13F-HR 1 form13f3q06.txt FORM 13F AS OF 09/30/06 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, 2006 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 10, 2006 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: 46 Form 13F Information Table Value Total: $124,804 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 ------------------------------ ------------------- -------- -------- --- ---- ------- ---------------------------- ADAPTEC INC COM 00651f108 1373 311250SH SOLE 0 0 311250 ALEXANDER & BALDWIN INC COM 014482103 2845 64115SH SOLE 0 0 64115 AMGEN INC COM 031162100 2980 41660SH SOLE 0 0 41660 BERKSHIRE HTH HLDG CO CL B COM 084670207 5250 1654SH SOLE 0 0 1654 BIOSITE INC COM COM 090945106 3755 81225SH SOLE 0 0 81225 BOEING CO COM COM 097023105 363 4600SH SOLE 0 0 4600 CHESAPEAKE ENERGY CORP COM 165167107 2630 90740SH SOLE 0 0 90740 CIMAREX ENERGY CO COM COM 171798101 2484 70575SH SOLE 0 0 70575 CISCO SYSTEMS INC COM 17275r102 1133 49320SH SOLE 0 0 49320 CLEVELAND CLIFFS INC COM 185896107 3588 94150SH SOLE 0 0 94150 COMMERCE BANCORP INC N J COM 200519106 3864 105250SH SOLE 0 0 105250 CONSTELLATION BR INC CL A COM 21036p108 2197 76355SH SOLE 0 0 76355 COVANCE INC COM 222816100 2780 41875SH SOLE 0 0 41875 DOVER CORP COM 260003108 3652 76980SH SOLE 0 0 76980 ENCORE ACQUISITION CO COM 29255w100 2465 101285SH SOLE 0 0 101285 ENCORE CAP GROUP INC COM COM 292554102 302 23257SH SOLE 0 0 23257 GENERAL DYNAMICS CORP COM COM 369550108 4466 62310SH SOLE 0 0 62310 GREENBRIERCOMPANIES INC COM 393657101 2032 70045SH SOLE 0 0 70045 HARRIS& HARRIS GROUP INC COM 413833104 1450 118075SH SOLE 0 0 118075 IPASS INC COM 46261v108 630 134715SH SOLE 0 0 134715 ISHARES MSCI JPN INDEX COM 464286848 4035 298000SH SOLE 0 0 298000 ISHARES MSCI PAC X-JPN COM 464286665 2991 26960SH SOLE 0 0 26960 ISHARES SILVER TR ISHARES COM 46428q109 1839 16060SH SOLE 0 0 16060 JOHNSON & JOHNSON COM COM 478160104 4659 71736SH SOLE 0 0 71736 LYONDELL CHEMICAL CO COM 552078107 2140 84350SH SOLE 0 0 84350 MICROSOFT CORP COM COM 594918104 321 11750SH SOLE 0 0 11750 NEWMONT MNG CORP HLDG CO COM 651639106 3034 70975SH SOLE 0 0 70975 OFFICE DEPOT INC COM COM 676220106 3785 95338SH SOLE 0 0 95338 ONEOK INC NEW COM COM 682680103 4442 117550SH SOLE 0 0 117550 PAN AMERICAN SILVER CORP COM 697900108 2367 121125SH SOLE 0 0 121125 PATTERSON UTI ENERGYINC COM 703481101 2175 91525SH SOLE 0 0 91525 PORTFOLIO RVRY ASN INC COM 73640q105 4183 95358SH SOLE 0 0 95358 POSCO SPON ADR ADR 693483109 1787 27525SH SOLE 0 0 27525 RHJ INTERNATIONAL SASHS ADR b70883101 1370 74685SH SOLE 0 0 74685 SK TELECOM CO LTD SPN ADR ADR 78440p108 3683 155875SH SOLE 0 0 155875 STREETRACKS GOLD TR SHS COM 863307104 1959 32945SH SOLE 0 0 32945 SUNOCO INC COM COM 86764p109 3771 60637SH SOLE 0 0 60637 SUNOPTA INC COM 8676ep108 4437 419800SH SOLE 0 0 419800 SUPERIOR ENGY SVC INC COM 868157108 3829 145800SH SOLE 0 0 145800 SUPERIOR INDUST INTL INC COM 868168105 933 55550SH SOLE 0 0 55550 TELECOM CORP OF NZ LTD-SP ADR 879278208 2096 93435SH SOLE 0 0 93435 TEMPLETON GLOBAL INC FD COM 880198106 3643 398175SH SOLE 0 0 398175 TYCO INTL LTD NEW COM 902124106 2091 74694SH SOLE 0 0 74694 VAN KAMPEN SENR INC TRUST COM 920961109 5982 704600SH SOLE 0 0 704600 WASHINGTON FED INC COM COM 938824109 2606 116112SH SOLE 0 0 116112 WIENER STDTISCHE ALLGEMEINE SHSADR a9t907104 408 6500SH SOLE 0 0 6500