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Guy Spier

Aquamarine Capital · 12 closed periods in the current 3-year detail window (latest closed period: Q1 2026 → next disclosure, 7 priced positions, +3.96% return). Every disclosed long-equity position appears in the table for its period; the Valid column shows 1 (counted in the math) or 0 (excluded — hover the row for the reason). See the methodology for the exact math.

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2026-04-172026-07-10

7 of 7 priced100.00% coverage
+3.96%
Holdings from Q1 2026 disclosure · accession 0001953324-26-000002 — these holdings should be identical to the manager's portfolio view for that quarter.
TickerEntry sharesEntry $SplitExit $Entry valueExit valueReturnWeightContributionValid
BRK-B97,600$474.58$493.71$46.32M$48.19M+4.03%34.57%+1.4 bps1
BRK-A30$711559.00$739750.00$21.35M$22.19M+3.96%15.92%+0.6 bps1
MA40,000$521.30$526.74$20.85M$21.07M+1.04%14.77%+0.2 bps1
AXP65,000$331.69$350.58$21.56M$22.79M+5.70%14.53%+0.8 bps1
MCO27,000$455.35$487.28$12.29M$13.16M+7.01%8.71%+0.6 bps1
RACE30,000$372.85$376.64$11.19M$11.3M+1.02%7.40%+0.1 bps1
DJCO11,500$541.72$576.02$6.23M$6.62M+6.33%4.10%+0.3 bps1
Top 5 (by entry value)(5)$122.37M$127.39M+4.10%
Total(7)$139.79M$145.32M+3.96%

2026-01-152026-04-17

7 of 7 priced100.00% coverage
-5.45%
Holdings from Q4 2025 disclosure · accession 0001953324-26-000001 — these holdings should be identical to the manager's portfolio view for that quarter.
TickerEntry sharesEntry $SplitExit $Entry valueExit valueReturnWeightContributionValid
BRK-B97,600$492.62$474.58$48.08M$46.32M-3.66%33.25%-1.2 bps1
AXP65,000$357.37$331.69$23.23M$21.56M-7.19%16.30%-1.2 bps1
MA40,000$542.65$521.30$21.71M$20.85M-3.93%15.48%-0.6 bps1
BRK-A30$738691.00$711559.00$22.16M$21.35M-3.67%15.35%-0.6 bps1
MCO27,000$539.61$455.35$14.57M$12.29M-15.62%9.35%-1.5 bps1
RACE30,000$354.57$372.85$10.64M$11.19M+5.16%6.48%+0.3 bps1
DJCO11,500$648.40$541.72$7.46M$6.23M-16.45%3.80%-0.6 bps1
Top 5 (by entry value)(5)$129.74M$122.37M-5.68%
Total(7)$147.84M$139.79M-5.45%

2025-10-202026-01-15

14 of 14 priced100.00% coverage
+4.44%
Holdings from Q3 2025 disclosure · accession 0001953324-25-000007 — these holdings should be identical to the manager's portfolio view for that quarter.
TickerEntry sharesEntry $SplitExit $Entry valueExit valueReturnWeightContributionValid
BRK-B140,600$494.08$492.62$69.47M$69.26M-0.30%22.27%-0.1 bps1
AXP210,000$349.48$357.37$73.39M$75.05M+2.26%21.98%+0.5 bps1
BAC767,845$52.04$52.59$39.96M$40.38M+1.06%12.48%+0.1 bps1
MA65,750$566.36$542.65$37.24M$35.68M-4.19%11.78%-0.5 bps1
RACE60,000$398.31$354.57$23.9M$21.27M-10.98%9.13%-1.0 bps1
BRK-A30$740600.00$738691.00$22.22M$22.16M-0.26%7.13%-0.0 bps1
MU80,000$206.77$336.63$16.54M$26.93M+62.80%4.22%+2.6 bps1
MCO27,000$474.46$539.61$12.81M$14.57M+13.73%4.05%+0.6 bps1
BABA47,500$173.47$170.93$8.24M$8.12M-1.46%2.68%-0.0 bps1
DJCO11,500$413.07$648.40$4.75M$7.46M+56.97%1.69%+1.0 bps1
GOOGL16,000$256.55$332.78$4.1M$5.32M+29.71%1.23%+0.4 bps1
SRG500,000$4.11$3.55$2.06M$1.78M-13.63%0.67%-0.1 bps1
AMR8,000$161.03$249.65$1.29M$2M+55.03%0.41%+0.2 bps1
CNR10,740$91.64$98.02$984.21K$1.05M+6.96%0.28%+0.0 bps1
Top 5 (by entry value)(5)$243.95M$241.64M-0.95%
Total(14)$316.95M$331.03M+4.44%

