Core Insights - Aquamarine Zurich AG reported an equity portfolio valued at approximately $148 million, adhering to a concentrated, long-term investment strategy inspired by Warren Buffett [1][13] - The portfolio is highly concentrated, with the top holdings comprising nearly the entire value, reflecting a preference for a limited number of high-quality compounders [1][4] Portfolio Overview - Total Portfolio Value: ~$147.5 million - Top 10 Holdings Weight: 100%, indicating extreme concentration - Portfolio Turnover: Moderate, with notable trims and multiple full exits [3][12] Top Holdings - Berkshire Hathaway (Class B): ~$49.1 million (~33.3%) - American Express: ~$24.0 million (~16.3%) - Mastercard: ~$22.8 million (~15.5%) - Berkshire Hathaway (Class A): ~$22.6 million (~15.3%) - Moody's: ~$13.8 million (~9.4%) - Ferrari: ~$9.6 million (~6.5%) - Daily Journal Corp: ~$5.6 million (~3.8%) [3][10] Recent Changes - Significant reductions in core holdings: - American Express: Reduced by ~69% - Mastercard: Trimmed by ~39% - Berkshire Hathaway (Class B): Reduced by ~31% - Ferrari: Trimmed by ~50% [5][6][7][8] - Full exits from several positions, including Bank of America, indicating a shift towards simplification and focus on high-conviction names [9][11] Investment Philosophy - The portfolio emphasizes durable franchises, strong management, and businesses with long-term pricing power, consistent with a value investing philosophy [2][14] - The strategy reflects a commitment to owning exceptional businesses and allowing intrinsic value to compound over time [14]