Berkshire Hathaway 4th Quarter 2018 13F-HR

The Berkshire Hathaway (BRKa) 4th Quarter 13F-HR was recently released. Below is a summary of the changes that were made to the Berkshire equity portfolio during that quarter.
(For a convenient comparison, here's a post from last quarter that summarizes Berkshire's 3rd Quarter 13F-HR.)

There was both some buying and selling during the quarter. Here's a quick summary of the changes:*

New Positions
Red Hat (RHT)
Suncor (SU)
StoneCo (STNE)

Added to Existing Positions
Bank of America (BAC)
US Bancorp (USB)
JP Morgan Chase (JPM)
Bank of NY Mellon (BK)
General Motors (GM)
PNC Financial (PNC)
Travelers (TRV)

Reduced Positions
Apple (AAPL)
Wells Fargo (WFC)
Southwest (LUV)
Charter (CHTR)
United Continental (UAL)
Phillips 66 (PSX)

Berkshire previously announced they may need to sell some of their Wells Fargo shares from time to time to keep the ownership stake below 10%.

Sold Positions
Oracle (ORCL)

Berkshire's latest 13F-HR filing did not indicate any activity was kept confidential.

Occasionally, the SEC allows Berkshire to keep certain moves in the portfolio confidential. The permission is granted by the SEC when a case can be made that the disclosure may cause buyers to drive up the price before Berkshire makes its additional purchases.

Also, Todd Combs and Ted Weschler are responsible for part of the Berkshire equity portfolio. So some of the changes -- especially those involving smaller positions -- will generally be the work of the two portfolio managers.

Top Five Holdings
After the changes, Berkshire's portfolio of equity securities remains mostly made up of financial, consumer, and technology stocks (mostly Apple).**

1. Apple (AAPL) = $ 39.4 bil.
2. Bank of America (BAC) = $ 22.1 bil.
3. Wells Fargo (WFC) = $ 19.7 bil.
4. Coca-Cola (KO) = $ 18.9 bil.
5. American Express (AXP) = $  14.5 bil.

As is almost always the case it's a very concentrated portfolio. The top five often represent 60-70 percent and, at times, even more of the equity portfolio. In addition, Berkshire also owns equity securities listed on exchanges outside the U.S., plus fixed maturity securities, cash and cash equivalents, and other investments.

The portfolio excludes all the operating businesses that Berkshire owns outright with ~ 377,000 employees (26 at headquarters) according to the latest available annual report.

Here are some examples of Berkshire's non-insurance businesses:

MidAmerican Energy, Burlington Northern Santa Fe, McLane Company, The Marmon Group, Shaw Industries, Benjamin Moore, Johns Manville, Acme Building, MiTek, Fruit of the Loom, Russell Athletic Apparel, NetJets, Nebraska Furniture Mart, See's Candies, Dairy Queen, The Pampered Chef, Business Wire, Iscar, Lubrizol, Berkshire Hathaway Automotive, Oriental Trading Company, Precision Castparts, and Duracell.
(Among others.)

In addition to the above businesses and investment portfolio, Berkshire's large insurance operation (BH Reinsurance, General Re, GEICO etc.) has historically been rather profitable while providing plenty of "float" for their investments.

Page A-1, near the end of the annual report, has a complete listing of Berkshire's businesses.

Adam

Long positions in BRKb, AAPL, AXP, USB, WFC, BAC, and JPM established at much lower than recent market prices. (In each case compared to average cost basis.)

* Berkshire Hathaway's holdings of ADRs are included in the 13F. What is not included are shares listed on exchanges outside the United States. The status of those shares, if a large enough position, are updated in the annual letter. So the only way any of the stocks listed on exchanges outside the U.S. will show up in the 13F is if Berkshire buys the ADR. Also, certain equity holdings are reported separately -- in some cases contributing to a mismatch between what's reported in the annual letter and the end of year 13F -- while investments in things like preferred shares and warrants, when applicable, are not included.
** All values shown are based upon the last trading day of the 4th quarter.
---
This site does not provide investing recommendations as that comes down to individual circumstances. Instead, it is for generalized informational, educational, and entertainment purposes. Visitors should always do their own research and consult, as needed, with a financial adviser that's familiar with the individual circumstances before making any investment decisions. Bottom line: The opinions found here should never be considered specific individualized investment advice and never a recommendation to buy or sell anything.

Berkshire Hathaway 3rd Quarter 2018 13F-HR

The Berkshire Hathaway (BRKa) 3rd Quarter 13F-HR was recently released. Below is a summary of the changes that were made to the Berkshire equity portfolio during that quarter.
(For a convenient comparison, here's a post from last quarter that summarizes Berkshire's 2nd Quarter 13F-HR.)

There was both some buying and selling during the quarter. Here's a quick summary of the changes:*

New Positions
JP Morgan Chase (JPM)
Oracle (ORCL)
PNC Financial (PNC)
Travelers (TRV)

Added to Existing Positions
Apple (AAPL)
Bank of America (BAC)
US Bancorp (USB)
Goldman Sachs (GS)
Bank of NY Mellon (BK)
Delta Air Lines (DAL)
General Motors (GM)

Reduced Positions
Wells Fargo (WFC)
Southwest (LUV)
Charter (CHTR)
United Continental (UAL)
American Airlines (AAL)
Phillips 66 (PSX)

Berkshire previously announced they may need to sell some of their Wells Fargo shares from time to time to keep the ownership stake below 10%.

Sold Positions
Walmart (WMT)
Sanofi (SNY)

Berkshire's latest 13F-HR filing did not indicate any activity was kept confidential.

Occasionally, the SEC allows Berkshire to keep certain moves in the portfolio confidential. The permission is granted by the SEC when a case can be made that the disclosure may cause buyers to drive up the price before Berkshire makes its additional purchases.

Also, Todd Combs and Ted Weschler are responsible for part of the Berkshire equity portfolio. So some of the changes -- especially those involving smaller positions -- will generally be the work of the two portfolio managers.

Top Five Holdings
After the changes, Berkshire's portfolio of equity securities remains mostly made up of financial, consumer, and technology stocks (mostly Apple).**

1. Apple (AAPL) = $ 57.0 bil.
2. Bank of America (BAC) = $ 25.8 bil.
3. Wells Fargo (WFC) = $ 23.3 bil.
4. Coca-Cola (KO) = $ 18.5 bil.
5. Kraft Heinz (KHC) = $  17.9 bil.

