I was just going through Dataroma looking to see the latest activity from superinvestors.
I noticed that Guy Spier that runs Aquamarine Capital sold most of his holdings in Q4 - 2025.
Anybody know what's going on? I'm not an investor in his fund.
I checked his website for annual letters, nothing for 2025 or 2026 yet.
Here are his sales:
|**Q4** **2025**|
|:-|
||Stock|Activity|Share Change|% change to portfolio|
|[≡](https://www.dataroma.com/m/hist/hist.php?f=aq&s=BRK.B)|[BRK.B - Berkshire Hathaway CL B](https://www.dataroma.com/m/stock.php?sym=BRK.B)|Reduce 30.58%|43,000|14.49|
|[≡](https://www.dataroma.com/m/hist/hist.php?f=aq&s=MA)|[MA - Mastercard Inc.](https://www.dataroma.com/m/stock.php?sym=MA)|Reduce 39.16%|25,750|9.94|
|[≡](https://www.dataroma.com/m/hist/hist.php?f=aq&s=RACE)|[RACE - Ferrari NV](https://www.dataroma.com/m/stock.php?sym=RACE)|Reduce 50.00%|30,000|6.71|
|[≡](https://www.dataroma.com/m/hist/hist.php?f=aq&s=AXP)|[AXP - American Express](https://www.dataroma.com/m/stock.php?sym=AXP)|Reduce 69.05%|145,000|35.94|
|[≡](https://www.dataroma.com/m/hist/hist.php?f=aq&s=BAC)|[BAC - Bank of America Corp.](https://www.dataroma.com/m/stock.php?sym=BAC)|Sell 100.00%|767,845|12.48|
|[≡](https://www.dataroma.com/m/hist/hist.php?f=aq&s=MU)|[MU - Micron Technology Inc.](https://www.dataroma.com/m/stock.php?sym=MU)|Sell 100.00%|80,000|4.22|
|[≡](https://www.dataroma.com/m/hist/hist.php?f=aq&s=BABA)|[BABA - Alibaba Group Holdings](https://www.dataroma.com/m/stock.php?sym=BABA)|Sell 100.00%|47,500|2.68|
|[≡](https://www.dataroma.com/m/hist/hist.php?f=aq&s=GOOGL)|[GOOGL - Alphabet Inc.](https://www.dataroma.com/m/stock.php?sym=GOOGL)|Sell 100.00%|16,000|1.23|
|[≡](https://www.dataroma.com/m/hist/hist.php?f=aq&s=SRG)|[SRG - Seritage Growth Properties](https://www.dataroma.com/m/stock.php?sym=SRG)|Sell 100.00%|500,000|0.67|
|[≡](https://www.dataroma.com/m/hist/hist.php?f=aq&s=AMR)|[AMR - Alpha Metallurgical Resources Inc.](https://www.dataroma.com/m/stock.php?sym=AMR)|Sell 100.00%|8,000|0.41|
|[≡](https://www.dataroma.com/m/hist/hist.php?f=aq&s=CNR)|[CNR - Core Natural Resources Inc.](https://www.dataroma.com/m/stock.php?sym=CNR)|Sell 100.00%|10,740|0.28|