13F-HR 1 v211333_13f-hr.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F Form 13F Cover Page Report for the Calendar Year or Quarter Ended: December 31, 2010 Check here if Amendment [ ] Amendment Number: ______ This Amendment (Check only one.): [ ] is a restatement [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Chou Associates Management Inc. Address: 110 Sheppard Avenue East Suite 301, Box 18 Toronto ON M2N 6Y8 Form 13F File Number: 028-12878 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: Francis S.M. Chou Title: CEO Phone: (416) 214-0675 Signature, Place, and Date of Signing: /s/ Francis S.M. Chou Toronto, ON February 14, 2011 ------------------------ ------------------------- ------------------------- (Signature) (City, State) (Date) Report Type ( Check only one.): [x] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) [ ] 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) [ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 Form 13F Information Table Entry Total: 30 Form 13F Information Table Value Total: 509,849 (thousands) List of Other Included Managers: NONE FORM 13F INFORMATION TABLE

COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 ---------------------------- ---------------- --------- -------- ------------------- ---------- -------- ---------------------- VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE ---------------------------- ---------------- --------- -------- ---------- --- ---- ---------- -------- ---------- ------ ---- ABITIBIBOWATER INC COM NEW 003687209 56,346 2,380,478 SH SOLE 2,380,478 0 0 BANK OF AMERICA CORPORATION W EXP 01/16/201 060505146 29,988 4,200,000 SH SOLE 4,200,000 0 0 BERKSHIRE HATHAWAY INC DEL CL A 084670108 22,886 190 SH SOLE 190 0 0 BP PLC SPONSORED ADR 055622104 442 10,000 SH SOLE 10,000 0 0 CHUNGHWA TELECOM CO LTD SPON ADR NEW10 17133Q106 4,172 165,111 SH SOLE 165,111 0 0 COMPUCREDIT HLDGS CORP NOTE 5.875%11/3 20478NAD3 4,987 8,950,000 PRN SOLE 8,950,000 0 0 CRYPTOLOGIC LIMITED SHS G3159C109 85 60,000 SH SOLE 60,000 0 0 FLAGSTONE REINSURANCE HOLDIN COM L3466T104 18,900 1,500,000 SH SOLE 1,500,000 0 0 GANNETT INC COM 364730101 4,875 323,035 SH SOLE 323,035 0 0 INTERNATIONAL COAL GRP INC N COM 45928H106 18,576 2,400,000 SH SOLE 2,400,000 0 0 KING PHARMACEUTICALS INC COM 495582108 84,655 6,025,300 SH SOLE 6,025,300 0 0 LEVEL 3 COMMUNICATIONS INC NOTE 15.000% 1/1 52729NBM1 43,524 39,000,000 PRN SOLE 39,000,000 0 0 MANNKIND CORP NOTE 3.750%12/1 56400PAA0 5,894 8,963,000 PRN SOLE 8,963,000 0 0 MANNKIND CORP COM 56400P201 19,658 2,438,989 SH SOLE 2,438,989 0 0 MEDIA GEN INC CL A 584404107 5,486 949,082 SH SOLE 949,082 0 0 NOKIA CORP SPONSORED ADR 654902204 310 30,000 SH SOLE 30,000 0 0 OFFICE DEPOT INC COM 676220106 2,012 372,503 SH SOLE 372,503 0 0 OVERSTOCK COM INC DEL COM 690370101 36,581 2,219,709 SH SOLE 2,219,709 0 0 OVERSTOCK COM INC DEL NOTE 3.750%12/0 690370AB7 10,090 10,120,000 PRN SOLE 10,120,000 0 0 RYANAIR HLDGS PLC SPONSORED ADR 783513104 615 20,000 SH SOLE 20,000 0 0 SANOFI AVENTIS SPONSORED ADR 80105N105 13,214 410,000 SH SOLE 410,000 0 0 SEARS HLDGS CORP COM 812350106 24,610 333,700 SH SOLE 333,700 0 0 SK TELECOM LTD SPONSORED ADR 78440P108 3,167 170,000 SH SOLE 170,000 0 0 SPRINT NEXTEL CORP COM SER 1 852061100 25,901 6,123,200 SH SOLE 6,123,200 0 0 SYMETRA FINL CORP COM 87151Q106 2,384 174,000 SH SOLE 174,000 0 0 UTSTARCOM INC COM 918076100 2,569 1,247,051 SH SOLE 1,247,051 0 0 VALEANT PHARMACEUTICALS INTL COM 91911K102 23,758 839,800 SH SOLE 839,800 0 0 VODAFONE GROUP PLC NEW SPONS ADR NEW 92857W209 264 10,000 SH SOLE 10,000 0 0 WATSON PHARMACEUTICALS INC COM 942683103 32,818 635,400 SH SOLE 635,400 0 0 WELLS FARGO & CO NEW W EXP 10/28/201 949746119 11,082 997,500 SH SOLE 997,500 0 0