As is almost always the case it's a very concentrated portfolio. The top five often represent 60-70 percent and, at times, even more of the equity portfolio. In addition, Berkshire also owns equity securities listed on exchanges outside the U.S., plus fixed maturity securities, cash and cash equivalents, and other investments.

The portfolio excludes all the operating businesses that Berkshire owns outright with ~ 377,000 employees (26 at headquarters) according to the latest available annual report.

Here are some examples of Berkshire's non-insurance businesses:

MidAmerican Energy, Burlington Northern Santa Fe, McLane Company, The Marmon Group, Shaw Industries, Benjamin Moore, Johns Manville, Acme Building, MiTek, Fruit of the Loom, Russell Athletic Apparel, NetJets, Nebraska Furniture Mart, See's Candies, Dairy Queen, The Pampered Chef, Business Wire, Iscar, Lubrizol, Berkshire Hathaway Automotive, Oriental Trading Company, Precision Castparts, and Duracell.
(Among others.)

In addition to the above businesses and investment portfolio, Berkshire's large insurance operation (BH Reinsurance, General Re, GEICO etc.) has historically been rather profitable while providing plenty of "float" for their investments.

Page A-1, near the end of the annual report, has a complete listing of Berkshire's businesses.

Adam

Long positions in BRKb, AAPL, USB, WFC, BAC, JPM, and KO established at much lower than recent market prices. (In each case compared to average cost basis.)

* Berkshire Hathaway's holdings of ADRs are included in the 13F. What is not included are shares listed on exchanges outside the United States. The status of those shares, if a large enough position, are updated in the annual letter. So the only way any of the stocks listed on exchanges outside the U.S. will show up in the 13F is if Berkshire buys the ADR. Also, certain equity holdings are reported separately -- in some cases contributing to a mismatch between what's reported in the annual letter and the end of year 13F -- while investments in things like preferred shares and warrants, when applicable, are not included.
** All values shown are based upon the last trading day of the 3rd quarter.
---
This site does not provide investing recommendations as that comes down to individual circumstances. Instead, it is for generalized informational, educational, and entertainment purposes. Visitors should always do their own research and consult, as needed, with a financial adviser that's familiar with the individual circumstances before making any investment decisions. Bottom line: The opinions found here should never be considered specific individualized investment advice and never a recommendation to buy or sell anything.

Berkshire Hathaway 2nd Quarter 2018 13F-HR

The Berkshire Hathaway (BRKa) 2nd Quarter 13F-HR was released this past Tuesday. Below is a summary of the changes that were made to the Berkshire equity portfolio during that quarter.
(For a convenient comparison, here's a post from last quarter that summarizes Berkshire's 1st Quarter 13F-HR.)

There was both some buying and selling during the quarter. Here's a quick summary of the changes:*

Added to Existing Positions
Apple (AAPL)
US Bancorp (USB)
Bank of NY Mellon (BK)
Delta Air Lines (DAL)
Goldman Sachs (GS)
Southwest (LUV)
General Motors (GM)
Teva (TEVA)
Liberty Global (LBTYA)

Reduced Positions
Wells Fargo (WFC)
Phillips 66 (PSX)
Charter (CHTR)
United Continental (UAL)
American Airlines (AAL)

Berkshire previously announced they may need to sell some of their Wells Fargo shares from time to time to keep the ownership stake below 10%.

Sold Positions
Monsanto (Company acquired/no longer traded on NYSE)
Verisk (VRSK)

Berkshire's latest 13F-HR filing did not indicate any activity was kept confidential.

Occasionally, the SEC allows Berkshire to keep certain moves in the portfolio confidential. The permission is granted by the SEC when a case can be made that the disclosure may cause buyers to drive up the price before Berkshire makes its additional purchases.

Also, Todd Combs and Ted Weschler are responsible for part of the Berkshire equity portfolio. So some of the changes -- especially those involving smaller positions -- will generally be the work of the two portfolio managers.

Top Five Holdings
After the changes, Berkshire's portfolio of equity securities remains mostly made up of financial, consumer, and technology stocks (mostly Apple).**

1. Apple (AAPL) = $ 46.6 bil.
2. Wells Fargo (WFC) = $ 25.1 bil.
3. Kraft Heinz (KHC) = $ 20.5 bil.
4. Bank of America (BAC) = $ 19.1 bil.
5. Coca-Cola (KO) = $ 17.5 bil.

As is almost always the case it's a very concentrated portfolio. The top five often represent 60-70 percent and, at times, even more of the equity portfolio. In addition, Berkshire also owns equity securities listed on exchanges outside the U.S., plus fixed maturity securities, cash and cash equivalents, and other investments.

The portfolio excludes all the operating businesses that Berkshire owns outright with ~ 377,000 employees (26 at headquarters) according to the latest available annual report.

Here are some examples of Berkshire's non-insurance businesses:

MidAmerican Energy, Burlington Northern Santa Fe, McLane Company, The Marmon Group, Shaw Industries, Benjamin Moore, Johns Manville, Acme Building, MiTek, Fruit of the Loom, Russell Athletic Apparel, NetJets, Nebraska Furniture Mart, See's Candies, Dairy Queen, The Pampered Chef, Business Wire, Iscar, Lubrizol, Berkshire Hathaway Automotive, Oriental Trading Company, Precision Castparts, and Duracell.
(Among others.)

In addition to the above businesses and investment portfolio, Berkshire's large insurance operation (BH Reinsurance, General Re, GEICO etc.) has historically been rather profitable while providing plenty of "float" for their investments.

Page A-1, near the end of the annual report, has a complete listing of Berkshire's businesses.

Adam

Long positions in BRKb, AAPL, USB, WFC, BAC, and KO established at much lower than recent market prices. (In each case compared to average cost basis.)

* Berkshire Hathaway's holdings of ADRs are included in the 13F. What is not included are shares listed on exchanges outside the United States. The status of those shares, if a large enough position, are updated in the annual letter. So the only way any of the stocks listed on exchanges outside the U.S. will show up in the 13F is if Berkshire buys the ADR. Also, certain equity holdings are reported separately -- in some cases contributing to a mismatch between what's reported in the annual letter and the end of year 13F -- while investments in things like preferred shares and warrants, when applicable, are not included.
** All values shown are based upon the last trading day of the 2nd quarter.
---
This site does not provide investing recommendations as that comes down to individual circumstances. Instead, it is for generalized informational, educational, and entertainment purposes. Visitors should always do their own research and consult, as needed, with a financial adviser that's familiar with the individual circumstances before making any investment decisions. Bottom line: The opinions found here should never be considered specific individualized investment advice and never a recommendation to buy or sell anything.