2025-07-162025-10-20

14 of 14 priced100.00% coverage
+10.86%
Holdings from Q2 2025 disclosure · accession 0001953324-25-000004 — these holdings should be identical to the manager's portfolio view for that quarter.
TickerEntry sharesEntry $SplitExit $Entry valueExit valueReturnWeightContributionValid
BRK-B140,600$471.31$494.08$66.27M$69.47M+4.83%22.04%+1.1 bps1
AXP210,000$311.90$349.48$65.5M$73.39M+12.05%21.62%+2.6 bps1
MA65,750$555.52$566.36$36.53M$37.24M+1.95%11.92%+0.2 bps1
BAC767,845$46.03$52.04$35.34M$39.96M+13.06%11.73%+1.5 bps1
RACE60,000$505.30$398.31$30.32M$23.9M-21.17%8.06%-1.7 bps1
MU200,000$116.43$206.77$23.29M$41.35M+77.59%7.96%+6.2 bps1
BRK-A30$707681.00$740600.00$21.23M$22.22M+4.65%7.06%+0.3 bps1
MCO27,000$500.23$474.46$13.51M$12.81M-5.15%4.37%-0.2 bps1
BABA47,500$115.73$173.47$5.5M$8.24M+49.89%1.74%+0.9 bps1
DJCO11,500$397.21$413.07$4.57M$4.75M+3.99%1.57%+0.1 bps1
GOOGL16,000$182.97$256.55$2.93M$4.1M+40.21%0.91%+0.4 bps1
SRG500,000$3.21$4.11$1.61M$2.06M+28.04%0.50%+0.1 bps1
AMR8,000$113.89$161.03$911.12K$1.29M+41.39%0.29%+0.1 bps1
CNR8,100$72.51$91.64$587.33K$742.28K+26.38%0.24%+0.1 bps1
Top 5 (by entry value)(5)$233.95M$243.95M+4.27%
Total(14)$308.07M$341.52M+10.86%

2025-04-112025-07-16

14 of 14 priced100.00% coverage
+11.17%
Holdings from Q1 2025 disclosure · accession 0001953324-25-000003 — these holdings should be identical to the manager's portfolio view for that quarter.
TickerEntry sharesEntry $SplitExit $Entry valueExit valueReturnWeightContributionValid
BRK-B140,600$524.11$471.31$73.69M$66.27M-10.07%25.50%-2.6 bps1
AXP210,000$251.13$311.90$52.74M$65.5M+24.20%19.24%+4.7 bps1
MA65,750$509.75$555.52$33.52M$36.53M+8.98%12.27%+1.1 bps1
BAC767,845$35.95$46.03$27.6M$35.34M+28.04%10.91%+3.1 bps1
BRK-A30$784000.00$707681.00$23.52M$21.23M-9.73%8.16%-0.8 bps1
RACE60,000$428.58$505.30$25.71M$30.32M+17.90%8.01%+1.4 bps1
MU200,000$69.55$116.43$13.91M$23.29M+67.40%5.92%+4.0 bps1
MCO27,000$428.43$500.23$11.57M$13.51M+16.76%4.28%+0.7 bps1
BABA47,500$107.73$115.73$5.12M$5.5M+7.43%2.14%+0.2 bps1
DJCO11,500$378.97$397.21$4.36M$4.57M+4.81%1.56%+0.1 bps1
GOOGL16,000$157.14$182.97$2.51M$2.93M+16.44%0.84%+0.1 bps1
SRG500,000$2.65$3.21$1.33M$1.61M+21.13%0.55%+0.1 bps1
AMR8,000$118.67$113.89$949.36K$911.12K-4.03%0.34%-0.0 bps1
CNR8,100$73.65$72.51$596.57K$587.33K-1.55%0.28%-0.0 bps1
Top 5 (by entry value)(5)$213.26M$233.95M+9.70%
Total(14)$277.12M$308.07M+11.17%

