FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

Punch Card Capital LP 		2. Issuer Name and Ticker or Trading Symbol

AMBASSADORS GROUP INC [ EPAX ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                      __ X __ 10% Owner
_____ Officer (give title below)      _____ Other (specify below)
(Last)          (First)          (Middle)

P.O. BOX 334 		3. Date of Earliest Transaction (MM/DD/YYYY)

12/17/2007
(Street)

GOTHA, FL 34734
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

___ Form filed by One Reporting Person
_ X _ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock   (1) 12/17/2007     A    100000   A $17.6692   2110179   D    
Common Stock   (1) 12/18/2007     A    75200   A $17.3398   2185379   D    
Common Stock   (1) 12/19/2007     A    20108   A $17.4603   2205487   D    
Common Stock   (2)                72110   D    
Common Stock   (3)                58988   I   See footnote 3.  

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 		8. Price of Derivative Security
(Instr. 5) 		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares

Explanation of Responses:
( 1)  Shares are directly owned by Punch Card Capital, L.P. Punch Card Capital LLC is the general partner of Punch Card Capital, L.P., 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.
( 2)  Shares are directly owned by Mr. Lou.
( 3)  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.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Punch Card Capital LP
P.O. BOX 334
GOTHA, FL 34734
X

Punch Card Capital LLC
PO BOX 334
GOTHA, FL 34734
X

Lou Norbert H
PO BOX 334
GOTHA, FL 34734
X


Signatures
Norbert H. Lou, individually and as managing member of Punch Card Capital, LLC, the general partner of Punch Card Capital, L.P. 12/19/2007
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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