Berkshire Hathaway 1st Quarter 2018 13F-HR

The Berkshire Hathaway (BRKa) 1st Quarter 13F-HR was released yesterday. Below is a summary of the changes that were made to the Berkshire equity portfolio during that quarter.
(For a convenient comparison, here's a post from last quarter that summarizes Berkshire's 4th Quarter 13F-HR.)

There was both some buying and selling during the quarter. Here's a quick summary of the changes:*

Added to Existing Positions**
Apple (AAPL): 74.2 mil. shares bought (45% incr.); stake=$ 40.2 bil.
US Bancorp (USB): 3.8 mil. shares (4% incr.); stake=$ 4.6 bil.
Bank of NY Mellon (BK): 1.4 mil. shares (2% incr.); stake=$ 3.2 bil.
Delta Air Lines (DAL): 489,000 shares (< 1% incr.); stake=$ 2.9 bil.
Monsanto (MON): 7.3 mil. shares (62% incr.); stake=$ 2.2 bil.

I generally include above only those positions that were worth at least $ 1 billion at the end of the 1st quarter.

Berkshire also roughly doubled its stake in Teva (TEVA) but it remains a relatively small position (i.e. below $ 1 billion).

In a portfolio this size a position that's less than $ 1 billion doesn't really move the needle much.

Reduced Positions
Wells Fargo (WFC): 1.7 mil. shares sold (<1% decr.); stake=$ 23.9 bil.
Phillips 66 (PSX): 35.0 mil. shares (43% decr.); stake=$ 4.4 bil.
Charter (CHTR): 267,000 shares (3% decr.); stake=$ 2.6 bil.
United Continental (UAL): 506,000 shares (2% decr.); stake=$ 1.9 bil.

Berkshire previously announced they may need to sell some of their Wells Fargo shares from time to time to keep the ownership stake below 10%.

Other small positions that were to an extent reduced further in size this past quarter include Liberty Global (LBTYA), Sanofi (SNY), and Verisk (VRSK).

Sold Positions
IBM (IBM)
Graham Holdings (GHC)

Berkshire's latest 13F-HR filing did not indicate any activity was kept confidential.

Occasionally, the SEC allows Berkshire to keep certain moves in the portfolio confidential. The permission is granted by the SEC when a case can be made that the disclosure may cause buyers to drive up the price before Berkshire makes its additional purchases.

Also, Todd Combs and Ted Weschler are responsible for part of the Berkshire equity portfolio. So some of the changes -- especially those involving smaller positions -- will generally be the work of the two portfolio managers.

Top Five Holdings
After the changes, Berkshire's portfolio of equity securities remains mostly made up of financial, consumer, and technology stocks (mostly Apple).

1. Apple (AAPL) = $ 40.2 bil.
2. Wells Fargo (WFC) = $ 23.9 bil.
3. Bank of America (BAC) = $ 20.4 bil.
4. Kraft Heinz (KHC) = $ 20.3 bil.
5. Coca-Cola (KO) = $ 17.4 bil.

As is almost always the case it's a very concentrated portfolio. The top five often represent 60-70 percent and, at times, even more of the equity portfolio. In addition, Berkshire also owns equity securities listed on exchanges outside the U.S., plus fixed maturity securities, cash and cash equivalents, and other investments.

The portfolio excludes all the operating businesses that Berkshire owns outright with ~ 377,000 employees (26 at headquarters) according to the latest available annual report.

Here are some examples of Berkshire's non-insurance businesses:

MidAmerican Energy, Burlington Northern Santa Fe, McLane Company, The Marmon Group, Shaw Industries, Benjamin Moore, Johns Manville, Acme Building, MiTek, Fruit of the Loom, Russell Athletic Apparel, NetJets, Nebraska Furniture Mart, See's Candies, Dairy Queen, The Pampered Chef, Business Wire, Iscar, Lubrizol, Berkshire Hathaway Automotive, Oriental Trading Company, Precision Castparts, and Duracell.
(Among others.)

In addition to the above businesses and investment portfolio, Berkshire's large insurance operation (BH Reinsurance, General Re, GEICO etc.) has historically been rather profitable while providing plenty of "float" for their investments.

Page A-1, near the end of the annual report, has a complete listing of Berkshire's businesses.

Adam

Long positions in BRKb, AAPL, USB, WFC, BAC, and KO established at much lower than recent market prices. Also, long position in IBM established slightly above recent market prices. (In each case compared to average cost basis.)

* All values shown are based upon the last trading day of the 1st quarter.
** Berkshire Hathaway's holdings of ADRs are included in the 13F. What is not included are shares listed on exchanges outside the United States. The status of those shares, if a large enough position, are updated in the annual letter. So the only way any of the stocks listed on exchanges outside the U.S. will show up in the 13F is if Berkshire buys the ADR. Also, certain equity holdings are reported separately -- in some cases contributing to a mismatch between what's reported in the annual letter and the end of year 13F -- while investments in things like preferred shares and warrants, when applicable, are not included.
---
This site does not provide investing recommendations as that comes down to individual circumstances. Instead, it is for generalized informational, educational, and entertainment purposes. Visitors should always do their own research and consult, as needed, with a financial adviser that's familiar with the individual circumstances before making any investment decisions. Bottom line: The opinions found here should never be considered specific individualized investment advice and never a recommendation to buy or sell anything.

Berkshire Hathaway 4th Quarter 2017 13F-HR

The Berkshire Hathaway (BRKa) 4th Quarter 13F-HR was released yesterday. Below is a summary of the changes that were made to the Berkshire equity portfolio during that quarter.
(For a convenient comparison, here's a post from last quarter that summarizes Berkshire's 3rd Quarter 13F-HR.)

There was both some buying and selling during the quarter. Here's a quick summary of the changes:*

Added to Existing Positions**
Apple (AAPL): 31.2 mil. shares bought (23% incr.); stake = $ 28.0 bil.
US Bancorp (USB): 2.0 mil. shares (2% incr.); stake = $ 4.7 bil.
Bank of New York Mellon (BK): 10.6 mil. shares (21% incr.); stake = $ 3.3 bil.
Monsanto (MON): 2.8 mil. shares (31% incr.); stake = $ 1.4 bil.

New Position
Teva (TEVA): 18.9 mil. shares; stake = $ 357.7 mil.

