MENLO ADVISORS LLC

Est. AUM

$185.6M

13F long equity, this entity only

Positions

Period

Jun 2025 (Q2)

SEC EDGAR

Jun 2025 (Q2)

#	Issuer	Class	Value	Shares	% Portfolio	Discretion
1	BERKSHIRE HATHAWAY CLASS B	COM	$25.6M	52702	13.80%	SOLE
2	SPDR GOLD SHARES ETF	UIUS	$14.8M	48503	7.97%	SOLE
3	ALPHABET INC CLASS C	COM	$13.7M	77393	7.40%	SOLE
4	MICROSOFT CORP	COM	$13.5M	27172	7.28%	SOLE
5	VANECK GOLD MINERS ETF	UIUS	$12.3M	236215	6.63%	SOLE
6	ALPHABET INC CLASS A	COM	$11.2M	63473	6.03%	SOLE
7	ALPHA ARCHTCT US QUNTV VAL ETF	COM	$10.9M	248740	5.90%	SOLE
8	APPLE INC	COM	$10.9M	53001	5.86%	SOLE
9	ABBOTT LABS	COM	$9.2M	67536	4.95%	SOLE
10	KKR & CO INC	COM	$7.2M	54175	3.88%	SOLE
11	ABBVIE INC	COM	$7.1M	38252	3.83%	SOLE
12	CISCO SYS INC	COM	$6.5M	93944	3.51%	SOLE
13	GLOBAL X MLP & ENERGY INFRASTR	COM	$6.3M	100697	3.40%	SOLE
14	TESLA INC	COM	$6.1M	19140	3.28%	SOLE
15	LOCKHEED MARTIN CORP	COM	$5.3M	11345	2.83%	SOLE
16	ROYALTY PHARMA PLC F CLASS A	COM	$4.7M	131325	2.55%	SOLE
17	SPROTT URANIUM MINERS ETF	COM	$4.2M	86804	2.24%	SOLE
18	MATTHEWS EMG MRKTS CHINA ACT E	COM	$4.0M	123590	2.18%	SOLE
19	SPROTT PHYSICAL SILVER E	COM	$3.1M	253380	1.67%	SOLE
20	ROYCE SMALL CAP TRUST CF	COM	$2.9M	195242	1.58%	SOLE
21	WISDOMTREE US QLT DIV GRW ETF	COM	$2.3M	27935	1.26%	SOLE
22	HOWARD HUGHES HLDGS INC	COM	$1.0M	14827	0.54%	SOLE
23	PUT SPDR S&P 500 $530 EXP 01/1	PUT	$841K	1000	0.45%	SOLE
24	SCHWAB FUNDAMNTL INTRNL EQT ET	COM	$616K	15403	0.33%	SOLE
25	SPROTT PHYSICAL GOLD ETV	COM	$304K	12000	0.16%	SOLE
26	CROWDSTRIKE HLDGS INC CLASS A	COM	$285K	561	0.15%	SOLE
27	HOME DEPOT INC	COM	$233K	636	0.13%	SOLE
28	AMAZON.COM INC	COM	$219K	1000	0.12%	SOLE
29	DIREXION DAILY AAPL BEAR 1X ET	COM	$175K	10000	0.09%	SOLE

Values in USD (reported in $thousands on 13F). Source: SEC EDGAR.