13F-HR/A 1 form13f1q08.txt 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, 2008 Check here if Amendment [ x ]; Amendment Number: 1 This Amendment (Check only one.):[ x ] 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 May 14, 2008 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: 44 Form 13F Information Table Value Total: $123,790 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 ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ---------------------------- ABERDEEN ASIA PACIFIC INC COM 003009107 208 33600SH SOLE 0 0 33600 ALEXANDER & BALDWIN INC COM 014482103 2775 64410SH SOLE 0 0 64410 ANAREN INC COM 032744104 1307 103224SH SOLE 0 0 103224 BERKSHIRE HATHAWAY INC DEL CL B 084670207 7559 1690SH SOLE 0 0 1690 BLACKROCK CA INSD MUN 2008 T COM 09247g108 179 11800SH SOLE 0 0 11800 CENTRAL EUROPE AND RUSSIA FD COM 153436100 2008 42352SH SOLE 0 0 42352 CHESAPEAKE ENERGY CORP COM 165167107 4195 90900SH SOLE 0 0 90900 CIMAREX ENERGY CO COM 171798101 4702 85900SH SOLE 0 0 85900 CISCO SYS INC COM 17275r102 331 13756SH SOLE 0 0 13756 CLEVELAND CLIFFS INC COM 185896107 5375 44855SH SOLE 0 0 44855 ENCORE ACQUISITION CO COM 29255w100 3653 90695SH SOLE 0 0 90695 FAIRFAX FINL HLDGS LTD SUB VTG 303901102 1874 6527SH SOLE 0 0 6527 GENERAL DYNAMICS CORP COM 369550108 5188 62225SH SOLE 0 0 62225 GENERAL ELECTRIC CO COM 369604103 3104 83870SH SOLE 0 0 83870 GMX RES INC COM 38011m108 2883 82540SH SOLE 0 0 82540 GREENBRIER COS INC COM 393657101 1208 45545SH SOLE 0 0 45545 H & E EQUIPMENT SERVICES INC COM 404030108 639 50833SH SOLE 0 0 50833 HARRIS & HARRIS GROUP INC COM 413833104 849 119011SH SOLE 0 0 119011 INTERNATIONAL GAME TECHNOLOG COM 459902102 1903 47325SH SOLE 0 0 47325 ISHARES INC MSCI BRAZIL 464286400 3197 41500SH SOLE 0 0 41500 ISHARES INC MSCI PAC J IDX 464286665 4141 30545SH SOLE 0 0 30545 ISHARES SILVER TRUST ISHARES 46428q109 2176 12770SH SOLE 0 0 12770 JOHNSON & JOHNSON COM 478160104 5432 83743SH SOLE 0 0 83743 KAYNE ANDERSON ENRGY TTL RT COM 48660p104 395 15575SH SOLE 0 0 15575 KEY ENERGY SVCS INC COM 492914106 1236 92135SH SOLE 0 0 92135 LEUCADIA NATL CORP COM 527288104 6258 138400SH SOLE 0 0 138400 MARKET VECTORS ETF TR GOLD MINER ETF 57060u100 4581 96035SH SOLE 0 0 96035 MICROSOFT CORP COM 594918104 2577 90820SH SOLE 0 0 90820 ONEOK INC NEW COM 682680103 4010 89860SH SOLE 0 0 89860 PHARMACEUTICAL PROD DEV INC COM 717124101 2709 64655SH SOLE 0 0 64655 PORTFOLIO RECOVERY ASSOCS IN COM 73640q105 3759 87648SH SOLE 0 0 87648 POSCO SPONSORED ADR 693483109 2500 21010SH SOLE 0 0 21010 POWERSHS DB MULTI SECT COMM DB AGRICULT FD 73936b408 895 24550SH SOLE 0 0 24550 POWERSHS DB MULTI SECT COMM DB ENERGY FUND 73936b101 897 23025SH SOLE 0 0 23025 POWERSHARES ETF TRUST DYN BIOT & GEN 73935x856 1678 100000SH SOLE 0 0 100000 POWERSHARES ETF TRUST WNDRHLL CLN EN 73935x500 2895 147695SH SOLE 0 0 147695 SK TELECOM LTD SPONSORED ADR 78440p108 3741 173115SH SOLE 0 0 173115 STREETTRACKS GOLD TR GOLD SHS 863307104 3065 33905SH SOLE 0 0 33905 SUNOCO INC COM 86764p109 2288 43613SH SOLE 0 0 43613 SUNOPTA INC COM 8676ep108 2003 392650SH SOLE 0 0 392650 SUPERIOR ENERGY SVCS INC COM 868157108 4936 124595SH SOLE 0 0 124595 TEMPLETON GLOBAL INCOME FD COM 880198106 4203 439200SH SOLE 0 0 439200 TRANSOCEAN INC NEW SHS g90073100 3553 26278SH SOLE 0 0 26278 WINTHROP RLTY TR SH BEN INT 976391102 723 175500SH SOLE 0 0 175500