MENLO ADVISORS LLC

MENLO PARK, CA · CIK 1279708 · 13F filing filed 2025-08-06

No investment adviser registration (Form ADV) found for this filer. It may be a parent company whose subsidiaries are the registered advisers, a bank or insurer, or a manager based outside the US.

Others nearbyAtherton, CA

$184.7m reported value +1.3% vs Q1 2025

28positions

70.0%in top 10

3 new 0 added 20 reduced 1 sold out vs Q1 2025

Options: 0 call positions (— notional), 1 put positions ($841.0k notional) – listed below, not included above.

Holdings, Q2 2025

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	52,702	$25.6m13.86%	13.86%	Reduced -810	-810 -1.5%
2	SPDR GOLD TR GOLD SHS GLD	GLD	48,503	$14.8m8.00%	8.00%	Reduced -12.6k	-12,578 -20.6%
3	ALPHABET INC CAP STK CL C GOOG	GOOG	77,393	$13.7m7.43%	7.43%	Reduced -800	-800 -1.0%
4	MICROSOFT CORP COM MSFT	MSFT	27,172	$13.5m7.32%	7.32%	Reduced -615	-615 -2.2%
5	VANECK ETF TRUST GOLD MINERS ETF GDX	GDX	236,215	$12.3m6.66%	6.66%	Reduced -2.9k	-2,900 -1.2%
6	ALPHABET INC CAP STK CL A GOOGL	GOOGL	63,473	$11.2m6.05%	6.05%	Reduced -800	-800 -1.2%
7	EA SERIES TRUST US QUAN VALUE QVAL	QVAL	248,740	$10.9m5.93%	5.93%	Reduced -2.6k	-2,615 -1.0%
8	APPLE INC COM AAPL	AAPL	53,001	$10.9m5.89%	5.89%	Reduced -1.0k	-1,000 -1.9%
9	ABBOTT LABS COM ABT	ABT	67,536	$9.2m4.97%	4.97%	Reduced -1.4k	-1,450 -2.1%
10	KKR & CO INC COM KKR	KKR	54,175	$7.2m3.90%	3.90%	Reduced -1.6k	-1,600 -2.9%
11	ABBVIE INC COM ABBV	ABBV	38,252	$7.1m3.84%	3.84%	Reduced -500	-500 -1.3%
12	CISCO SYS INC COM CSCO	CSCO	93,944	$6.5m3.53%	3.53%	Reduced -1.2k	-1,175 -1.2%
13	GLOBAL X FDS GLB X MLP ENRG I MLPX	MLPX	100,697	$6.3m3.42%	3.42%	Reduced -1.7k	-1,695 -1.7%
14	TESLA INC COM TSLA	TSLA	19,140	$6.1m3.29%	3.29%	Unchanged
15	LOCKHEED MARTIN CORP COM LMT	LMT	11,345	$5.3m2.84%	2.84%	Reduced -200	-200 -1.7%
16	ROYALTY PHARMA PLC SHS CLASS A RPRX	RPRX	131,325	$4.7m2.56%	2.56%	Reduced -1.9k	-1,910 -1.4%
17	SPROTT FDS TR URANIUM MINERS E URNM	URNM	86,804	$4.2m2.25%	2.25%	Reduced -2.3k	-2,316 -2.6%
18	MATTHEWS ASIA FDS EMERGING MARKETS MEMX	MEMX	123,590	$4.0m2.19%	2.19%	Reduced -2.4k	-2,405 -1.9%
19	SPROTT PHYSICAL SILVER TR TR UNIT PSLV	PSLV	253,380	$3.1m1.68%	1.68%	New
20	ROYCE SMALL CAP TRUST INC COM RVT	RVT	195,242	$2.9m1.59%	1.59%	Reduced -5.8k	-5,802 -2.9%
21	WISDOMTREE TR US QTLY DIV GRT DGRW	DGRW	27,935	$2.3m1.27%	1.27%	Reduced -75	-75 -0.3%
22	HOWARD HUGHES HOLDINGS INC COM HHH	HHH	14,827	$1.0m0.54%	0.54%	Reduced -465	-465 -3.0%
23	SCHWAB STRATEGIC TR FUNDAMENTAL INTL FNDF	FNDF	15,403	$616.0k0.33%	0.33%	Unchanged
24	SPROTT PHYSICAL GOLD TR UNIT PHYS	PHYS	12,000	$304.0k0.16%	0.16%	Unchanged
25	CROWDSTRIKE HLDGS INC CL A CRWD	CRWD	561	$285.0k0.15%	0.15%	New
26	HOME DEPOT INC COM HD	HD	636	$233.0k0.13%	0.13%	Unchanged
27	AMAZON COM INC COM AMZN	AMZN	1,000	$219.0k0.12%	0.12%	New
28	DIREXION SHS ETF TR DLY AAPL BEAR 1X AAPD	AAPD	10,000	$175.0k0.09%	0.09%	Unchanged

Sold out since Q1 2025

Security	Ticker	Shares held before	Value then
SELECT SECTOR SPDR TR XLE	XLE	60,775	$5.7m60.8k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
SPDR S&P 500 ETF TR SPY · Put	SPY	Put	1,000	$841.0k1.0k shares	Reduced