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Berkshire Hathaway portfolio: All 47 Buffett shares





<p type = "text" content = "When people think of the portfolio of Berkshire Hathaway ( BRK.B ) and its collection of holdings, most of which were chosen by Chairman and CEO Warren Buffett , the companies that come to mind most likely are American Express ( AXP ), Coca-Cola ( KO ) and, more recently, Apple ( AAPL ). "data -reactid = "29"> When people think of the Berkshire Hathaway (BRK.B) portfolio and the collection of holdings, most of which were chosen by chairman and CEO Warren Buffett, the companies that come to mind are American Express ( AXP), Coca-Cola (KO) and, most recently, Apple (AAPL).

But a deep dive into Berkshire Hathaway's stock records reveals a more complicated picture.

<p type = "text" content = "Berkshire Hathaway held positions in 47 separate shares as of June 30 as of the last filing (August 1[ads1]4) with the Securities and Exchange Commission – down from 48 in the first quarter of this year , when he dumped USG Corp. ( USG ) But the portfolio of "Buffett shares" is not as diverse as the number suggests. In some cases, BRK.B owns more than one class of shares in the same company. so small that there are insignificant remnants from previous games that Oracle of Omaha has not yet completed. "data-reactid =" 31 "> Berkshire Hathaway held positions in 47 separate shares as of June 30, according to its latest filing (August 14) ) at the Securities and Exchange Commission – down from 48 in the first quarter of this year when he dumped USG Corp. (USG). But the portfolio of "Buffett shares" is not as diverse as the number suggests. In some cases, BRK.B owns more than one share class in the same company. Some holdings are so small that they are insignificant remnants of previous games that Oracle of Omaha has not yet completed.

And perhaps the most important thing is that Berkshire Hathaway's equity portfolio is actually quite concentrated. The top six holdings account for almost 70% of the portfolio's total value. The top 10 positions make up 80%. Banks and airlines, to cite a few sectors, carry quite a lot in this portfolio. Then there is the fact that several Buffett shares were actually picked out by portfolio managers Todd Combs and Ted Weschler.

Here, we examine each share to give investors a better understanding of the entire Berkshire Hathaway portfolio.

<p type = "text" content = "United Parcel Service ( UPS $ 113.90) is perhaps the world's largest parcel delivery company, but it is immaterial when it comes to Berkshire Hathaway's portfolio. 60,000 shares are the most lean of Buffett shares – a butt position, leftovers, a strange mass. "Data-reactid =" 57 "> United Parcel Service (UPS, $ 113.90) may be the world's largest parcel delivery company, but it is immaterial to Berkshire Hathaway's portfolio. With fewer than 60,000 shares, this is the most lean of Buffett shares – a butt position, leftovers, a strange mass.

Buffett first invested in UPS in the first quarter of 2006, when he acquired 1.43 million shares worth about $ 113.5 million. This is equivalent to an average price per share of $ 79.38.

<p type = "text" content = "UPS was never a significant part of Berkshire's portfolio, and Buffett has paired the position over the years to where it would not be a surprise if he left the stake at any time (Berkshire dropped recently another small stake – telecom giant Verizon ( VZ ) – in the first quarter of 2019 when it dumped its last 928 shares. "" data-reactid = "59"> UPS was never a big part of Berkshire's portfolio, and Buffett has paired the position over the years until it wouldn't be a surprise if he left the stake at any time (Berkshire recently dropped another small stake – telecom giant Verizon (VZ)) in the first quarter of 2019 when it dumped its last 928 shares .)

Although Buffett can be quite talkative at times with some of his more notable stock picks, BRK.B's purchases and sales do not usually comment on United Parcel Service in CNBC's indispensable Warren Buffett- But one clue as to why UPS never became a major part of Berkshire Hathaway's ownership may be the fact that since March 31, 2006, it has yielded a total return of 110%. But Standard & Poor's 500-share index yielded a total return of 187% over the same time frame.

Translation: UPS has been a bust for BRK.B.

