alphabet 7.0%, Wells Fargo & Company 2.3%, Synchrony Financial 6.2%; Q2 ’25: Berkshire Hathaway 34.3%, Resolute Fst Prods 0.0%, Bausch Health Companies 0.0%, Alphabet 8.0%, Wells Fargo & Company 2.6%, Synchrony Financial 7.9%; Q3 ’25: Berkshire Hathaway 31.2%, Resolute Fst Prods 0.0%, Bausch Health Companies 0.0%, Alphabet 9.7%, Wells Fargo & Company 2.4%, Synchrony Financial 7.4%; Q4 ’25: Berkshire Hathaway 32.2%, Resolute Fst Prods 0.0%, Bausch Health Companies 0.0%, Alphabet 11.3%, Wells Fargo & Company 2.8%, Synchrony Financial 8.9%; Q1 ’26: Berkshire Hathaway 30.1%, Resolute Fst Prods 0.0%, Bausch Health Companies 0.0%, Alphabet 9.9%, Wells Fargo & Company 2.3%, Synchrony Financial 7.2%; Q2 ’26: Berkshire Hathaway 30.4%, Resolute Fst Prods 0.0%, Bausch Health Companies 0.0%, Alphabet 11.8%, Wells Fargo & Company 2.3%, Synchrony Financial 7.8% ▶ Play Q2 2026
Berkshire Hathaway 30.4% Alphabet 11.8% Synchrony Financial 7.8% Occidental Petroleum 7.0% Siriusxm Holdings 5.6% Apple 5.3% Ally Financial 4.8% Stellantis 3.7% Jefferies Financial Group 3.4% Paypal Holdings 3.3% Wells Fargo & Company 2.3% Citigroup 2.1% Q4 2013 Q2 2026
Look-through earnings Chou Associates’s share of the profits of the US companies it holds. How this works Look-through earnings, Q2 2026
$10.2m
Last 12 months, holdings with SEC financials
Price paid for those earnings
13.2×
Value of those holdings ÷ their earnings
Earnings per share growth
+58.6%
Same holdings, against a year earlier
Portfolio covered
62%
Of the 13F value
By year Rolling 12 months
Q1 2017: $5.9m Q3 2017: $10.8m Q1 2019: $1.1m Q3 2019: $1.4m Q3 2020: $156k Q3 2022: $1.0m Q1 2023: $68k Q2 2023: $536k Q3 2023: $406k Q1 2024: $219k Q4 2024: $6.8m Q1 2025: $1.2m Q2 2025: $1.8m Q3 2025: $2.5m Q4 2025: $937k Q1 2026: $3.0m Q2 2026: $2.9m $7.0m 2017
−$16.3m 2018
−$6.8m 2019
−$7.4m 2020
−$7.4m 2021
−$405k 2022
$213k 2023
$5.3m 2024
$6.4m 2025
$6.0m 2026*
2017: $7.0m; 2018: −$16.3m; 2019: −$6.8m; 2020: −$7.4m; 2021: −$7.4m; 2022: −$405k; 2023: $213k; 2024: $5.3m; 2025: $6.4m; 2026 (2 quarters): $6.0m
Holdings behind Q2 2026 (latest) Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Q3 2021
Show all 22 Net income is as reported (GAAP), so it includes one-off items and, for some companies, gains or losses on investments they hold. Companies that report under IFRS (most non-US companies) or whose shares we can’t match reliably are left out; “portfolio covered” shows how much is included. Look-through earnings explained . Growth compares earnings per share over the last 12 months with the 12 months a year earlier, for holdings profitable in both.
US holdings by sector Insurance 32.0% Financials 26.5% Communication and media 17.4% Consumer discretionary 7.7% Energy 7.3% Technology 5.6% Industrials 2.0% Consumer staples 0.8% Materials 0.4% Other 0.2% Sectors are grouped from each company’s SEC industry code, as a share of the Q2 2026 13F.
US portfolio value by quarter $75.0m Q3 ’23
$76.1m Q4 ’23
$89.1m Q1 ’24
$140m Q2 ’24
$160m Q3 ’24
$147m Q4 ’24
$185m Q1 ’25
$183m Q2 ’25
$208m Q3 ’25
$202m Q4 ’25
$210m Q1 ’26
$217m Q2 ’26
Q3 ’23: $75.0m; Q4 ’23: $76.1m; Q1 ’24: $89.1m; Q2 ’24: $140m; Q3 ’24: $160m; Q4 ’24: $147m; Q1 ’25: $185m; Q2 ’25: $183m; Q3 ’25: $208m; Q4 ’25: $202m; Q1 ’26: $210m; Q2 ’26: $217m From each quarter’s 13F. Changes reflect both trading and share-price moves.