Reduced Positions
Wells Fargo (WFC): 6.0 mil. shares sold (1% decr.); stake = $ 27.8 bil.
American Airlines (AAL): 1.0 mil. shares (2% decr.); stake = $ 2.4 bil.

General Motors (GM): 10.0 mil. shares (16% decr.); stake = $ 2.0 bil.

IBM (IBM): 35.0 mil. shares (94% decr.); stake = $ 314.2 mil.
Sanofi (SNY): 27.4 thous. shares (<1% decr.); stake = $ 166.8 mil.

Berkshire previously announced they may need to sell some of their Wells Fargo shares from time to time to keep the ownership stake below 10%.

Berkshire's latest 13F-HR filing did not indicate any activity was kept confidential.

Occasionally, the SEC allows Berkshire to keep certain moves in the portfolio confidential. The permission is granted by the SEC when a case can be made that the disclosure may cause buyers to drive up the price before Berkshire makes its additional purchases.

Also, Todd Combs and Ted Weschler are responsible for part of the Berkshire equity portfolio. So some of the changes -- especially those involving smaller positions -- will generally be the work of the two portfolio managers.

Top Five Holdings
After the changes, Berkshire's portfolio of equity securities remains mostly made up of financial, consumer, and technology stocks (primarily Apple).

1. Apple (AAPL) = $ 28.0 bil.
2. Wells Fargo (WFC) = $ 27.8 bil.
3. Kraft Heinz (KHC) = $ 25.3 bil.
4. Bank of America (BAC) = $ 20.0 bil.
5. Coca-Cola (KO) = $ 18.4 bil.

As is almost always the case it's a very concentrated portfolio. The top five often represent 60-70 percent and, at times, even more of the equity portfolio. In addition, Berkshire also owns equity securities listed on exchanges outside the U.S., plus fixed maturity securities, cash and cash equivalents, and other investments.

The portfolio excludes all the operating businesses that Berkshire owns outright with ~ 367,000 employees (25 at headquarters) according to the latest available annual report.

Here are some examples of Berkshire's non-insurance businesses:

MidAmerican Energy, Burlington Northern Santa Fe, McLane Company, The Marmon Group, Shaw Industries, Benjamin Moore, Johns Manville, Acme Building, MiTek, Fruit of the Loom, Russell Athletic Apparel, NetJets, Nebraska Furniture Mart, See's Candies, Dairy Queen, The Pampered Chef, Business Wire, Iscar, Lubrizol, Berkshire Hathaway Automotive, Oriental Trading Company, Precision Castparts, and Duracell.
(Among others.)

In addition to the above businesses and investment portfolio, Berkshire's large insurance operation (BH Reinsurance, General Re, GEICO etc.) has historically been rather profitable while providing plenty of "float" for their investments.

See page 116 of the annual report for a more complete listing of Berkshire's businesses.

Adam

Long positions in BRKb, AAPL, USB, WFC, BAC, and KO established at much lower than recent market prices. Also, long position in IBM established near recent market prices. (In each case compared to average cost basis.)

* All values shown are based upon the last trading day of the 4th quarter.
** Berkshire Hathaway's holdings of ADRs are included in the 13F. What is not included are shares listed on exchanges outside the United States. The status of those shares, if a large enough position, are updated in the annual letter. So the only way any of the stocks listed on exchanges outside the U.S. will show up in the 13F is if Berkshire buys the ADR. Also, certain equity holdings are reported separately -- in some cases contributing to a mismatch between what's reported in the annual letter and the end of year 13F -- while investments in things like preferred shares and warrants, when applicable, are not included.
---
This site does not provide investing recommendations as that comes down to individual circumstances. Instead, it is for generalized informational, educational, and entertainment purposes. Visitors should always do their own research and consult, as needed, with a financial adviser that's familiar with the individual circumstances before making any investment decisions. Bottom line: The opinions found here should never be considered specific individualized investment advice and never a recommendation to buy or sell anything.

Berkshire Hathaway 3rd Quarter 2017 13F-HR

The Berkshire Hathaway (BRKa) 3rd Quarter 13F-HR was released yesterday. Below is a summary of the changes that were made to the Berkshire equity portfolio during that quarter.
(For a convenient comparison, here's a post from last quarter that summarizes Berkshire's 2nd Quarter 13F-HR.)

There was both some buying and selling during the quarter. Here's a quick summary of the changes:*

Added to Existing Positions
Apple (AAPL): 3.9 mil. shares bought (3% incr.); stake = $ 20.7 bil.
Monsanto (MON): 832 thous. shares (10% incr.); stake = $ 1.1 bil.

I generally include above only those positions that were worth at least $ 1 billion at the end of the 3rd quarter. In a portfolio this size -- more than $ 310 billion (equities, fixed income, cash, and other investments including Kraft Heinz: KHC at end of quarter market value) according to the latest available filing with roughly half made up of common stocks** -- a position that's less than $ 1 billion doesn't really move the needle much.

Synchrony Financial (SYF) is the only positions added to worth less than $ 1 billion.

New Position
Bank of America (BAC): 679 mil. shares; stake = $ 17.2 bil.

The new position in BofA common stock is the direct result of warrants that were exercised by Berkshire in August of this year. It's now one of Berkshire's top five equity holdings.

From the latest Berkshire 10-Q:

In 2011, we acquired 50,000 shares of 6% Non-Cumulative Perpetual Preferred Stock of Bank of America Corporation (“BAC”) with a liquidation value of $100,000 per share (“BAC Preferred”) and warrants to purchase up to 700,000,000 shares of common stock of BAC (“BAC Warrants”) at $7.142857 per share (up to $5 billion in the aggregate). On August 24, 2017, we exercised all of our BAC Warrants and acquired 700,000,000 shares of BAC common stock. We also surrendered substantially all of our BAC Preferred as payment of the $5 billion cost to exercise the BAC Warrants and acquire the BAC common stock.

The 679 million shares of BofA common stock held by Berkshire at the end of the 3rd quarter is somewhat less than the 700 million shares acquired on August 24th. The remaining shares are reported separately.

Reduced Positions
Wells Fargo (WFC): 3.8 mil. shares sold (<1% decr.); stake = $ 25.6 bil.
IBM (IBM): 17.1 mil. shares (31% decr.); stake = $ 5.4 bil.
Charter (CHTR): 954 thous. shares (10% decr.); stake = $ 3.1 bil.