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Shares: 578,000

Holding value: $ 31 154,000

Portfolio share: 0.02%

<p class =" canvas atom canvas text Mb (1.0 em) Mb (0) – sm Mt (0.8 em) – sm "type =" text "content =" Berkshire Hathaway & # 39; s Mondelez ( MDLZ $ 53.78), which originated from Buffett's investment in 2007 in what was then known as Kraft Foods, changed its name to Mondelez in 2012 after spinning off its North American grocery business, which was named Kraft Foods Group and traded under the ticker KRFT. 2015, in an agreement supported by Buffett, KRFT merged with HJ Heinz to form Kraft Heinz ( KHC ). " data-reactid = "89"> Berkshire Hathaways Mondelez (MDLZ, $ 53.78) which stems from Buffett's investment in 2007 in what was then known as Kraft Foods. The packed food company changed its name to Mondelez in 2012 after spinning off its North American grocery business, which was called the Kraft Foods Group and traded under the ticker KRFT. In 2015, in an agreement supported by Buffett, KRFT merged with H. J. Heinz to form Kraft Heinz (KHC).

As we will soon see, Berkshire Hathaway has a significant stake in KHC. When it comes to Mondelez? Not so much. Shares in MDLZ, whose brands include Oreo cookies and Triscuit biscuits, have underperformed the S&P 500 since the spinoff.

It doesn't sound like Buffett is anything in love with MDLZ, either. In 2017, he fueled speculation that Kraft Heinz would buy the global snack giant.

Berkshire Hathaway owns only 0.04% of Mondelez outstanding shares, according to data from S&P Global Market Intelligence. MDLZ represents only 0.01% of the total value of Berkshire Hathaway's equity portfolio. Nothing to see here, folks.

<h3 class = "canvas atom canvas text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "SEE ALSO: The 19 best the shares to buy for the rest of 2019 "data-reactid =" 93 "> SEE ALSO: The 19 best stocks to buy for the rest of 2019

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Shares: 315,400 [19659016] Holding value: $ 34,584,000

Percentage of portfolio: 0.02%

<p class = "canvas-atom canvas text Mb (1.0 em) Mb (0) – sm Mt (0, 8 cm) – sm "type =" text "content =" Procter & Gamble ( PG $ 117.39), the consumer product giant and component of the Dow Jones Industrial Average, is another stock that has fallen by the wayside an investment in Berkshire Hathaway. "data-reactid =" 116 "> Procter & Gamble (PG, $ 117.39), consumer product giant and component one in the Dow Jones Industrial Average, is another acceptable company that has fallen by the wayside as a Berkshire Hathaway investment. [19659018] Buffett came to own P&G – a manufacturer of tidal detergent, Crest toothpaste and Pampers diapers – after an expression of the company's acquisition of Gillette's razor from 2005. At that time, Buffett, a major shareholder in Gillette, called the bond a " dream deal. " P&G became one of BRK.B's largest equity positions.

That dream didn't last very long. The major recession eroded the price strength of old line insurance companies such as P&G. The company embarked on a plan to throw away 100 underperforming brands. The Duracell battery business happened to be on the list, and Berkshire bought it in 2014 in exchange for PG shares. Two years later, Buffett pared the remaining P&G stake with 99%.

Don't be surprised if Buffett drops the remaining stock anytime now. He is basically out.

<h3 class = "canvas atom canvas text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "SEE ALSO: 7 shares Warren Buffett buys or sells "data-reactid =" 120 "> SEE ALSO: 7 Shares Warren Buffett buys or sells

<p class =" canvas-atom canvas text Mb (1.0 em) Mb (0 ) – sm Mt (0.8em) – sm "type =" text "content =" Getty Images "data-reactid =" 138 "> Getty Images [19659022] Shares: 327,100 [19659021] Holding Value: $ 45,558,000

Portfolio Share: 0.02%

<p class = "Canvas Atom Canvas Text Mb (1.0 cm) Mb (0) – cm Mt (0.8 cm ) – sm "type =" text "content =" Johnson & Johnson; ( JNJ $ 130.54), is similar to P&G; another defensive Dow stock that has fallen out of favor at Buffett. (By the way, Kraft Foods was also a Dow stock for a time, from 2008 to 2012.) BRK.B's interest peaked more than a decade ago. The reading system is nothing more than a symbol of learning. " data-reactid = "143"> Johnson & Johnson (JNJ, $ 130.54), is similar to P&G, another defensive Dow stock that has fallen out of favor with Buffett. (By the way, Kraft Foods was also a Dow share for a time, from 2008 to 2012.) BRK.B's interest peaked more than a decade ago. Now, the diversified health care system represents nothing more than a token stake.