2025-01-242025-04-11

14 of 14 priced100.00% coverage
-7.92%
Holdings from Q4 2024 disclosure · accession 0001953324-25-000001 — these holdings should be identical to the manager's portfolio view for that quarter.
TickerEntry sharesEntry $SplitExit $Entry valueExit valueReturnWeightContributionValid
BRK-B140,600$463.19$524.11$65.12M$73.69M+13.15%22.16%+2.9 bps1
AXP210,000$321.34$251.13$67.48M$52.74M-21.85%21.67%-4.7 bps1
MA65,750$533.49$509.75$35.08M$33.52M-4.45%12.04%-0.5 bps1
BAC767,845$46.52$35.95$35.72M$27.6M-22.72%11.73%-2.7 bps1
RACE60,000$432.37$428.58$25.94M$25.71M-0.88%8.60%-0.1 bps1
BRK-A30$694602.00$784000.00$20.84M$23.52M+12.87%7.10%+0.9 bps1
MU200,000$103.19$69.55$20.64M$13.91M-32.60%5.85%-1.9 bps1
MCO27,000$489.65$428.43$13.22M$11.57M-12.50%4.44%-0.6 bps1
DJCO11,500$452.80$378.97$5.21M$4.36M-16.31%2.27%-0.4 bps1
BABA47,500$89.14$107.73$4.23M$5.12M+20.85%1.40%+0.3 bps1
GOOGL16,000$200.21$157.14$3.2M$2.51M-21.51%1.05%-0.2 bps1
SRG500,000$3.90$2.65$1.95M$1.33M-32.05%0.72%-0.2 bps1
AMR8,000$193.84$118.67$1.55M$949.36K-38.78%0.56%-0.2 bps1
ARCH8,100$96.73$73.65$783.51K$596.57K-23.86%0.40%-0.1 bps1
Top 5 (by entry value)(5)$229.35M$213.26M-7.01%
Total(14)$300.97M$277.12M-7.92%

2024-10-162025-01-24

14 of 14 priced100.00% coverage
+2.42%
Holdings from Q3 2024 disclosure · accession 0001953324-24-000005 — these holdings should be identical to the manager's portfolio view for that quarter.
TickerEntry sharesEntry $SplitExit $Entry valueExit valueReturnWeightContributionValid
BRK-B140,600$465.69$463.19$65.48M$65.12M-0.54%22.66%-0.1 bps1
AXP210,000$281.68$321.34$59.15M$67.48M+14.08%19.94%+2.8 bps1
MA65,750$514.07$533.49$33.8M$35.08M+3.78%11.37%+0.4 bps1
BAC767,845$42.80$46.52$32.86M$35.72M+8.69%10.67%+0.9 bps1
RACE60,000$471.99$432.37$28.32M$25.94M-8.39%9.82%-0.8 bps1
MU200,000$109.24$103.19$21.85M$20.64M-5.54%7.26%-0.4 bps1
BRK-A30$699413.00$694602.00$20.98M$20.84M-0.69%7.26%-0.0 bps1
MCO27,000$490.04$489.65$13.23M$13.22M-0.08%4.49%-0.0 bps1
DJCO11,500$499.20$452.80$5.74M$5.21M-9.29%1.97%-0.2 bps1
BABA47,500$102.17$89.14$4.85M$4.23M-12.75%1.77%-0.2 bps1
GOOGL16,000$165.16$200.21$2.64M$3.2M+21.22%0.93%+0.2 bps1
SRG500,000$4.56$3.90$2.28M$1.95M-14.47%0.81%-0.1 bps1
AMR8,000$223.55$193.84$1.79M$1.55M-13.29%0.66%-0.1 bps1
ARCH8,100$109.35$96.73$885.74K$783.51K-11.54%0.39%-0.0 bps1
Top 5 (by entry value)(5)$219.61M$229.35M+4.43%
Total(14)$293.86M$300.97M+2.42%

