Portfolio Concentration

CompanyAvg. Holdings+5%+10%+20%
Punch Card Capital, L.P.382.76%75.86%57.47%
Tesuji Partners, LLC694.33%72.34%26.95%
MSD Capital583.92%71.33%34.97%
Triple Frond Partners888.29%63.96%8.11%
Dalal Street, LLC674.84%61.94%30.97%
H Partners380.90%61.80%58.43%
Altarock Partners779.87%59.06%26.17%
Baker Street467.27%58.18%38.18%
Pershing Square Capital Management883.81%56.67%16.19%
Mittleman Brothers880.98%56.10%23.90%
Altai Capital Management677.36%53.77%28.30%
Daily Journal Corp.452.00%50.00%50.00%
Sageview Capital L.P.349.45%47.25%32.97%
The Children's Investment Fund565.12%46.51%32.56%
RBS Partners, L.P.664.07%45.51%32.93%
Salzman & Co.766.47%42.20%29.48%
Wintergreen Advisers957.96%39.82%10.62%
Invesco Private Capital, Inc.749.45%38.46%23.08%
Scion Asset Management1086.36%37.50%7.95%
MHR Fund Management942.69%37.15%22.13%
Joho Kapital1058.36%36.30%15.66%
Aquamarine Capital Management1545.95%30.10%1.29%
Sachem Head Capital1176.36%28.36%6.18%
ValueAct Holdings1648.93%23.63%3.82%
Brave Warrior Advisors1656.13%22.64%2.59%
Breeden Capital Management955.56%22.22%22.22%
Arlington Value Capital, LLC1742.13%21.73%4.88%
Marcato Capital1640.28%21.55%4.92%
Brenner West Capital Advisors1455.56%20.37%2.47%
Blue Harbour Group1845.15%19.41%0.21%
Hayman Capital1434.33%19.40%9.45%
Abrams Capital Management1745.27%18.68%3.08%
Teton Capital Partners1642.47%16.44%6.16%
Fairholme Capital Management1625.89%16.39%9.26%
Turtle Creek Asset Management, Inc.1844.67%15.99%5.33%
Centerbridge Partners1925.78%14.65%7.23%
Edinburgh Partners3525.60%12.52%0.57%
Icahn Capital1928.49%11.43%5.81%
Chou Associates Management2528.17%10.73%1.94%
West Coast Asset Management2150.00%10.32%0.00%
Fairfax Financial Holdings3812.02%10.05%4.83%
Hound Partners2534.98%9.46%0.30%
Kingstown Capital1852.35%9.00%0.20%
Marble Arch Investments1949.50%8.29%0.25%
Berkshire Hathaway4710.83%7.43%1.50%
Broad Run Investment Management2436.66%7.21%0.00%
GoodHaven Capital Management2432.03%7.19%0.16%
Moab Capital Partners, LLC3120.00%7.18%0.35%
Baupost Group LLC3320.43%6.88%1.24%
GoldenTree Asset Management2422.55%6.44%2.45%
Greenlight Capital3515.06%5.88%1.18%
Hillhouse Capital Management3311.76%5.70%3.88%
RA Capital Management3415.22%5.33%1.30%
3G Capital Partners3612.24%4.98%1.19%
Lane Five Capital Management2137.38%4.67%0.00%
Southeastern Asset Management3025.37%4.58%0.00%
Miura Global Management2433.54%4.41%0.00%
Bares Capital Management3232.18%4.25%0.11%
Duquesne Family Office3614.55%4.23%1.03%
Leucadia National326.00%4.16%3.35%
Giverny Capital3118.74%4.04%0.16%
Third Point3810.79%3.83%1.18%
Centaur Capital2824.18%3.62%0.00%
International Value Advisers3219.63%3.23%0.00%
Robotti & Company579.26%2.20%0.26%
Par Capital Management706.73%2.17%0.37%
Appaloosa Management4910.17%1.85%0.18%
Gates Capital Management2818.06%1.57%1.44%
Swift Run Capital4814.13%1.51%0.00%
Donald Smith & Co.716.34%1.20%0.00%
Gardner Russo & Gardner1079.24%1.15%0.00%
Ruane, Cunniff & Goldfarb1193.40%1.13%0.42%
Nantahala Capital Management, LLC792.85%1.07%0.42%
Raffles Associates5110.22%1.02%0.00%
Paulson & Co.737.08%0.86%0.00%
Avenir Corp6710.99%0.55%0.00%
Soros Fund Management2190.98%0.46%0.03%
Cannell Capital635.72%0.41%0.00%
Lafayette Investments723.32%0.36%0.00%
Wedgewood Partners3323.47%0.34%0.00%
Locust Wood Capital Advisers436.93%0.26%0.00%
Horizon Kinetics, LLC5110.46%0.16%0.05%
Glenview Capital Management595.49%0.13%0.00%
Lincoln Capital678.64%0.00%0.00%
Lone Pine Capital419.57%0.00%0.00%
Markel Corporation1242.39%0.00%0.00%
Weitz Investment Management714.38%0.00%0.00%