13F filing recap · Q4 2025

What did Chou Associates buy in Q4 2025?

Reported stock-position changes between this filing and the previous one.

Stock value

$201.55M

Positions

Estimated turnover

7.2%

Turnover is a proxy: verified trade-origin share changes valued at period-end and divided by average reported stock value. SEC holdings reports do not disclose execution dates or prices. Corporate actions and unreconciled activity are excluded.

Quarter in review

Chou Associates exited Credit Acceptance Corp, Lear Corp, and Sunrise Communications AG. The firm trimmed Alphabet, and substantially reduced Sirius XM Holdings, Citigroup, and Moody’s Corporation.

Reduced positions

GOOGAlphabet Inc.$22.72Mreported value-10.0K shares-12.1%SIRISirius XM Holdings Inc.$8.19Mreported value-292.9K shares-41.7%CCitigroup Inc$3.82Mreported value-25.0K shares-43.3%MCOMoody’s Corporation$766.3Kreported value-4.4K shares-74.6%

Exited positions

LEALear Corp$402.4Kprior reported value-4.0K shares-100.0%SNRENSunrise Communications AG$141.1Kprior reported value-2.4K shares-100.0%CACCCredit Acceptance Corp$122.3Kprior reported value-262 shares-100.0%