Dark
Light
System
Institutional Investment Manager
Chou Associates Management Inc.
Chou Associates Management Inc. (CIK: 0001389403), located at 110 Sheppard Avenue East, Toronto, A6. Institutional holdings reported to the SEC.

Institutional Holdings (2014Q4)
Portfolio Summary: 23 holdings with a total value of $382,148,000.
#
Name
Shares
Value ($)
%
Options
Notes
1 RESOLUTE FOREST 4,081,218 71,899,000 18.81%
2 BERKSHIRE HATHAWAY INC DEL 300 67,826,000 17.75%
3 NOKIA CORP 5,000,000 39,316,000 10.29%
4 SEARS HLDGS CORPORATION 896,088 29,565,000 7.74%
5 J.P. MORGAN CHASE & CO 1,126,347 23,437,000 6.13%
6 CITIGROUP INC 410,000 22,194,000 5.81%
7 WELLS FARGO & CO NEW 997,500 21,315,000 5.58%
8 SANOFI 410,000 18,707,000 4.90%
9 SEARS HOMETOWN & OUTLET STOR 1,322,209 17,394,000 4.55%
10 GOLDMAN SACHS GROUP INC 75,000 14,543,000 3.81%
11 OVERSTOCK COM INC DEL COM 582,271 14,138,000 3.70%
12 MBIA INC 1,080,797 10,341,000 2.71%
13 SEARS CDA INC COM 775,149 7,474,000 1.96%
14 BANK AMER CORP 836,825 5,893,000 1.54%
15 BLACKBERRY LTD 529,040 5,810,000 1.52%
16 CHUNGHWA TELECOM CO LTD 132,088 3,888,000 1.02%
17 CHICAGO BRIDGE & IRON CO N V 67,446 2,833,000 0.74%
18 ASCENT CAP GROUP INC 2,683,000 2,215,000 0.58%
19 Ryanair Hldgs Plc Adr 17,000 1,212,000 0.32%
20 ASTRAZENECA PLC 13,000 923,000 0.24%
21 CHINA YUCHAI INTL LTD COM 25,537 458,000 0.12%
22 GLAXOSMITHKLINE PLC 18,000 386,000 0.10%
23 BP PLC 10,000 381,000 0.10%

Portfolio data is normalized using SEC Form 13F filings, including the Original 13F-HR (0001140361-15-006250, filed 2015.02.13).

From 2023-01-03 onward, the SEC requires values to be reported in nearest dollars. Earlier filings reported values in thousands; therefore, positions shown as $0 in older filings may represent actual values between $0–$999.