Norbert Lou

Biography

Norbert Lou studied agricultural and biological engineering at Cornell, then worked as an analyst at Brown Brothers Harriman and at Elliott Management. Encouraged by Joel Greenblatt and John Petry of Gotham, who provided seed capital, he launched his fund in 2004. The firm is named after Warren Buffett's idea of a 20-slot punch card for lifetime investment decisions, and Lou runs a very concentrated portfolio of a few businesses held for long periods.

In their own words

Punch Card Management’s largest US holdings

From the Q2 2026 13F, worth $256m in total. See every holding and change

1. Berkshire HathawayBRK.B42.4%
2. CrocsCROX27.2%
3. PDD HoldingsPDD12.4%
4. Paypal HoldingsPYPL10.6%
5. Ishares TrSGOV7.4%