Berkshire previously announced they may need to sell some of their Wells Fargo shares from time to time to keep the ownership stake below 10%.

No other positions valued at more than $ 1 billion were partially sold off during the quarter.

Sold Positions
WABCO (WBC)

Berkshire's latest 13F-HR filing did not indicate any activity was kept confidential.

Occasionally, the SEC allows Berkshire to keep certain moves in the portfolio confidential. The permission is granted by the SEC when a case can be made that the disclosure may cause buyers to drive up the price before Berkshire makes its additional purchases.

Also, Todd Combs and Ted Weschler are responsible for part of the Berkshire equity portfolio. So some of the changes -- especially those involving smaller positions -- will generally be the work of the two portfolio managers.

Top Five Holdings
After the changes, Berkshire's portfolio of equity securities remains mostly made up of financial, consumer, and technology stocks (primarily IBM and Apple).

1. Wells Fargo (WFC) = $ 25.6 bil.
2. Kraft Heinz (KHC) = $ 25.3 bil.
3. Apple (AAPL) = $ 20.7 bil.
4. Coca-Cola (KO) = $ 18.0 bil.
5. Bank of America (BAC) = $ 17.2 bil.

As is almost always the case it's a very concentrated portfolio. The top five often represent 60-70 percent and, at times, even more of the equity portfolio. In addition, Berkshire also owns equity securities listed on exchanges outside the U.S., plus fixed maturity securities, cash and cash equivalents, and other investments.

The portfolio excludes all the operating businesses that Berkshire owns outright with ~ 367,000 employees (25 being at headquarters) according to the latest available annual report.

Here are some examples of Berkshire's non-insurance businesses:

MidAmerican Energy, Burlington Northern Santa Fe, McLane Company, The Marmon Group, Shaw Industries, Benjamin Moore, Johns Manville, Acme Building, MiTek, Fruit of the Loom, Russell Athletic Apparel, NetJets, Nebraska Furniture Mart, See's Candies, Dairy Queen, The Pampered Chef, Business Wire, Iscar, Lubrizol, Berkshire Hathaway Automotive, Oriental Trading Company, Precision Castparts, and Duracell.
(Among others.)

In addition to the above businesses and investment portfolio, Berkshire's large insurance operation (BH Reinsurance, General Re, GEICO etc.) has historically been rather profitable while providing plenty of "float" for their investments.

See page 116 of the annual report for a more complete listing of Berkshire's businesses.

Adam

Long positions in BRKb, WFC, AAPL, KO, and BAC established at much lower than recent market prices. Also, long position in IBM established somewhat above recent market prices. (In each case compared to average cost basis.)

* All values shown are based upon the last trading day of the 3rd quarter.
** Berkshire Hathaway's holdings of ADRs are included in the 13F. What is not included are shares listed on exchanges outside the United States. The status of those shares, if a large enough position, are updated in the annual letter. So the only way any of the stocks listed on exchanges outside the U.S. will show up in the 13F is if Berkshire buys the ADR. Also, certain equity holdings are reported separately while investments in things like preferred shares and warrants, when applicable, are not included in the Berkshire 13F.
---
This site does not provide investing recommendations as that comes down to individual circumstances. Instead, it is for generalized informational, educational, and entertainment purposes. Visitors should always do their own research and consult, as needed, with a financial adviser that's familiar with the individual circumstances before making any investment decisions. Bottom line: The opinions found here should never be considered specific individualized investment advice and never a recommendation to buy or sell anything.

Berkshire Hathaway 2nd Quarter 2017 13F-HR

The Berkshire Hathaway (BRKa) 2nd Quarter 13F-HR was released yesterday. Below is a summary of the changes that were made to the Berkshire equity portfolio during that quarter.
(For a convenient comparison, here's a post from last quarter that summarizes Berkshire's 1st Quarter 13F-HR.)

There was both some buying and selling during the quarter. Here's a quick summary of the changes:*

Added to Existing Positions
Apple (AAPL): 835 thous. shares bought (<1% incr.); stake = $ 18.8 bil.
Bank of New York (BK): 17.2 mil. shares (52% incr.); stake = $ 2.6 bil.
General Motors (GM): 10.0 mil. shares (20% incr.); stake = $ 2.1 bil.
Lib. SiriusXM (LSXMK): 8.8 mil. shares (39% incr.); stake = $ 1.3 bil.

I generally include above only those positions that were worth at least $ 1 billion at the end of the 2nd quarter. In a portfolio this size -- ~$ 307 billion (equities, fixed income, cash, and other investments including Kraft Heinz: KHC at end of quarter market value) according to the latest available filing with just about half made up of common stocks** -- a position that's less than $ 1 billion doesn't really move the needle much.

Liberty SiriusXM (LSXMA) is the only position added to worth less than $ 1 billion.

New Positions
STORE Capital (STOR): 18.6 mil. shares; stake = $ 418 mil.
Synchrony Financial (SYF): 17.5 mil. shares; stake = $ 521 mil.

Berkshire's latest 13F-HR filing did not indicate any activity was kept confidential.

Occasionally, the SEC allows Berkshire to keep certain moves in the portfolio confidential. The permission is granted by the SEC when a case can be made that the disclosure may cause buyers to drive up the price before Berkshire makes its additional purchases.

Reduced Positions
Wells Fargo (WFC): 11.7 mil. shares sold (2% decr.); stake = $ 25.9 bil.
IBM (IBM): 10.5 mil. shares (16% decr.); stake = $ 8.3 bil.
Delta Airlines (DAL): 1.9 mil. shares (3% decr.); stake = $ 2.9 bil.
American Airlines (AAL): 2.3 mil. shares (4% decr.); stake = $ 2.4 bil.
United Airlines (UAL): 740 thous. shares (2% decr.); stake = $ 2.1 bil.

Warren Buffett previously said that Berkshire had been selling its IBM shares during the 1st and 2nd quarter.

Berkshire also had previously announced they will need to sell some of their Wells Fargo shares to keep the ownership stake below 10%.

No other positions valued at more than $ 1 billion were partially sold off during the quarter. Reduced position worth less than $ 1 billion included Sirius XM (SIRI) and WABCO Holdings (WBC).

Sold Positions
General Electric (GE)

Todd Combs and Ted Weschler are responsible for an increasingly large number of the moves in the Berkshire equity portfolio. These days, any changes involving smaller positions will generally be the work of the two portfolio managers.

Top Five Holdings
After the changes, Berkshire Hathaway's portfolio of equity securities remains mostly made up of financial, consumer, and technology stocks (primarily IBM and Apple).

