13F-HR 1 form13f3q04.txt FORM 13F AS OF 09/30/04 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: September 30, 2004 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: Menlo Advisors LLC Address: 800 Oak Grove Avenue Suite 205 Menlo Park, CA 94025 13F File Number: 28-10719 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 submission. Person Signing this Report on Behalf of Reporting Manager: Name: Kent R. Seymour Title: President Phone: 650-688-0300 Signature, Place, and Date of Signing: Kent R. Seymour Menlo Park, CA November 4, 2004 Report Type (Check only one.): [ X] 13F HOLDINGS REPORT. [ ] 13F NOTICE. [ ] 13F COMBINATION REPORT. List of Other Managers Reporting for this Manager: FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 Form 13F Information Table Entry Total: 41 Form 13F Information Table Value Total: $125,304 List of Other Included Managers: NONE FORM 13F INFORMATION TABLE Voting Authority Title of Value Shares/ Sh/ Put/ Invstmt Other Name of Issuer class CUSIP (x$1000) Prn Amt Prn Call Dscretn Managers Sole Shared None ------------------------------ ------------------- -------- -------- --- ---- ------- ---------------------------- AFFYMETRIX INC COM 00826t108 571 18578SH SOLE 0 0 18578 AGCO CORP COM 001084102 4572 202100SH SOLE 0 0 202100 ALCOA INC COM 013817101 4109 122325SH SOLE 0 0 122325 ARACRUZ SPN ADR ADR 038496204 4619 139450SH SOLE 0 0 139450 BIOSITE INC COM 090945106 4536 92650SH SOLE 0 0 92650 BOEING CO COM 097023105 263 5095SH SOLE 0 0 5095 BP P L C SPN ADR ADR 055622104 5324 92547SH SOLE 0 0 92547 CISCO SYSTEMS INC COM 17275r102 1096 60570SH SOLE 0 0 60570 COMMERCE BANCORP INC COM 200519106 2877 52125SH SOLE 0 0 52125 COVANCE INC COM 222816100 4145 103700SH SOLE 0 0 103700 ENCANA CORP COM 292505104 2809 60675SH SOLE 0 0 60675 FIRST HORIZON NATL CORP COM 320517105 364 8400SH SOLE 0 0 8400 GENERAL DYNAMICS CORP COM 369550108 4814 47150SH SOLE 0 0 47150 HARRIS CORP-DEL COM 413875105 2978 54200SH SOLE 0 0 54200 HEADWATERS INC COM 42210p102 4649 150650SH SOLE 0 0 150650 HLTH MGMT ASN INC NEW COM 421933102 2141 104800SH SOLE 0 0 104800 IHOP CORP NEW COM 449623107 2033 53200SH SOLE 0 0 53200 ISHARES MSCI JPN INDEX ADR 464286848 5118 527650SH SOLE 0 0 527650 ISHARES MSCI PAC X-JPN ADR 464286665 3300 41250SH SOLE 0 0 41250 JOHNSON & JOHNSON COM 478160104 4708 83586SH SOLE 0 0 83586 LIBERTY MEDIA CORP SER A COM 530718105 3120 357800SH SOLE 0 0 357800 LIBERTY MEDIA INTL SER A COM 530719103 589 17657SH SOLE 0 0 17657 LIZ CLAIBORNE INC COM 539320101 4400 116650SH SOLE 0 0 116650 LOUISIANA PACIFIC CORP COM 546347105 337 13000SH SOLE 0 0 13000 MICROSOFT CORP COM 594918104 292 10550SH SOLE 0 0 10550 NEWMONT MNG CORP HLDG CO COM 651639106 5521 121250SH SOLE 0 0 121250 OFFICE DEPOT INC COM 676220106 4094 272400SH SOLE 0 0 272400 ONEOK INC NEW COM 682680103 5189 199425SH SOLE 0 0 199425 PAN AMERICAN SILVER CORP COM 697900108 1955 114875SH SOLE 0 0 114875 PFIZER INC COM 717081103 3739 122199SH SOLE 0 0 122199 PLUM CRK TBR CO INC COM COM 729251108 488 13920SH SOLE 0 0 13920 PORTFOLIO RVRY ASN INC COM 73640q105 3083 104893SH SOLE 0 0 104893 POSCO SPONSORED ADR ADR 693483109 4726 124850SH SOLE 0 0 124850 RIO TINTO PLC SPNS ADR ADR 767204100 3227 29700SH SOLE 0 0 29700 SUNOCO INC COM 86764p109 4583 61950SH SOLE 0 0 61950 SUPERIOR ENGY SVC INC COM 868157108 3040 235300SH SOLE 0 0 235300 TELEFONOS DE MEX SP ADR ADR 879403780 4009 124225SH SOLE 0 0 124225 TETRA TECH INC NEW COM 88162g103 1925 151950SH SOLE 0 0 151950 TUPPERWARE CORP COM 899896104 1790 105400SH SOLE 0 0 105400 TYCO INTERNATIONAL LTD COM 902124106 894 29172SH SOLE 0 0 29172 WASHINGTON FEDERAL INC COM 938824109 3277 130295SH SOLE 0 0 130295