Menlo Advisors LLC

Bought Sprott Physical Silver, sold out of XLE. Portfolio down 12% to $186K.

$186K portfolio29 holdingstop 10 = 70%filed 2025-08-06

1Berkshire Hathaway Class B13.80%
$26K - 53K shares-810
2GLDSPDR Gold Shares Etf7.97%
$15K - 49K shares-13K
3GOOGAlphabet Inc Class C7.40%
$14K - 77K shares-800
4MSFTMicrosoft Corp7.28%
$14K - 27K shares-615
5GDXVanEck Gold Miners Etf6.63%
$12K - 236K shares-3K
6GOOGLAlphabet Inc Class A6.03%
$11K - 63K shares-800
7QVALAlpha Archtct US Quntv Val5.90%
$11K - 249K shares-3K
8AAPLApple Inc5.86%
$11K - 53K shares-1K
9ABTAbbott Labs4.95%
$9K - 68K shares-1K
10KKRKKR & Co Inc3.88%
$7K - 54K shares-2K
11ABBVAbbvie Inc3.83%
$7K - 38K shares-500
12CSCOCisco SYS Inc3.51%
$7K - 94K shares-1K
13MLPXGlobal X MLP & Energy Infr3.40%
$6K - 101K shares-2K
14TSLATesla Inc3.28%
$6K - 19K shares-
15LMTLockheed Martin Corp2.83%
$5K - 11K shares-200
16Royalty Pharma PLC F Class A2.55%
$5K - 131K shares-2K
17URNMSprott Uranium Miners Etf2.24%
$4K - 87K shares-2K
18MEMXMatthews Emg Mrkts China A2.18%
$4K - 124K shares-2K
19PSLVSprott Physical Silver E1.67%
$3K - 253K sharesNEW
20RVTRoyce Small Cap Trust CF1.58%
$3K - 195K shares-6K
21DGRWWisdomtree US QLT Div GRW 1.26%
$2K - 28K shares-75
22HHHHoward Hughes Hldgs Inc0.54%
$1K - 15K shares-465
23Put SPDR S&P 500 $530 Exp 01/10.45%
$841 - 1K shares-49K
24FNDFSchwab Fundamntl Intrnl Eq0.33%
$616 - 15K shares-
25PHYSSprott Physical Gold Etv0.16%
$304 - 12K shares-
26CRWDCrowdstrike Hldgs Inc Clas0.15%
$285 - 561 sharesNEW
27HDHome Depot Inc0.13%
$233 - 636 shares-
28AMZNAmazon.com Inc0.12%
$219 - 1K sharesNEW
29AAPDDirexion Daily Aapl Bear 10.09%
$175 - 10K shares-

#	Stock
1	Berkshire Hathaway Class B	13.80%	$26K	53K	-810
2	GLDSPDR Gold Shares Etf	7.97%	$15K	49K	-13K
3	GOOGAlphabet Inc Class C	7.40%	$14K	77K	-800
4	MSFTMicrosoft Corp	7.28%	$14K	27K	-615
5	GDXVanEck Gold Miners Etf	6.63%	$12K	236K	-3K
6	GOOGLAlphabet Inc Class A	6.03%	$11K	63K	-800
7	QVALAlpha Archtct US Quntv Val	5.90%	$11K	249K	-3K
8	AAPLApple Inc	5.86%	$11K	53K	-1K
9	ABTAbbott Labs	4.95%	$9K	68K	-1K
10	KKRKKR & Co Inc	3.88%	$7K	54K	-2K
11	ABBVAbbvie Inc	3.83%	$7K	38K	-500
12	CSCOCisco SYS Inc	3.51%	$7K	94K	-1K
13	MLPXGlobal X MLP & Energy Infr	3.40%	$6K	101K	-2K
14	TSLATesla Inc	3.28%	$6K	19K	-
15	LMTLockheed Martin Corp	2.83%	$5K	11K	-200
16	Royalty Pharma PLC F Class A	2.55%	$5K	131K	-2K
17	URNMSprott Uranium Miners Etf	2.24%	$4K	87K	-2K
18	MEMXMatthews Emg Mrkts China A	2.18%	$4K	124K	-2K
19	PSLVSprott Physical Silver E	1.67%	$3K	253K	NEW
20	RVTRoyce Small Cap Trust CF	1.58%	$3K	195K	-6K
21	DGRWWisdomtree US QLT Div GRW	1.26%	$2K	28K	-75
22	HHHHoward Hughes Hldgs Inc	0.54%	$1K	15K	-465
23	Put SPDR S&P 500 $530 Exp 01/1	0.45%	$841	1K	-49K
24	FNDFSchwab Fundamntl Intrnl Eq	0.33%	$616	15K	-
25	PHYSSprott Physical Gold Etv	0.16%	$304	12K	-
26	CRWDCrowdstrike Hldgs Inc Clas	0.15%	$285	561	NEW
27	HDHome Depot Inc	0.13%	$233	636	-
28	AMZNAmazon.com Inc	0.12%	$219	1K	NEW
29	AAPDDirexion Daily Aapl Bear 1	0.09%	$175	10K	-

What a 13F does not show

Filed up to 45 days after the quarter ends, so this is Q2 2025, not today. US-listed shares and some options only. No short bets, cash, bonds, or foreign listings.