Guy Spier - Aquamarine Capital Management
Period:    Q2 2026
Portfolio date:    30 Jun 2026
No. of stocks:    7
Portfolio value:    $144,091,000
Holdings Activity Buys Sells    History
History Stock % of
Portfolio
Recent
Activity
Shares Avg. Buy
Price*
Value Current
Price
+/-
Since
Buy
52
Week
Low
52
Week
High
BRK.B - Berkshire Hathaway CL B 33.89 97,600 $162.98 $48,838,000 $496.85 204.85% $455.19 $516.85
BRK.A - Berkshire Hathaway CL A 15.59 30 $244,133.33 $22,466,000 $744,850.00 205.10% $685,150.00 $775,000.00
AXP - American Express Co. 15.26 65,000 $74.08 $21,986,000 $354.43 378.43% $285.29 $384.36
MA - Mastercard Inc. 14.26 40,000 $86.16 $20,544,000 $537.70 524.07% $463.74 $598.04
MCO - Moody's Corp. 8.49 27,000 $109.76 $12,229,000 $495.72 351.65% $400.46 $544.40
RACE - Ferrari N.V. 7.71 30,000 $41.54 $11,114,000 $372.98 797.99% $308.94 $513.18
DJCO - Daily Journal Corp. 4.80 11,500 $338.52 $6,914,000 $581.51 71.78% $348.63 $674.75
* Avg. Buy Price is an estimated cost basis: the share-weighted average of the quarter-end prices reported when this manager first bought or later added to the position (average-cost method, reset after a full exit). 13F filings disclose only quarter-end holdings, not actual trade prices, so this approximates — but does not exactly equal — what was paid.
Sector % analysis
Financial Services 87.49
Consumer Cyclical 7.71
Technology 4.80