You can blame the management's error. J&J struggled with production issues and accusations of illegal marketing practices in 2010 and 2011. Buffett was critical of the company for these forks, as well as using too much of its own stock in its acquisition of unit manufacturer Synthes in 2011. Unknown with Johnson & Johnson dumped Buffett holds most of Berkshire's ownership stake in 2012.

Berkshire's position in JNJ peaked at 64.3 million shares in 2007. Today, the holding company's shareholding amounts to only 327,100 shares (approximately $ 46 million), representing less than 0.02 % of outstanding shares. Thus, Johnson & Johnson could disappear from the ranks of Buffett shares in the near future.

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Shares (Class A / Class C): 2 714 854/1 284 020

Holding Value (Class A / Class C): $ 46,777,000 / $ 22,072,000

Percentage of Portfolio (Total): 0.03%

< p class = "canvas-atom canvas text Mb (1.0 em) Mb (0) – sm Mt (0.8 em) – sm" type = "text" content = "Liberty Latin America Class A ( LILA $ 15.48) and Liberty Latin America Class C ( LILAK $ 15.55) shares are just the first of several examples of BRK.B which mainly targets the physician dary pay-TV mogul John Malone. "Data-reactid =" 169 "> Liberty Latin America Class A (LILA, $ ​​15.48) and Liberty Latin America Class C (LILAK, $ 15.55) are just the first of several examples of BRK.B which are essentially bets on legendary pay-TV mogul John Malone.

<p class = "canvas atom canvas text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Liberty Latin America supplies cable, broadband, telephone and wireless services in Chile, Puerto Rico, the Caribbean and other parts of Latin America. Liberty Global ( LBTYA ), the multinational telecommunications company in which Berkshire also has a stake, issued tracking inventory of its Latin American business in 2015, and then played those operations completely in 2018. "data-reactid =" 170 "> Liberty Latin America offers cable, broadband, telephone and wireless services in Chile, Puerto Rico, the Caribbean and other parts of Latin America. Liberty Global (LBTYA), the multinational telecommunications company in which Berkshire also has a stake, issued tracking stock of its Latin American operations in 2015, and then replayed the operation fully in 2018.

As we will see below, Berkshire has several other investments in Malone- supported enterprises. Malone, a pioneer in the telecom industry and a multibillionaire himself, has created greater value for shareholders over his long career.

Whether the various investments are Buffett's ideas from his portfolio managers, the appeal is clearly understandable: Games know games.

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Shares: 10,758,000

Holding value: $ 335,219,000

Percentage of portfolio: 0.16%

<p class = "canvas-atom canvas text Mb (1.0 em) Mb (0 ) – sm Mt (0.8em) – sm "type =" text "content =" Warren Buffett made a move in the energy sector by initiating a fluctuation in Suncor Energy ( SU $ 27.61) in the fourth and it's a rarity among Buffett shares, since it's not US-based. "data-reactid =" 196 "> Warren Buffett made a move in the energy sector by opening a position in Suncor Energy (SU, $ 27.61) in the fourth quarter of 2018. And that is a rarity among Buffett shares, as it is not US-based.

If this bets on Canada's largest oil and gas company sounds familiar, it should: This is the second time Berkshire Hathaway takes a stab at Suncor. The company initially invested in the energy giant in 2013, and then sold the entire position three years later. Suncor – an integrated energy giant that operates in oil sands development, offshore oil production, biofuels and even wind power – also sells its refined fuel through a network of more than 1,500 Petro-Canada stations.

