-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 KDJeQuegQdMVfKw7JeqGWBJYqYP6+Jx9Ih2qK7Jeu+MQH1i1yynIfaTGxuqjpaNQ
 mX78ysSZrSH3mfsjjCAQ8Q==

<SEC-DOCUMENT>0000922996-08-000171.txt : 20081014
<SEC-HEADER>0000922996-08-000171.hdr.sgml : 20081013
<ACCEPTANCE-DATETIME>20081014185122
ACCESSION NUMBER:		0000922996-08-000171
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20081009
FILED AS OF DATE:		20081014
DATE AS OF CHANGE:		20081014

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMBASSADORS GROUP INC
		CENTRAL INDEX KEY:			0001162315
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-EDUCATIONAL SERVICES [8200]
		IRS NUMBER:				911957010
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		2001 SOUTH FLINT
		CITY:			SPOKANE
		STATE:			WA
		ZIP:			99224
		BUSINESS PHONE:		5095687000

	MAIL ADDRESS:	
		STREET 1:		2001 SOUTH FLINT
		CITY:			SPOKANE
		STATE:			WA
		ZIP:			99224

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Punch Card Capital LLC
		CENTRAL INDEX KEY:			0001419050
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-33347
		FILM NUMBER:		081123698

	BUSINESS ADDRESS:	
		STREET 1:		7065 WESTPOINTE BLVD
		STREET 2:		SUITE 204
		CITY:			ORLANDO
		STATE:			FL
		ZIP:			32835
		BUSINESS PHONE:		212-319-5413

	MAIL ADDRESS:	
		STREET 1:		7065 WESTPOINTE BLVD
		STREET 2:		SUITE 204
		CITY:			ORLANDO
		STATE:			FL
		ZIP:			32835

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Lou Norbert H
		CENTRAL INDEX KEY:			0001325639

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-33347
		FILM NUMBER:		081123699

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		212-319-5413

	MAIL ADDRESS:	
		STREET 1:		7065 WESTPOINTE BLVD
		STREET 2:		SUITE 204
		CITY:			ORLANDO
		STATE:			FL
		ZIP:			32835

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Punch Card Capital LP
		CENTRAL INDEX KEY:			0001364365
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-33347
		FILM NUMBER:		081123700

	BUSINESS ADDRESS:	
		STREET 1:		7065 WESTPOINTE BLVD
		STREET 2:		SUITE 204
		CITY:			ORLANDO
		STATE:			FL
		ZIP:			32835
		BUSINESS PHONE:		212-319-5413

	MAIL ADDRESS:	
		STREET 1:		7065 WESTPOINTE BLVD
		STREET 2:		SUITE 204
		CITY:			ORLANDO
		STATE:			FL
		ZIP:			32835
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>form4-punch_101408ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2008-10-09</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001162315</issuerCik>
        <issuerName>AMBASSADORS GROUP INC</issuerName>
        <issuerTradingSymbol>EPAX</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001364365</rptOwnerCik>
            <rptOwnerName>Punch Card Capital LP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>7065 WESTPOINTE BLVD</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 204</rptOwnerStreet2>
            <rptOwnerCity>ORLANDO</rptOwnerCity>
            <rptOwnerState>FL</rptOwnerState>
            <rptOwnerZipCode>32835</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001325639</rptOwnerCik>
            <rptOwnerName>Lou Norbert H</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>7065 WESTPOINTE BLVD</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 204</rptOwnerStreet2>
            <rptOwnerCity>ORLANDO</rptOwnerCity>
            <rptOwnerState>FL</rptOwnerState>
            <rptOwnerZipCode>32835</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001419050</rptOwnerCik>
            <rptOwnerName>Punch Card Capital LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>7065 WESTPOINTE BLVD</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 204</rptOwnerStreet2>
            <rptOwnerCity>ORLANDO</rptOwnerCity>
            <rptOwnerState>FL</rptOwnerState>
            <rptOwnerZipCode>32835</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <transactionDate>
                <value>2008-10-09</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F2"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>111235</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0.00</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote 1</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
                <footnoteId id="F3"/>
            </securityTitle>
            <transactionDate>
                <value>2008-10-09</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F2"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>8454</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0.00</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>8454</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
                <footnoteId id="F4"/>
            </securityTitle>
            <transactionDate>
                <value>2008-10-14</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F5"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>584136</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0.00</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2012024</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
                <footnoteId id="F6"/>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>72110</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
                <footnoteId id="F7"/>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>58988</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote 7</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Shares are directly owned by Punch Card Overflow LP. Punch Card Capital LLC is the general partner of Punch Card Overflow
 LP and Norbert Lou is the managing member of Punch Card Capital LLC, and, as a result, Punch Card Capital LLC and Mr. Lou
 may be deemed to indirectly beneficially own such shares.</footnote>
        <footnote id="F2">Pro rata distribution by Punch Card Overflow LP to its partners.</footnote>
        <footnote id="F3">Shares are directly owned by Punch Card Capital LLC.  Norbert Lou is the managing member of Punch Card Capital LLC, and, as a
 result, may be deemed to indirectly beneficially own such shares.</footnote>
        <footnote id="F4">Shares are directly owned by Punch Card Capital LP.  Punch Card Capital LLC is the general partner of Punch Card Capital
 LP and Norbert Lou is the managing member of Punch Card Capital LLC, and, as a result, Punch Card Capital LLC and Mr. Lou
 may be deemed to indirectly beneficially own such shares.</footnote>
        <footnote id="F5">Distribution in redemption of a limited partnership interest in Punch Card Capital LP in accordance with the provisions of
 the partnership's limited partnership agreement.</footnote>
        <footnote id="F6">Shares are directly owned by Mr. Lou.</footnote>
        <footnote id="F7">Shares are directly owned by relatives of Mr Lou.  As a result of Mr. Lou's relationship with his relatives, Mr. Lou may be
 deemed to indirectly beneficially own such shares.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Norbert H. Lou, individually and as managing member of Punch Card Capital LLC, the general partner of Punch Card Capital LP</signatureName>
        <signatureDate>2008-10-14</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----