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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 (2015Q3)
Portfolio Summary: 24 holdings with a total value of $291,175,000.
#
Name
Shares
Value ($)
%
Options
Notes
1 BERKSHIRE HATHAWAY INC DEL 300 58,589,000 20.12%
2 RESOLUTE FOREST 4,281,218 35,587,000 12.22%
3 NOKIA CORP 3,750,000 25,432,000 8.73%
4 J.P. MORGAN CHASE & CO 1,126,347 22,432,000 7.70%
5 CITIGROUP INC 410,000 20,346,000 6.99%
6 SEARS HLDGS CORPORATION 896,088 20,258,000 6.96%
7 SANOFI 410,000 19,468,000 6.69%
8 WELLS FARGO & CO NEW 997,500 18,050,000 6.20%
9 GOLDMAN SACHS GROUP INC 75,000 13,036,000 4.48%
10 SEARS HOMETOWN & OUTLET STOR 1,322,209 10,594,000 3.64%
11 OVERSTOCK COM INC DEL COM 582,271 9,995,000 3.43%
12 ASCENT CAP GROUP INC 316,591 8,671,000 2.98%
13 MBIA INC 1,080,797 6,573,000 2.26%
14 SEARS CDA INC COM 775,149 5,048,000 1.73%
15 BANK AMER CORP 836,825 4,796,000 1.65%
16 BLACKBERRY LTD 529,040 3,235,000 1.11%
17 CHICAGO BRIDGE & IRON CO N C 67,446 2,676,000 0.92%
18 ASCENT CAP GROUP INC 2,683,000 1,942,000 0.67%
19 Ryanair Hldgs Plc Adr 17,000 1,331,000 0.46%
20 CHINA YUCHAI INTL LTD COM 73,364 908,000 0.31%
21 ASTRAZENECA PLC 13,000 822,000 0.28%
22 POSCO 21,000 736,000 0.25%
23 GLAXOSMITHKLINE PLC 18,000 344,000 0.12%
24 BP PLC 10,000 306,000 0.11%

Portfolio data is normalized using SEC Form 13F filings, including the Original 13F-HR (0001144204-15-062651, filed 2015.11.04).

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.