2024-07-112024-10-16

14 of 14 priced100.00% coverage
+8.94%
Holdings from Q2 2024 disclosure · accession 0001953324-24-000004 — these holdings should be identical to the manager's portfolio view for that quarter.
TickerEntry sharesEntry $SplitExit $Entry valueExit valueReturnWeightContributionValid
BRK-B140,600$418.78$465.69$58.88M$65.48M+11.20%21.78%+2.4 bps1
AXP210,000$238.75$281.68$50.14M$59.15M+17.98%18.52%+3.3 bps1
BAC767,845$41.81$42.80$32.1M$32.86M+2.37%11.63%+0.3 bps1
MA65,750$436.42$514.07$28.69M$33.8M+17.79%11.05%+2.0 bps1
MU200,000$130.23$109.24$26.05M$21.85M-16.12%10.02%-1.6 bps1
RACE60,000$428.47$471.99$25.71M$28.32M+10.16%9.32%+0.9 bps1
BRK-A30$629080.00$699413.00$18.87M$20.98M+11.18%7.00%+0.8 bps1
MCO27,000$443.25$490.04$11.97M$13.23M+10.56%4.33%+0.5 bps1
DJCO11,500$413.00$499.20$4.75M$5.74M+20.87%1.73%+0.4 bps1
BABA47,500$78.52$102.17$3.73M$4.85M+30.12%1.30%+0.4 bps1
GOOGL16,000$185.57$165.16$2.97M$2.64M-11.00%1.11%-0.1 bps1
SRG500,000$5.23$4.56$2.62M$2.28M-12.81%0.89%-0.1 bps1
AMR8,000$308.82$223.55$2.47M$1.79M-27.61%0.85%-0.2 bps1
ARCH8,100$100.70$109.35$815.67K$885.74K+8.59%0.47%+0.0 bps1
Top 5 (by entry value)(5)$195.86M$213.14M+8.82%
Total(14)$269.76M$293.86M+8.94%

2024-04-182024-07-11

12 of 12 priced100.00% coverage
+7.02%
Holdings from Q1 2024 disclosure · accession 0001953324-24-000003 — these holdings should be identical to the manager's portfolio view for that quarter.
TickerEntry sharesEntry $SplitExit $Entry valueExit valueReturnWeightContributionValid
BRK-B140,600$399.89$418.78$56.22M$58.88M+4.72%22.57%+1.1 bps1
AXP210,000$217.50$238.75$45.68M$50.14M+9.77%18.25%+1.8 bps1
MA65,750$454.70$436.42$29.9M$28.69M-4.02%12.09%-0.5 bps1
BAC767,845$35.77$41.81$27.47M$32.1M+16.89%11.12%+1.9 bps1
RACE60,000$412.62$428.47$24.76M$25.71M+3.84%9.99%+0.4 bps1
MU200,000$111.93$130.23$22.39M$26.05M+16.35%9.00%+1.5 bps1
BRK-A30$604144.00$629080.00$18.12M$18.87M+4.13%7.27%+0.3 bps1
MCO27,000$374.60$443.25$10.11M$11.97M+18.33%4.05%+0.7 bps1
SRG500,000$9.28$5.23$4.64M$2.62M-43.64%1.84%-0.8 bps1
DJCO11,500$342.00$413.00$3.93M$4.75M+20.76%1.59%+0.3 bps1
BABA47,500$68.88$78.52$3.27M$3.73M+14.00%1.31%+0.2 bps1
GOOGL16,000$156.01$185.57$2.5M$2.97M+18.95%0.92%+0.2 bps1
Top 5 (by entry value)(5)$184.02M$195.52M+6.25%
Total(12)$248.98M$266.47M+7.02%

2024-02-012024-04-18

12 of 12 priced100.00% coverage
+5.53%
Holdings from Q4 2023 disclosure · accession 0001953324-24-000002 — these holdings should be identical to the manager's portfolio view for that quarter.
TickerEntry sharesEntry $SplitExit $Entry valueExit valueReturnWeightContributionValid
BRK-B140,600$386.44$399.89$54.33M$56.22M+3.48%21.92%+0.8 bps1
AXP210,000$203.22$217.50$42.68M$45.68M+7.03%17.20%+1.2 bps1
MA65,750$460.92$454.70$30.31M$29.9M-1.35%12.26%-0.2 bps1
RACE80,000$389.45$412.62$31.16M$33.01M+5.95%11.78%+0.7 bps1
BAC767,845$33.55$35.77$25.76M$27.47M+6.62%11.30%+0.7 bps1
MU200,000$85.61$111.93$17.12M$22.39M+30.74%7.46%+2.3 bps1
BRK-A30$581600.00$604144.00$17.45M$18.12M+3.88%7.12%+0.3 bps1
MCO27,000$402.54$374.60$10.87M$10.11M-6.94%4.61%-0.3 bps1
SRG500,000$9.34$9.28$4.67M$4.64M-0.64%2.04%-0.0 bps1
DJCO11,500$322.30$342.00$3.71M$3.93M+6.11%1.71%+0.1 bps1
BABA47,500$72.46$68.88$3.44M$3.27M-4.94%1.61%-0.1 bps1
GOOGL16,000$141.16$156.01$2.26M$2.5M+10.52%0.98%+0.1 bps1
Top 5 (by entry value)(5)$184.23M$192.27M+4.36%
Total(12)$243.75M$257.24M+5.53%

