13F-HR 1 v345302_13fhr.txt 13F-HR 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, 2013 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 15, 2013 ------------------------ ------------------------- ------------------------- (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: 28 Form 13F Information Table Value Total: 380,308 (thousands) List of Other Included Managers: 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 ACTAVIS INC COM 00507K103 30,894 335,400 SH SOLE 335,400 0 0 BANK OF AMERICA CORPORATION W EXP 01/16/201 060505146 4,770 836,825 SH SOLE 836,825 0 0 BERKSHIRE HATHAWAY INC DEL CL A 084670108 46,884 300 SH SOLE 300 0 0 BP PLC SPONSORED ADR 055622104 424 10,000 SH SOLE 10,000 0 0 CHINA YUCHAI INTL LTD COM G21082105 408 25,537 SH SOLE 25,537 0 0 CHUNGHWA TELECOM CO LTD SPON ADR NEW11 17133Q502 4,108 132,088 SH SOLE 132,088 0 0 CITIGROUP INC COM NEW 172967424 18,138 410,000 SH SOLE 410,000 0 0 COMPUCREDIT HLDGS CORP NOTE 5.875%11/3 20478NAD2 4,975 12,300,000 PRN SOLE 12,300,000 0 0 DELL INC COM 24702R101 35,825 2,500,000 SH SOLE 2,500,000 0 0 GOLDMAN SACHS GROUP INC COM 38141G104 16,922 115,000 SH SOLE 115,000 0 0 JPMORGAN CHASE & CO W EXP 10/28/201 46634E114 16,050 1,126,347 SH SOLE 1,126,347 0 0 LEVEL 3 COMMUNICATIONS INC NOTE 6.500%10/0 52729NBR0 1,947 1,470,000 PRN SOLE 1,470,000 0 0 MANNKIND CORP NOTE 3.750%12/1 56400PAA0 7,292 8,300,000 PRN SOLE 8,300,000 0 0 MBIA INC COM 55262C100 11,100 1,080,797 SH SOLE 1,080,797 0 0 NOKIA CORP SPONSORED ADR 654902204 16,400 5,000,000 SH SOLE 5,000,000 0 0 ORCHARD SUPPLY HARDWARE STOR CL A 685691404 87 21,845 SH SOLE 21,845 0 0 OVERSTOCK COM INC DEL COM 690370101 28,462 2,310,209 SH SOLE 2,310,209 0 0 PRIMUS TELECOMMUNICATIONS GR COM 741929301 4,984 451,022 SH SOLE 451,022 0 0 RADIOSHACK CORP COM 750438103 4,348 1,294,071 SH SOLE 1,294,071 0 0 RESEARCH IN MOTION LTD COM 760975102 2,792 185,000 SH SOLE 185,000 0 0 RESOLUTE FST PRODS INC COM 76117W109 44,651 2,759,620 SH SOLE 2,759,620 0 0 RYANAIR HLDGS PLC SPONSORED ADR 783513104 1,128 27,000 SH SOLE 27,000 0 0 SANOFI SPONSORED ADR 80105N105 20,943 410,000 SH SOLE 410,000 0 0 SEARS HLDGS CORP COM 812350106 34,164 683,700 SH SOLE 683,700 0 0 SPRINT NEXTEL CORP COM SER 1 852061100 10,080 1,623,200 SH SOLE 1,623,200 0 0 UTSTARCOM HOLDINGS CORP USD ORD SHS G9310A106 318 113,627 SH SOLE 113,627 0 0 VODAFONE GROUP PLC NEW SPONS ADR NEW 92857W209 284 10,000 SH SOLE 10,000 0 0 WELLS FARGO & CO NEW W EXP 10/28/201 949746119 11,930 997,500 SH SOLE 997,500 0 0