Francis Chou - Chou Associates Management 13F Activity & Position Changes (Q3 2018)

According to the SEC 13F filed on Aug 12, 2026, the Chou Associates Management portfolio showed several notable changes in holdings as of quarter-end Sep 30, 2018. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q3 2018, the filing reported:

New Buys - Bank of America Corporation, Bausch Health Companies Inc., JP Morgan Chase & Co., Wells Fargo & Company

Increases - None reported

Reductions - Citigroup, Inc., Goldman Sachs Group, Inc. (The), MBIA Inc., Sanofi

Complete Exits - Beyond, Inc., Nokia Corporation Sponsored

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q3 2018	BAC Bank of America Corporation	Bank of America Corporation	Buy - Position Entry	+93,376	-	$2.75K	93,376
Q3 2018	BHC Bausch Health Companies Inc.	Bausch Health Companies Inc.	Buy - Position Entry	+1,648,992	-	$42.33K	1,648,992
Q3 2018	BYON Beyond, Inc.	Beyond, Inc.	Sell - Position Exit	-6,650	-100.0%	$0.00	-
Q3 2018	C Citigroup, Inc.	Citigroup, Inc.	Sell	-80,000	-38.1%	$9.33K	130,000
Q3 2018	GS Goldman Sachs Group, Inc. (The)	Goldman Sachs Group, Inc. (The)	Sell	-25,000	-33.3%	$11.21K	50,000
Q3 2018	JPM JP Morgan Chase & Co.	JP Morgan Chase & Co.	Buy - Position Entry	+109,275	-	$12.33K	109,275
Q3 2018	MBI MBIA Inc.	MBIA Inc.	Sell	-122,700	-11.4%	$10.24K	958,097
Q3 2018	NOK Nokia Corporation Sponsored	Nokia Corporation Sponsored	Sell - Position Exit	-650,000	-100.0%	$0.00	-
Q3 2018	SNY Sanofi	Sanofi	Sell	-50,000	-12.2%	$16.08K	360,000
Q3 2018	WFC Wells Fargo & Company	Wells Fargo & Company	Buy - Position Entry	+434,542	-	$22.84K	434,542