Estimated return — disclosed long book
What Chou Associates Management Inc.’s US-listed long positions did, derived from the share counts and market values in consecutive 13F filings, shown against SPY over exactly the same quarters. This is not the fund’s return. A 13F excludes shorts, bonds, cash, non-US listings and derivatives, says nothing about fees or leverage, and only sees positions held at both quarter ends. The fund figure is a price return while SPY is a total return, so the comparison is tilted against the manager by roughly a dividend yield.
Q1 2026
-5.1%
SPY -4.4%▼ -0.7%
By calendar year
| Year | Estimated | SPY | Difference |
|---|---|---|---|
| 2025 | +14.8% | +17.7% | -2.9% |
| 2024 | +17.9% | +24.9% | -7.0% |
| 2023 | +12.7% | +26.2% | -13.4% |
| 20223/4 Q | -19.0% | -23.9% | +5.0% |
| 2021 | +58.6% | +28.7% | +29.9% |
| 2020 | -2.3% | +18.3% | -20.7% |
| 2019 | +9.6% | +31.2% | -21.6% |
| 2018 | -16.3% | -4.6% | -11.7% |
| 2017 | +29.7% | +21.7% | +8.0% |
| 2016 | -30.0% | +12.0% | -42.0% |
| 2015 | -23.2% | +1.2% | -24.4% |
| 20142/4 Q | -1.7% | +6.1% | -7.8% |
Years marked n/4 Qare built from fewer than four quarters, and the benchmark shown beside them covers the same partial set — so the difference is like-for-like, but the year is not a full year.