# 🦞 Super Investor 13F Intelligence Brief
## April 30 Portfolio Calibration — April 6, 2026

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## 🚨 SCOREBOARD: JOE'S CASH CALL IS PAYING OFF

Joe sold ALL equity positions on **March 25, 2026** at:
- **S&P 500 exit baseline: 6,591.90**
- **Dow exit baseline: 46,429.49**

**Current market levels (April 3–6, 2026):**
- S&P 500: ~**6,571** (down ~0.3% from Joe's exit)
- Dow: ~**46,504** (essentially flat)
- BRK.B: ~**$478** (down 11.4% from ATH of $539.80 in May 2025)

**Net result: Joe has been in cash for 12 days while the market churned through 5 weeks of losses.**
The S&P is essentially exactly where he sold it. The cash position is validated.
He has $1.7M in dry powder, 24 days until execution, in a market with elevated volatility (VIX implied ~23%, nearly 2x realized vol).

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## 📊 SUPER INVESTOR 13F SNAPSHOT — Q4 2025

### 🏔️ Li Lu / Himalaya Capital
**Portfolio: $3.57B | 9 holdings | Record high exposure**

| Stock | Ticker | % Allocation |
|-------|--------|-------------|
| Alphabet Class A | GOOGL | 19.14% |
| PDD Holdings | PDD | 18.85% |
| Alphabet Class C | GOOG | 18.48% |
| Bank of America | BAC | 16.66% |
| Berkshire Hathaway | BRK.B | 13.97% |

**Key insights:**
- Li Lu has **37.6% in Google** (combined GOOGL + GOOG) — the largest conviction bet in his career
- **PDD (Pinduoduo/Temu parent)** at 18.85% — Chinese e-commerce, trades at a fraction of BABA's multiple
- **Zero new trades in Q3, minimal adjustments Q4** — this is maximum conviction, not repositioning
- BAC and BRK.B together = 30.6% — he's aligned with Buffett's core positions
- **Zero BABA.** Li Lu likes PDD over BABA. This is meaningful intel for Joe's April 30 BABA allocation — consider sizing carefully given the smartest China investor alive prefers PDD.

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### 💎 Chuck Akre / Akre Capital Management
**Portfolio: $9.12B | 18 positions | Q4 2025**

Top 5 holdings:
1. **Mastercard (MA)** — #1 position
2. **Brookfield Corp (BN)** — #2
3. **KKR & Co (KKR)** — #3
4. **Visa (V)** — #4
5. **Moody's (MCO)** — #5

**Key insights:**
- **Akre owns BOTH V and BN** — which are both in Joe's April 30 plan. Strong confirmation signal.
- Akre's thesis is compounders with pricing power: payments networks, asset managers, credit agencies
- MA and V together = largest concentration → capital-light toll roads on global commerce
- KKR's presence is notable — alternative asset manager with fee income that's extremely durable

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### 🦄 Mohnish Pabrai / Dalal Street LLC
**Portfolio: $402M | 4 holdings | Q4 2025**

| Stock | Ticker | % Allocation |
|-------|--------|-------------|
| Warrior Met Coal | HCC | 39.47% |
| Transocean | RIG | 27.78% |
| Alpha Metallurgical | AMR | 27.00% |
| Valaris | VAL | 5.76% |

**Key insights:**
- Pabrai has gone **100% energy/materials** — coal and offshore drilling
- Oil hit **$100+/barrel** in March 2026 (Iran war fears) — this thesis is working
- This is a **cyclical play**, not forever-holding material → not suitable for Joe's Core Forever bucket
- Pabrai is also **converting his mutual funds to ETF format** (announced Jan 2026) — structural transition
- **No overlap with Joe's April 30 plan** — Joe is wisely avoiding these cyclical bets for his long-duration capital

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## 🎯 APRIL 30 RECALIBRATION: WHAT THIS MEANS FOR JOE

### Confirmed Positions (Super Investor Validated)
These positions in Joe's plan have explicit backing from multiple super investors:

| Stock | Joe's Plan | Super Investor Validation |
|-------|-----------|--------------------------|
| **Visa (V)** | Core Forever | Akre #4 position, Li Lu indirect via payments |
| **Brookfield (BN)** | Core Forever | Akre #2 position |
| **Mastercard (MA)** | Already in plan? | Akre #1 position — if not in plan, consider adding |
| **PGR (Progressive)** | Already in plan | Prior deep-dive validated |
| **FICO** | In plan | Unique moat, no super investor conflict |

### Watch Items
| Issue | Details | Recommendation |
|-------|---------|----------------|
| **BABA sizing** | Li Lu (smartest China investor) owns ZERO BABA, heavy PDD | Consider halving BABA allocation; consider small PDD position |
| **BRK.B** | Down 11.4% from ATH, Li Lu owns it, Buffett's cash fortress | Potential add or overweight vs. plan |
| **Oil at $100** | Pabrai all-in on energy; HCC/AMR/RIG surging | Short-term tailwind doesn't change long-term plan; stay the course |
| **Google (GOOGL)** | Li Lu's #1 position at 19% | If not in Joe's plan, deserves serious consideration |

### Macro Context for April 30 Execution
- **S&P ~6,571 vs. Joe's exit at 6,591** — essentially flat; no major opportunity cost from staying in cash
- **VIX elevated** (~23% implied vol) → stagger entries over 2–3 days, don't go all-in April 30
- **Oil $100+** → energy names could be volatile around execution
- **Iran war premium** in oil likely transient; don't let it spook consumer/discretionary positions
- **Tariff environment still uncertain** — avoid names with heavy China manufacturing exposure

### Execution Strategy (Updated)
1. **April 30 core entry** — deploy 60% of $1.7M into Core Forever positions (V, BN, BRK.B, FICO, etc.)
2. **May 1–3 staggered entry** — deploy remaining 40% into Opportunistic Value and Innovation buckets
3. **Limit orders, not market orders** — with VIX elevated, spreads can be wide at open
4. **If market drops >3% before April 30** — consider pulling trigger early on the highest-conviction forever names (V, MA, BRK.B)

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## 💡 ONE ADDITIONAL IDEA: PDD Holdings

Li Lu has 18.85% of a $3.57B portfolio in PDD. That's $672M in a single Chinese e-commerce name that:
- Trades at a fraction of BABA's multiple
- Has better growth trajectory (Temu global expansion)
- No Alibaba-style regulatory baggage
- Li Lu knows China better than any Western investor

If Joe wants one asymmetric China bet, **PDD may be cleaner than BABA** given who's in it.

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*Generated by Rob Lobster 🦞 — April 6, 2026*
*Sources: GuruFocus, ValuSider, Gainify, MacroTrends, FRED, CNBC, 13F filings Q4 2025*