Norbert Lou - Punch Card Management Investment Strategy (Sep 30, 2025)
As of Sep 30, 2025, the Punch Card Management portfolio managed by Norbert Lou demonstrates a sophisticated investment approach with 9 positions and an average holding period of 690 quarters. The strategy focuses on Consumer Cyclical, Financial Services, Industrials, Technology sectors with a typical position size of 21.8% of the portfolio.
The portfolio's risk management approach includes a maximum position size of 21.82% and sector diversification of 4%, exemplified by the case study of BERKSHIRE HATHAWAY INC DEL (BRK-A). This strategic framework provides insights into Norbert Lou's investment philosophy, risk management practices, and long-term value creation approach.
Investment Strategy Metrics
Key metrics revealing investment style, risk management, and performance characteristics
| Metric | Value | Category | Description |
|---|---|---|---|
| Holding Period | 1.9 years | Style | Average duration positions are maintained |
| Position Count | 9 | Style | Number of active positions in portfolio |
| Position Size | 21.8% | Risk | Typical allocation per position |
| Win Rate | 54.4% | Performance | Percentage of profitable positions |
| Average Return | 50.3% | Performance | Mean return across positions |
| Sharpe Ratio | 0.15 | Performance | Return per unit of risk taken |
Investment Case Study: BERKSHIRE HATHAWAY INC DEL (BRK-A)
12/31/2014 - 12/26/2025
Performance Metrics
Total Return: -79.02%
Holding Period: 4013 days
Max Position Size: $115,774,032.00
Position Weight: 52.63%
Key Events
Investment Thesis
Entry Context: Initial position established based on fundamental analysis
Sector Conditions: Favorable market conditions in the sector
- Market volatility
- Sector-specific risks
Key Learnings
- Position sizing is critical for portfolio management
- Important to monitor sector exposure