CUSIP No. 023177108
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Punch Card Capital, L.P.
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) ___
(b) ___
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4. Citizenship or Place of Organization
Delaware
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Number of
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5. Sole Voting Power:
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Shares
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Beneficially
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6. Shared Voting Power:
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2,010,179
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Owned by
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Each Reporting
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7. Sole Dispositive Power:
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Person with:
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8. Shared Dispositive Power:
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2,010,179
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
2,010,179
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10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)
___
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11. Percent of Class Represented by Amount in Row (9)
10.29%
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12. Type of Reporting Person (See Instructions)
PN
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CUSIP No. 023177108
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Punch Card Capital, LLC
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) ___
(b) ___
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4. Citizenship or Place of Organization
Delaware
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|
Number of
|
5. Sole Voting Power:
|
|
|
Shares
|
|
|
|
Beneficially
|
6. Shared Voting Power:
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2,010,179
|
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Owned by
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|
|
|
Each Reporting
|
7. Sole Dispositive Power:
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Person with:
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8. Shared Dispositive Power:
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2,010,179
|
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
2,010,179
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10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)
___
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11. Percent of Class Represented by Amount in Row (9)
10.29%
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12. Type of Reporting Person (See Instructions)
OO
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CUSIP No. 023177108
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Norbert H. Lou
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) ___
(b) ___
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4. Citizenship or Place of Organization
United States
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Number of
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5. Sole Voting Power:
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72,110
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Shares
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Beneficially
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6. Shared Voting Power:
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2,010,179
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Owned by
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Each Reporting
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7. Sole Dispositive Power:
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72,110
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Person with:
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8. Shared Dispositive Power:
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2,069,167
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
2,141,277
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10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)
___
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11. Percent of Class Represented by Amount in Row (9)
10.96%
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12. Type of Reporting Person (See Instructions)
IN
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Item 1(a). Name of Issuer:
Ambassadors Group, Inc.
Item 1(b). Address of Issuer's Principal Executive Offices:
2001 South Flint Road
Spokane, WA 99224
Item 2(a). Name(s) of Person(s) Filing:
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1.
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Punch Card Capital, LP, a Delaware limited partnership (“LP”);
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2.
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Punch Card Capital, LLC, a Delaware limited liability company (“LLC”); and
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3.
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Norbert H. Lou
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LP, LLC and Mr. Lou are collectively referred to as the "Reporting Persons."
Item 2(b). Address of Principal Business Office or, if None, Residence:
P.O. Box 334, Gotha, FL 34734-0334
Item 2(c). Citizenship:
The LP and the LLC are Delaware entities. Mr. Lou is a citizen of the United States.
Item 2(d). Title of Class of Securities:
Common Stock
Item 2(e). CUSIP Number:
023177108
Item 3. If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
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(a)
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Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
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(b)
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Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
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(c)
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Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
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(d)
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Investment company registered under section 8 of the Investment Company Act, (15 U.S.C. 80a-8);
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(e)
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An investment adviser in accordance with §240.13d-1(b)(1)(ii)(E);
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(f)
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An employee benefit plan or endowment fund in accordance with §240.13d-1(b)(1)(ii)(F);
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(g)
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A parent holding company or control person in accordance with §240.13d (b)(1)(ii)(G);
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(h)
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A savings association as defined in section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
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(i)
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A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
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(j)
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Group, in accordance with §240.13d-1(b)(1)(ii)(J).
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Not applicable
Item 4. Ownership:
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The Reporting Persons may be deemed to beneficially own the following:
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(a)
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Amount beneficially owned: 2,010,179
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Such are directly held by the LP. The LLC is the general partner of the LP, and, as a result, the LLC may be deemed to possess voting and/or investment power over the securities of the Issuer that are owned by the LP. Mr. Lou serves as the Managing Member of the LLC and, as a result, may be deemed to possess voting and/or investment power over the securities of the Issuer that are owned by the LP.
In addition, Mr. Lou directly beneficially owns 72,110 shares, and Mr. Lou may be deemed to have dispositive authority over an additional 58,988 shares held by his relatives. As a
result, Mr. Lou may be deemed to be the beneficial owner of a total of 2,141,277 shares.
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(b)
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Percent of Class:
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10.29% (based on 19,529,736 common shares outstanding according to the Issuer’s quarterly report on Form 10-Q for the period ended June 30, 2007) in the case of the LP and the LLC, and 10.96% in the case of Mr. Lou.
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(c)
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Number of shares as to which such person has:
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(i) Sole power to vote or to direct the vote:
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72,110*
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(ii) Shared power to vote or to direct the vote:
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2,010,179**
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(iii) Sole power to dispose or to direct the disposition of:
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72,100*
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(iv) Shared power to dispose or to direct the disposition of:
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2,069,167**
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*shares directly beneficially held by Mr. Lou.
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**Includes 2,010,179 shares directly beneficially owned by the LP. The LLC is the general partner of the LP, and Mr. Lou is the managing member of the LLC, and thus each of the LLC and Mr. Lou may be deemed to have beneficial ownership over shares held by the LP.
***Includes 58,988 shares directly beneficially owned by relatives of Mr. Lou. Mr. Lou may be deemed to share dispositive authority over such shares.
Item 5. Ownership of Five Percent or Less of a Class:
If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following. __
Item 6. Ownership of More than Five Percent on Behalf of Another Person:
Not applicable
Item 7. Identification and Classification of the Subsidiary Which Acquired the Security
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Being Reported on by the Parent Holding Company:
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Not applicable
Item 8. Identification and Classification of Members of the Group:
Not applicable
Item 9. Notice of Dissolution of Group:
Not applicable
Item 10. Certification.
By signing below, I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
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November 15, 2007
(Date)
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/s/ Norbert H. Lou
(Signature)
Norbert H. Lou, individually and as managing
member of Punch Card Capital, LLC, the general partner of Punch Card Capital, L.P.
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