13F-HR 1 v312960_13f.txt QUARTERLY HOLDINGS REPORT UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F Form 13F Cover Page Report for the Calendar Year or Quarter Ended: March 31, 2012 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 May 11, 2012 ------------------------ ------------------------- ------------------------- (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: 34 Form 13F Information Table Value Total: 411,050 (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 38,018 2,662,338 SH SOLE 2,662,338 0 0 BANK OF AMERICA CORPORATION W EXP 01/16/201 060505146 32,319 6,950,400 SH SOLE 6,950,400 0 0 BERKSHIRE HATHAWAY INC DEL CL A 084670108 36,570 300 SH SOLE 300 0 0 BP PLC SPONSORED ADR 055622104 450 10,000 SH SOLE 10,000 0 0 CHINA YUCHAI INTL LTD COM G21082105 405 25,537 SH SOLE 25,537 0 0 CHUNGHWA TELECOM CO LTD SPON ADR NEW11 17133Q502 4,063 132,088 SH SOLE 132,088 0 0 CITIGROUP INC COM NEW 172967424 14,986 410,000 SH SOLE 410,000 0 0 COMPUCREDIT HLDGS CORP NOTE 5.875%11/3 20478NAD2 5,706 13,150,000 PRN SOLE 13,150,000 0 0 FLAGSTONE REINSURANCE HOLDIN COM L3466T104 11,805 1,500,000 SH SOLE 1,500,000 0 0 GAP INC DEL COM 364760108 9,815 375,490 SH SOLE 375,490 0 0 GOLDMAN SACHS GROUP INC COM 38141G104 20,521 165,000 SH SOLE 165,000 0 0 JPMORGAN CHASE & CO W EXP 10/28/201 46634E114 17,119 1,279,423 SH SOLE 1,279,423 0 0 LEVEL 3 COMMUNICATIONS INC NOTE 15.000%1/1 52729NBM1 36,964 3 ,250,000 PRN SOLE 3 ,250,000 0 0 LEVEL 3 COMMUNICATIONS INC NOTE 6.500%10/0 52729NBR0 2,354 1,470,000 PRN SOLE 1,470,000 0 0 MANNKIND CORP NOTE 3.750%12/1 56400PAA0 5,509 9,900,000 PRN SOLE 9,900,000 0 0 MEDIA GEN INC CL A 584404107 4,234 823,771 SH SOLE 823,771 0 0 NOKIA CORP SPONSORED ADR 654902204 165 30,000 SH SOLE 30,000 0 0 OFFICE DEPOT INC COM 676220106 4,496 1,303,301 SH SOLE 1,303,301 0 0 ORCHARD SUPPLY HARDWARE STOR CL A 685691404 451 21,845 SH SOLE 21,845 0 0 OVERSTOCK COM INC DEL COM 690370101 12,105 2,310,209 SH SOLE 2,310,209 0 0 PRIMUS TELECOMMUNICATIONS GR COM 741929301 7,252 451,022 SH SOLE 451,022 0 0 QIAO XING MOBILE COMM CO LTD SHS G73031109 1,584 1,584,397 SH SOLE 1,584,397 0 0 RADIOSHACK CORP COM 750438103 8,049 1,294,071 SH SOLE 1,294,071 0 0 RYANAIR HLDGS PLC SPONSORED ADR 783513104 980 27,000 SH SOLE 27,000 0 0 SANOFI SPONSORED ADR 80105N105 15,888 410,000 SH SOLE 410,000 0 0 SEARS HLDGS CORP COM 812350106 45,295 683,700 SH SOLE 683,700 0 0 SK TELECOM LTD SPONSORED ADR 78440P108 2,365 170,000 SH SOLE 170,000 0 0 SPRINT NEXTEL CORP COM SER 1 852061100 17,451 6,123,200 SH SOLE 6,123,200 0 0 SYMETRA FINL CORP COM 87151Q106 2,006 174,000 SH SOLE 174,000 0 0 UTSTARCOM HOLDINGS CORP USD ORD SHS G9310A106 1,808 1,247,051 SH SOLE 1,247,051 0 0 VALEANT PHARMACEUTICALS INTL COM 91911K102 4,101 76,377 SH SOLE 76,377 0 0 VODAFONE GROUP PLC NEW SPONS ADR NEW 92857W209 277 10,000 SH SOLE 10,000 0 0 WATSON PHARMACEUTICALS INC COM 942683103 35,904 535,400 SH SOLE 535,400 0 0 WELLS FARGO & CO NEW W EXP 10/28/201 949746119 10,035 997,500 SH SOLE 997,500 0 0