1. Kraft Heinz (KHC) = $ 27.9 bil.
2. Wells Fargo (WFC) = $ 25.9 bil.
3. Apple (AAPL) = $ 18.8 bil.
4. Coca-Cola (KO) = $ 17.9 bil.
5. American Express (AXP) = $ 12.8 bil.

As is almost always the case it's a very concentrated portfolio. The top five often represent 60-70 percent and, at times, even more of the equity portfolio. In addition, Berkshire also owns equity securities listed on exchanges outside the U.S., plus fixed maturity securities, cash and cash equivalents, and other investments.

The portfolio excludes all the operating businesses that Berkshire owns outright with ~ 367,000 employees (25 being at headquarters) according to the latest available annual report.

Here are some examples of Berkshire's non-insurance businesses:

MidAmerican Energy, Burlington Northern Santa Fe, McLane Company, The Marmon Group, Shaw Industries, Benjamin Moore, Johns Manville, Acme Building, MiTek, Fruit of the Loom, Russell Athletic Apparel, NetJets, Nebraska Furniture Mart, See's Candies, Dairy Queen, The Pampered Chef, Business Wire, Iscar, Lubrizol, Berkshire Hathaway Automotive, Oriental Trading Company, Precision Castparts, and Duracell.
(Among others.)

In addition to the above businesses and investment portfolio, Berkshire's large insurance operation (BH Reinsurance, General Re, GEICO etc.) has historically been rather profitable while providing plenty of "float" for their investments.

See page 116 of the annual report for a more complete listing of Berkshire's businesses.

Adam

Long positions in BRKb, WFC, AAPL, KO, and AXP established at much lower than recent market prices. Also, long position in IBM established somewhat above recent market prices. (In each case compared to average cost basis.)

* All values shown are based upon the last trading day of the 2nd quarter.
** Berkshire Hathaway's holdings of ADRs are included in the 13F. What is not included are shares listed on exchanges outside the United States. The status of those shares, if a large enough position, are updated in the annual letter. So the only way any of the stocks listed on exchanges outside the U.S. will show up in the 13F is if Berkshire buys the ADR. Also, certain equity holdings are reported separately while investments in things like preferred shares (along with valuable warrants, where applicable, as explained in the recent letters) are not included in the Berkshire 13F.
---
This site does not provide investing recommendations as that comes down to individual circumstances. Instead, it is for generalized informational, educational, and entertainment purposes. Visitors should always do their own research and consult, as needed, with a financial adviser that's familiar with the individual circumstances before making any investment decisions. Bottom line: The opinions found here should never be considered specific individualized investment advice and never a recommendation to buy or sell anything.

Berkshire Hathaway 1st Quarter 2017 13F-HR

The Berkshire Hathaway (BRKa) 1st Quarter 13F-HR was released yesterday. Below is a summary of the changes that were made to the Berkshire equity portfolio during that quarter.
(For a convenient comparison, here's a post from last quarter that summarizes Berkshire's 4th Quarter 13F-HR.)

There was both some buying and selling during the quarter. Here's a quick summary of the changes:*

Added to Existing Positions
Apple (AAPL): 72 mil. shares (125% incr.); stake = $ 18.6 bil.
Southwest (LUV): 4.5 mil. shares (10%); stake = $ 2.6 bil.
American Airlines (AAL): 3.7 mil. shares (8%); stake = $ 2.1 bil.
Bank of New York (BK): 11.3 mil. shares (52%); stake = $ 1.6 bil.

I generally include above only those positions that were worth at least $ 1 billion at the end of the 1st quarter. In a portfolio this size -- more than $ 301 billion (equities, fixed income, cash, and other investments including Kraft Heinz: KHC at end of quarter market value) according to the latest available filing with roughly half made up of common stocks** -- a position that's less than $ 1 billion doesn't really move the needle much.

Positions that were added worth less than $ 1 billion include Sirius XM (SIRI) and Liberty SiriusXM Group (LSXMA, LSXMK).

New Positions
There were no entirely new positions added during the quarter.

Warren Buffett previously mentioned that Berkshire had purchased shares of Southwest Airlines during the 4th quarter.

Berkshire's latest 13F-HR filing did not indicate any activity was kept confidential.

Occasionally, the SEC allows Berkshire to keep certain moves in the portfolio confidential. The permission is granted by the SEC when a case can be made that the disclosure may cause buyers to drive up the price before Berkshire makes its additional purchases.

Reduced Positions
IBM (IBM): 16.7 mil. shares (20% decr.); stake = $ 11.2 bil.
Delta Airlines (DAL): 5.0 mil. shares (8% decr.); stake = $ 2.5 bil.

That 20% decrease in IBM shares naturally only reflects what was sold in the 1st quarter. Warren Buffett previously mentioned that Berkshire had, in total, sold roughly a third of its shares in IBM during the 1st and 2nd quarter.

No other positions valued at more than $ 1 billion were partially sold off during the quarter. The only reduced position worth less than $ 1 billion was WABCO Holdings (WBC).

Sold Positions
Twenty-First Century Fox (FOXA)

Todd Combs and Ted Weschler are responsible for an increasingly large number of the moves in the Berkshire equity portfolio. These days, any changes involving smaller positions will generally be the work of the two portfolio managers.

Top Five Holdings
After the changes, Berkshire Hathaway's portfolio of equity securities remains mostly made up of financial, consumer, and technology stocks (primarily IBM and Apple).

1. Kraft Heinz (KHC) = $ 29.6 bil.
2. Wells Fargo (WFC) = $ 26.7 bil.
3. Apple (AAPL) = $ 18.6 bil.
4. Coca-Cola (KO) = $ 17.0 bil.
5. American Express (AXP) = $ 12.0 bil.

As is almost always the case it's a very concentrated portfolio. The top five often represent 60-70 percent and, at times, even more of the equity portfolio. In addition, Berkshire also owns equity securities listed on exchanges outside the U.S., plus fixed maturity securities, cash and cash equivalents, and other investments.

The portfolio excludes all the operating businesses that Berkshire owns outright with ~ 367,000 employees (25 being at headquarters) according to the latest available annual report.

