Guy Spier, the Zurich-based value investor behind Aquamarine Capital, has long been known for his Warren Buffett-inspired "Coffee Can" investing style—buying high-quality businesses and holding them for years with minimal turnover. But his latest 13F filing for Q4 2025 shows a subtle shift: while the portfolio remains highly concentrated, Spier trimmed several of his largest positions, including Berkshire Hathaway, American Express, and Mastercard.
Portfolio Breakdown: A Concentrated Bet on Enduring Franchises
Here’s how Spier’s Q4 2025 portfolio stacks up:
| Company | Ticker | Allocation | Recent Activity |
|---|---|---|---|
| Berkshire Hathaway (Class B) | BRK.B | 33.25% | Reduced by ~30% |
| American Express | AXP | 16.30% | Reduced by ~69% |
| Mastercard | MA | 15.48% | Reduced by ~39% |
| Berkshire Hathaway (Class A) | BRK.A | 15.35% | No change reported |
| Moody’s Corporation | MCO | 9.35% | Held steady |
| Ferrari N.V. | RACE | 6.48% | Held steady |
| Daily Journal Corp. | DJCO | 3.80% | Held steady |
Total portfolio value: $147.5 million
Number of holdings: 7
Turnover rate: Low (no new positions added)
Strategic Trims: Taking Chips Off the Table
Spier’s decision to trim his largest positions—especially Berkshire Hathaway and American Express—marks a notable shift. For years, these stocks have anchored his portfolio, reflecting his admiration for Buffett’s business acumen and capital allocation discipline.
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Berkshire Hathaway (BRK.B): Spier reduced his stake by roughly 30%, though it remains his largest holding.
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American Express (AXP): The most dramatic cut, down nearly 70%, suggests valuation concerns or a desire to rebalance.
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Mastercard (MA): Trimmed by about 39%, possibly reflecting profit-taking after strong performance.
These moves don’t signal a loss of conviction, but rather a tactical adjustment. With markets near all-time highs and interest rates still elevated, Spier may be locking in gains while maintaining exposure to his favorite franchises.
Still Buffett at Heart: Berkshire Remains the Anchor
Despite trimming BRK.B, Spier’s combined Berkshire position (BRK.A + BRK.B) still accounts for nearly 49% of his portfolio. That’s a clear vote of confidence in the post-Buffett era, now led by Greg Abel.
Spier has long praised Berkshire’s decentralized structure, fortress balance sheet, and ability to compound capital without drama. Even with Buffett stepping down as CEO, Spier appears comfortable holding Berkshire as a core position.
American Express and Mastercard: Trims, Not Abandonment
Spier’s cuts to AXP and MA may raise eyebrows, but both stocks remain top-three holdings. These are businesses with wide moats, strong brand equity, and global reach—traits Spier consistently seeks.
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American Express: Despite the trim, Spier still holds a meaningful stake. The company’s affluent customer base and closed-loop model continue to generate strong returns.
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Mastercard: A global leader in digital payments, Mastercard benefits from secular tailwinds in cashless transactions and e-commerce.
The trims likely reflect valuation discipline rather than a change in thesis.
Moody’s: Quiet Conviction in a Ratings Giant
Spier’s 9.35% allocation to Moody’s (MCO) is a classic value investor move. The company enjoys a near-duopoly in credit ratings, high margins, and recurring revenue. It’s also a long-time Buffett favorite.
Moody’s rarely makes headlines, but it’s a compounding machine. Spier’s steady position suggests quiet conviction.
Ferrari: A Luxury Bet with Brand Power
Ferrari (RACE) accounts for 6.48% of the portfolio—a relatively small but telling position. Spier has spoken about the power of brand and pricing in luxury businesses, and Ferrari fits the bill.
With limited production, high margins, and a loyal customer base, Ferrari offers a unique blend of scarcity and profitability. It’s also a hedge against inflation, as ultra-luxury buyers are less price-sensitive.
Daily Journal: A Munger Legacy Holding
Spier’s 3.8% stake in Daily Journal Corp. (DJCO) is more symbolic than strategic. The company, once chaired by Charlie Munger, owns a small legal publishing business and a portfolio of marketable securities.
While not a growth engine, DJCO reflects Spier’s respect for Munger’s thinking and his willingness to hold quirky, under-the-radar assets.
No New Positions: Patience Over Activity
One of the most striking aspects of Spier’s Q4 2025 filing is what’s missing: no new positions. In a market obsessed with action, Spier continues to embrace inactivity as a virtue.
This aligns with his "Coffee Can" philosophy—buy great businesses, tuck them away, and let compounding do the work. It’s a style that’s increasingly rare in a world of quarterly performance pressure.
Network-Based Expansion: Why Spier’s Moves Matter
Spier’s portfolio isn’t just a personal statement—it’s a signal to a broader network of value investors. His moves are watched by:
- Buffett disciples looking for post-Berkshire leadership
- Global allocators seeking concentrated, low-turnover strategies
- Retail investors who want to emulate proven long-term frameworks
- Financial media tracking guru portfolios for trend analysis
In a market dominated by AI narratives, meme stocks, and short-term speculation, Spier’s Q4 2025 filing is a reminder that patience, discipline, and clarity still have a place.
Conclusion: A Portfolio That Speaks Volumes Through Silence
Guy Spier didn’t add any flashy new names in Q4. He didn’t chase AI. He didn’t rotate into energy or crypto. Instead, he trimmed a few winners, reaffirmed his core convictions, and let his portfolio do the talking.
For investors seeking a roadmap through uncertainty, Spier’s latest 13F offers a clear message: Own great businesses. Stay focused. Trim when prudent. And let time do the rest.