Reported portfolio
Norbert Lou
Punch Card Management L.P.
- Reported portfolio value
- $270,646,000
- Current positions
- 5
- Top five concentration
- 100.0%
- Largest position
- 38.5%
- New positions
- 0
- Closed positions
- 0
Reported holdings
| Company | Portfolio | Quarterly activity | Shares | Reported price | Reported value | Updated / source |
|---|---|---|---|---|---|---|
BRK/A BERKSHIRE HATHAWAY INC DEL | 38.47% | Unchanged | 145 | $718,140 | $104,130,000−$5,316,000 | 13F2026-03-31 ↗ |
CROX CROCS INC | 18.24% | Unchanged | 594,570 | $83 | $49,361,000−$1,486,000 | 13F2026-03-31 ↗ |
SGOV ISHARES TR | 17.11% | Reduced 18.7% | 460,000−106,000 | $101 | $46,304,000−$10,511,000 | 13F2026-03-31 ↗ |
PDD PDD HOLDINGS INC | 15.67% | Unchanged | 415,004 | $102 | $42,405,000−$4,652,000 | 13F2026-03-31 ↗ |
PYPL PAYPAL HLDGS INC | 10.51% | Unchanged | 628,907 | $45 | $28,445,000−$8,270,000 | 13F2026-03-31 ↗ |
Reported price is calculated from the reported value and share count. It is not the investor's actual purchase price.
Filing history
Historical holdings
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| BRK/A | BERKSHIRE HATHAWAY INC DEL | 38.47% | 145 | $104,130,000 |
| CROX | CROCS INC | 18.24% | 594,570 | $49,361,000 |
| SGOV | ISHARES TR | 17.11% | 460,000 | $46,304,000 |
| PDD | PDD HOLDINGS INC | 15.67% | 415,004 | $42,405,000 |
| PYPL | PAYPAL HLDGS INC | 10.51% | 628,907 | $28,445,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| BRK/A | BERKSHIRE HATHAWAY INC DEL | 36.38% | 145 | $109,446,000 |
| SGOV | ISHARES TR | 18.88% | 566,000 | $56,815,000 |
| CROX | CROCS INC | 16.90% | 594,570 | $50,848,000 |
| PDD | PDD HOLDINGS INC | 15.64% | 415,004 | $47,057,000 |
| PYPL | PAYPAL HLDGS INC | 12.20% | 628,907 | $36,716,000 |
Investor background
Norbert Lou
“Supernormal results are usually achieved through the combination of multiple forces working together.”
Norbert Lou is the founder and portfolio manager of Punch Card Capital, an investment partnership launched in June 2004. Trained as an engineer at Cornell University, Lou began investing while still a student and later worked at Brown Brothers Harriman and Elliott Management. His earlier career gave him experience in both fundamental equity research and complex event-driven situations, but Punch Card was deliberately designed around a far simpler proposition: own very few securities, understand them deeply and wait patiently for exceptional opportunities.
The firm began with approximately $10 million and was seeded by principals associated with Gotham Asset Management, which also provided office and back-office support. Lou nevertheless retained control over investment decisions and resisted building a conventional analyst organization. The fund was named after Warren Buffett and Charlie Munger’s “20-punch card” thought experiment and historically held no more than about six significant positions.
Norbert Lou is worth following because his observable investment process remains remarkably consistent with the philosophy described more than a decade ago. His public investment record is unusually difficult to evaluate compared with many other super investors. Unlike managers who publish annual letters, investor presentations or frequent interviews, Lou has maintained a very low public profile.
The primary sources supporting this profile are the extensive interview published by Santangel’s Review in 2011, regulatory filings from the SEC, and more than two decades of continuous Form 13F disclosures. These sources provide valuable insight into his investment philosophy, portfolio construction and major holdings, but they do not provide a complete picture of Punch Card Capital’s historical performance, private holdings or total economic exposure.
His currently observable portfolio continues to reflect the same principles described in his earlier interview: extreme concentration, patience, high personal alignment with investors and a willingness to invest only when he believes multiple favorable factors are working together.