Here are some examples of Berkshire's non-insurance businesses:

MidAmerican Energy, Burlington Northern Santa Fe, McLane Company, The Marmon Group, Shaw Industries, Benjamin Moore, Johns Manville, Acme Building, MiTek, Fruit of the Loom, Russell Athletic Apparel, NetJets, Nebraska Furniture Mart, See's Candies, Dairy Queen, The Pampered Chef, Business Wire, Iscar, Lubrizol, Berkshire Hathaway Automotive, Oriental Trading Company, Precision Castparts, and Duracell.
(Among others.)

In addition to the above businesses and investment portfolio, Berkshire's large insurance operation (BH Reinsurance, General Re, GEICO etc.) has historically been rather profitable while providing plenty of "float" for their investments.

See page 116 of the annual report for a more complete listing of Berkshire's businesses.

Adam

Long positions in BRKb, WFC, AAPL, KO, and AXP established at much lower than recent market prices. Also, long position in IBM established somewhat above recent market prices. (In each case compared to average cost basis.)

* All values shown are based upon the last trading day of the 1st quarter.
** Berkshire Hathaway's holdings of ADRs are included in the 13F. What is not included are shares listed on exchanges outside the United States. The status of those shares, if a large enough position, are updated in the annual letter. So the only way any of the stocks listed on exchanges outside the U.S. will show up in the 13F is if Berkshire buys the ADR. Also, certain equity holdings are reported separately while investments in things like preferred shares (along with valuable warrants, where applicable, as explained in the recent letters) are not included in the Berkshire 13F.
---
This site does not provide investing recommendations as that comes down to individual circumstances. Instead, it is for generalized informational, educational, and entertainment purposes. Visitors should always do their own research and consult, as needed, with a financial adviser that's familiar with the individual circumstances before making any investment decisions. Bottom line: The opinions found here should never be considered specific individualized investment advice and never a recommendation to buy or sell anything.

Berkshire Hathaway 4th Quarter 2016 13F-HR

The Berkshire Hathaway (BRKa) 4th Quarter 13F-HR was released yesterday. Below is a summary of the changes that were made to the Berkshire equity portfolio during that quarter.
(For a convenient comparison, here's a post from last quarter that summarizes Berkshire's 3rd Quarter 13F-HR.)

There was both some buying and selling during the quarter. Here's a quick summary of the changes:*

Added to Existing Positions
Apple (AAPL): 42.1 mil. shares (276% incr.); stake = $ 6.6 bil.
Delta Air Lines (DAL): 53.7 mil. shares (847%); stake = $ 3.0 bil.
American Airlines (AAL): 23.8 mil. shares (109%); stake = $ 2.1 bil.
United Continental (UAL): 24.4 mil. shares (538%); stake = $ 2.1 bil.
Bank of New York (BK): 535 thous. shares (2%); stake = $ 1.0 bil.

I generally include above only those positions that were worth at least $ 1 billion at the end of the 4th quarter. In a portfolio this size -- roughly $ 257 billion (equities, fixed income, cash, and other investments including Kraft Heinz: KHC at end of quarter market value) according to the latest available filing with just about half made up of common stocks** -- a position that's less than $ 1 billion doesn't really move the needle much. No positions worth less than $ 1 billion were added during the quarter.

New Positions
Southwest Airlines (LUV): 43.2 mil. shares; stake = $ 2.2 bil.
Monsanto (MON): 8.04 mil. shares; stake = $ 846 mil.
Sirius XM Holdings (SIRI): 167 mil. shares; stake = $ 742 mil.

Warren Buffett previously mentioned that Berkshire had purchased shares of Southwest Airlines during the 4th quarter.

Berkshire's latest 13F-HR filing did not indicate any activity was kept confidential.

Occasionally, the SEC allows Berkshire to keep certain moves in the portfolio confidential. The permission is granted by the SEC when a case can be made that the disclosure may cause buyers to drive up the price before Berkshire makes its additional purchases.

Reduced Positions
No positions still valued at more than $ 1 billion were partially sold off during the quarter. Positions that were sold in part but worth less than $ 1 billion include Wal-Mart (WMT) and Verizon (VZ).

Sold Positions
Deere & Company (DE)
Kinder Morgan (KMI)
Liberty Media/Formula One Group (FWONK) - Formerly LMCK
Liberty Media/Formula One Group (FWONA) - Formerly LMCA
Now, Inc. (DNOW)
Lee Enterprises (LEE)

Todd Combs and Ted Weschler are responsible for an increasingly large number of the moves in the Berkshire equity portfolio. These days, any changes involving smaller positions will generally be the work of the two portfolio managers.

Top Five Holdings
After the changes, Berkshire Hathaway's portfolio of equity securities remains mostly made up of financial, consumer, and technology stocks (primarily IBM and Apple).

1. Kraft Heinz (KHC) = $ 28.4 bil.
2. Wells Fargo (WFC) = $ 26.4 bil.
3. Coca-Cola (KO) = $ 16.6 bil.
4. IBM (IBM) = $ 13.5 bil.
5. American Express (AXP) = $ 11.2 bil.

As is almost always the case it's a very concentrated portfolio. The top five often represent 60-70 percent and, at times, even more of the equity portfolio. In addition, Berkshire owns equity securities listed on exchanges outside the U.S., plus fixed maturity securities, cash and cash equivalents, and other investments.

The portfolio excludes all the operating businesses that Berkshire owns outright with ~ 361,000 employees (25 being at headquarters) according to the latest available letter. Numbers like these -- along with many other things of interest especially for Berkshire shareholders -- should be updated in the next annual report and letter.

Here are some examples of Berkshire's non-insurance businesses:

MidAmerican Energy, Burlington Northern Santa Fe, McLane Company, The Marmon Group, Shaw Industries, Benjamin Moore, Johns Manville, Acme Building, MiTek, Fruit of the Loom, Russell Athletic Apparel, NetJets, Nebraska Furniture Mart, See's Candies, Dairy Queen, The Pampered Chef, Business Wire, Iscar, Lubrizol, Berkshire Hathaway Automotive, Oriental Trading Company, Precision Castparts, and Duracell.
(Among others.)

In addition to the above businesses and investment portfolio, Berkshire's large insurance operation (BH Reinsurance, General Re, GEICO etc.) has historically been rather profitable while providing plenty of "float" for their investments.

See page 115 of the annual report for a more complete listing of Berkshire's businesses.

Adam

Long positions in BRKb, WFC, KO, AXP, and AAPL established at much lower than recent market prices. Also, long positions in WMT and IBM established somewhat below recent market prices. (In each case compared to average cost basis.)

