Norbert Lou - Punch Card Management Investment Strategy (Dec 31, 2025)


As of Dec 31, 2025, the Punch Card Management portfolio managed by Norbert Lou demonstrates a sophisticated investment approach with 9 positions and an average holding period of 721 quarters. The strategy focuses on Consumer Cyclical, Financial Services, Industrials, Technology sectors with a typical position size of 21.7% of the portfolio.


The portfolio's risk management approach includes a maximum position size of 21.67% 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

MetricValueCategoryDescription
Holding Period2.0 yearsStyleAverage duration positions are maintained
Position Count9StyleNumber of active positions in portfolio
Position Size21.7%RiskTypical allocation per position
Win Rate51.0%PerformancePercentage of profitable positions
Average Return44.7%PerformanceMean return across positions
Sharpe Ratio0.14PerformanceReturn per unit of risk taken

Investment Case Study: BERKSHIRE HATHAWAY INC DEL (BRK-A)

12/31/2014 - 3/25/2026

Performance Metrics

Total Return: -79.02%

Holding Period: 4102 days

Max Position Size: $115,774,032.00

Position Weight: 52.63%

Key Events

12/31/2014: ENTRY(373.00 shares) @ $226.00
3/31/2020: DECREASE(-6.00 shares) @ $272.00
6/30/2020: DECREASE(-18.00 shares) @ $267.30
3/31/2025: DECREASE(-204.00 shares) @ $798,441.60

Investment Thesis

Entry Context: Initial position established based on fundamental analysis

Sector Conditions: Favorable market conditions in the sector

Risk Factors:
  • Market volatility
  • Sector-specific risks

Key Learnings

  • Position sizing is critical for portfolio management
  • Important to monitor sector exposure

Sector Allocations