2023-10-122024-02-01

12 of 12 priced100.00% coverage
+19.53%
Holdings from Q3 2023 disclosure · accession 0001953324-23-000004 — these holdings should be identical to the manager's portfolio view for that quarter.
TickerEntry sharesEntry $SplitExit $Entry valueExit valueReturnWeightContributionValid
BRK-B140,600$345.66$386.44$48.6M$54.33M+11.80%24.28%+2.9 bps1
AXP210,000$151.28$203.22$31.77M$42.68M+34.33%15.45%+5.3 bps1
MA65,750$399.90$460.92$26.29M$30.31M+15.26%12.83%+2.0 bps1
RACE80,000$309.07$389.45$24.73M$31.16M+26.01%11.66%+3.0 bps1
BAC767,845$26.90$33.55$20.66M$25.76M+24.72%10.36%+2.6 bps1
BRK-A30$524517.00$581600.00$15.74M$17.45M+10.88%7.86%+0.9 bps1
MU200,000$69.75$85.61$13.95M$17.12M+22.74%6.71%+1.5 bps1
MCO27,000$319.93$402.54$8.64M$10.87M+25.82%4.21%+1.1 bps1
BABA47,500$84.51$72.46$4.01M$3.44M-14.26%2.03%-0.3 bps1
SRG500,000$7.71$9.34$3.86M$4.67M+21.14%1.91%+0.4 bps1
DJCO11,500$301.46$322.30$3.47M$3.71M+6.91%1.67%+0.1 bps1
GOOGL16,000$138.97$141.16$2.22M$2.26M+1.58%1.03%+0.0 bps1
Top 5 (by entry value)(5)$152.04M$184.23M+21.17%
Total(12)$203.93M$243.75M+19.53%

2023-07-132023-10-12

12 of 12 priced100.00% coverage
-4.07%
Holdings from Q2 2023 disclosure · accession 0001953324-23-000003 — these holdings should be identical to the manager's portfolio view for that quarter.
TickerEntry sharesEntry $SplitExit $Entry valueExit valueReturnWeightContributionValid
BRK-B140,600$343.54$345.66$48.3M$48.6M+0.62%22.86%+0.1 bps1
AXP210,000$174.24$151.28$36.59M$31.77M-13.18%17.44%-2.3 bps1
RACE80,000$323.36$309.07$25.87M$24.73M-4.42%12.46%-0.6 bps1
MA65,750$400.56$399.90$26.34M$26.29M-0.16%12.33%-0.0 bps1
BAC767,845$29.67$26.90$22.78M$20.66M-9.34%10.50%-1.0 bps1
BRK-A30$521833.00$524517.00$15.65M$15.74M+0.51%7.41%+0.0 bps1
MU200,000$64.53$69.75$12.91M$13.95M+8.09%6.02%+0.5 bps1
MCO27,000$350.51$319.93$9.46M$8.64M-8.72%4.48%-0.4 bps1
SRG500,000$9.69$7.71$4.85M$3.86M-20.43%2.13%-0.4 bps1
BABA47,500$96.61$84.51$4.59M$4.01M-12.52%1.89%-0.2 bps1
DJCO11,500$282.50$301.46$3.25M$3.47M+6.71%1.59%+0.1 bps1
GOOGL16,000$124.54$138.97$1.99M$2.22M+11.59%0.91%+0.1 bps1
Top 5 (by entry value)(5)$159.88M$152.04M-4.90%
Total(12)$212.58M$203.93M-4.07%