* All values shown are based upon the last trading day of the 4th quarter.
** Berkshire Hathaway's holdings of ADRs are included in the 13F. What is not included are shares listed on exchanges outside the United States. The status of those shares, if a large enough position, are updated in the annual letter. So the only way any of the stocks listed on exchanges outside the U.S. will show up in the 13F is if Berkshire buys the ADR. Also, certain equity holdings are reported separately while investments in things like preferred shares (along with valuable warrants, where applicable, as explained in the recent letters) are not included in the Berkshire 13F.
---
This site does not provide investing recommendations as that comes down to individual circumstances. Instead, it is for generalized informational, educational, and entertainment purposes. Visitors should always do their own research and consult, as needed, with a financial adviser that's familiar with the individual circumstances before making any investment decisions. Bottom line: The opinions found here should never be considered specific individualized investment advice and never a recommendation to buy or sell anything.

Berkshire Hathaway 3rd Quarter 2016 13F-HR

The Berkshire Hathaway (BRKa) 3rd Quarter 13F-HR was released yesterday. Below is a summary of the changes that were made to the Berkshire equity portfolio during that quarter.
(For a convenient comparison, here's a post from last quarter that summarizes Berkshire's 2nd Quarter 13F-HR.)

There was both some buying and selling during the quarter. Here's a quick summary of the changes:*

Added to Existing Positions
Phillips 66 (PSX): 1.9 mil. shares (2% incr.); tot. stake $ 6.5 bil.
Charter (CHTR): 106 thous. shares (1% incr.); tot. stake $ 2.5 bil.

I've included above only those positions worth at least $ 1 billion at the end of the 3rd quarter. In a portfolio this size -- more than $ 257 billion (equities, fixed income, cash, and other investments including Kraft Heinz: KHC at end of quarter market value) as of the latest available filing with roughly half made up of common stocks** -- a position that's less than $ 1 billion doesn't really move the needle much.

Shares that were added to among positions worth less than $ 1 billion include Liberty SiriusXM (LSXMK), Liberty Global (LBTYA), Visa (V), Bank of New York Mellon (BK), WABCO Holdings (WBC), and Liberty SiriusXM (LSXMA).

New Positions
American Airlines (AAL): 21.8 mil. shares; tot. stake $ 797 mil.
Delta Air Lines (DAL): 6.3 mil. shares; tot. stake $ 249 mil.
United Continental Holdings (UAL): 4.5 mil. shares; tot. stake $ 238 mil.

Separately, Warren Buffett noted that Berkshire purchased shares of Southwest Airlines (LUV) after the 3rd quarter ended.
(The 13F-HR naturally only reflects purchases/sales that occurred before the end of the quarter.)

Berkshire's latest 13F-HR filing did not indicate any activity was kept confidential.

Occasionally, the SEC allows Berkshire to keep certain moves in the portfolio confidential. The permission is granted by the SEC when a case can be made that the disclosure may cause buyers to drive up the price before Berkshire makes its additional purchases.

Shares that were sold among positions worth more than $ 1 billion include the following:

Reduced Positions
Deere & Co. (DE): 874 thous. shares (3% decr.); tot. stake $ 1.8 bil.

The other reduced positions worth less than $ 1 billion include Wal-Mart (WMT), Kinder Morgan (KMI), and Liberty Media (LMCK & LMCA).

It's worth mentioning that the Wal-Mart position was sizable -- nearly $ 3 billion -- before roughly two-thirds of the shares were sold last quarter.

Sold Positions
Suncor (SU)
Media General (MEG)

Todd Combs and Ted Weschler are responsible for an increasingly large number of the moves in the Berkshire equity portfolio. These days, any changes involving smaller positions will generally be the work of the two portfolio managers.

Top Five Holdings
After the changes, Berkshire Hathaway's portfolio of equity securities remains mostly made up of financial, consumer and, to a lesser extent, technology stocks (mostly IBM).

1. Kraft Heinz (KHC) = $ 29.1 bil.
2. Wells Fargo (WFC) = $ 21.2 bil.
3. Coca-Cola (KO) = $ 16.9 bil.
4. IBM (IBM) = $ 12.9 bil.
5. American Express (AXP) = $ 9.7 bil.

As is almost always the case it's a very concentrated portfolio. The top five often represent 60-70 percent and, at times, even more of the equity portfolio. In addition, Berkshire owns equity securities listed on exchanges outside the U.S., plus fixed maturity securities, cash and cash equivalents, and other investments.

The portfolio excludes all the operating businesses that Berkshire owns outright with ~ 361,000 employees (25 being at headquarters) according to the latest letter. Numbers like these -- along with many other things of interest especially for Berkshire shareholders -- should be updated in the next annual report and letter.

Here are some examples of Berkshire's non-insurance businesses:

MidAmerican Energy, Burlington Northern Santa Fe, McLane Company, The Marmon Group, Shaw Industries, Benjamin Moore, Johns Manville, Acme Building, MiTek, Fruit of the Loom, Russell Athletic Apparel, NetJets, Nebraska Furniture Mart, See's Candies, Dairy Queen, The Pampered Chef, Business Wire, Iscar, Lubrizol, Berkshire Hathaway Automotive, Oriental Trading Company, Precision Castparts, and Duracell.
(Among others.)

In addition to the above businesses and investment portfolio, Berkshire's large insurance operation (BH Reinsurance, General Re, GEICO etc.) has historically been rather profitable while providing plenty of "float" for their investments.

See page 115 of the 2015 annual report for a more complete listing of Berkshire's businesses.

Adam

Long positions in BRKb, WFC, KO, AXP, and PSX established at much lower than recent market prices. Also, long positions in WMT established at somewhat below recent market prices and IBM established near recent market prices. (In each case compared to average cost basis.)

* All values shown are based upon the last trading day of the 3rd quarter.
** Berkshire Hathaway's holdings of ADRs are included in the 13F. What is not included are shares listed on exchanges outside the United States. The status of those shares, if a large enough position, are updated in the annual letter. So the only way any of the stocks listed on exchanges outside the U.S. will show up in the 13F is if Berkshire buys the ADR. Investments in things like preferred shares (and valuable warrants, where applicable, as explained in the recent letters) are also not included in the 13F.
---
This site does not provide investing recommendations as that comes down to individual circumstances. Instead, it is for generalized informational, educational, and entertainment purposes. Visitors should always do their own research and consult, as needed, with a financial adviser that's familiar with the individual circumstances before making any investment decisions. Bottom line: The opinions found here should never be considered specific individualized investment advice and never a recommendation to buy or sell anything.