Berkshire's stake represents only 0.16% of Suncor's outstanding shares, according to data from S&P Global Market Intelligence. Berkshire Hathaway's only other investment in the energy sector is its position in oil and gas refining and markets Phillips 66.

<p class = "canvas atomic canvas text Mb (1.0em) Mb (0) – sm Mt (0.8 cm) – sm "type =" text "content =" Suncor is also a member of Canadian Dividend Aristocrats by raising its annual dividend payments for 17 consecutive years. "data-reactid =" 199 "> Suncor is also a member of the Canadian Dividend Aristocrats by raising its annual dividend payments for 17 consecutive years.

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Shares held: 43,249,295

Holding value: $ 399 191 000

Portfolio share: 0.19%

<p class = "canvas-atom canvas text Mb (1.0 em) Mb (0) – sm Mt (0.8 cm) – sm "type =" text "content =" When Berkshire Hathaway revealed that it took a stake in Teva Pharmaceutical ( TEVA $ 6.16) in the fourth quarter of 2017 , it looked like a classic Warren Buffett value move. " data-reactid = "223"> When Berkshire Hathaway revealed that it acquired a stake in Teva Pharmaceutical (TEVA, $ 6.16) in the fourth quarter of 2017, it looked like a classic Warren Buffett value move.

The Israel-based medicine manufacturer was not in favor – to say the least. An inflated balance, mass layoffs and the looming end of drug patents had short sellers licking their chops.

<p class = "Canvas Atom Canvas Text Mb (1.0 cm) Mb (0) – sm Mt (0.8) cm) – sm" type = "text" content = "When Buffett entered, Teva shares about 70% from the top of mid 2015. Berkshire then doubled its stake in Teva during the first quarter of 2018 when shares looked very good. "Data-reactid =" 225 "> Then Buffett came in, Teva shares were about 70% off the top of mid 2015. Berkshire then doubled its stake in Teva during the first quarter of 2018, when the shares looked really cheap.

They look even cheaper now. Teva, which has lost nearly two-thirds of its value since the start of Q2 2018, trades at just over 2.5 times analysts' estimates for future earnings – a fraction of the S&P 500's future P / E. Meanwhile, BRK.B 4.3% of Teva's outstanding shares.

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: 14 166 748

Holding value: $ 419,052,000 [19659045] Percentage of portfolio: 0.20%

<p class = "canvas-atom canvas text Mb (1.0 cm) Mb (0) – sm Mt (0.8 cm) – -sm" type = "text" content = "Berkshire Hathaway announced in October 2018 that it would take a stake in StoneCo ( STNE $ 30.52) when the Brazilian finance technology company went public, given the relatively small position in STNE, and the fact that it's a fintech company, it should come as no surprise that the position was taken on by Buffett Lieutenant Todd Combs – with Oracle of Omaha's blessing, no doubt. "data-reactid =" 233 "> Berkshire Hathaway announced in October 2018 that it would take a stake in StoneCo (STNE, $ 30.52) as the Brazilian finance technology company went public. Given the relatively small position in STNE, and the fact that it is a fintech company, it should come as no surprise that the position was initiated by Buffett Lieutenant Todd Combs – with Oracle of Omaha's blessing, no doubt.

StoneCo, which supplies software and hardware for companies to facilitate credit and debit card payments, reported a 69% jump in sales in the previous year in the second quarter to $ 586.2 million, or $ 145.1 million, topping Wall Street estimates. Adjusted net income increased 172% the previous year to 194.0 million real, or $ 48 million.

StoneCo fits well with Berkshire Hathaway's general ability of companies to facilitate and process payments. "Payments are a big deal all over the world," Warren Buffett said at the Berkshire shareholders' meeting in 2018.

<h3 class = "canvas-atom canvas text Mb (1.0 em) Mb (0) – sm Mt ( 0.8 em) – -sm "type =" text "content =" SEE ALSO: The 11 hottest IPOs to look for in 2019 "data-reactid =" 236 "> ALSO SEE: 11 hottest IPOs to watch in 2019

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Shares: 5,552,715

Holding value: $ 519,401,000

Percentage of portfolio: 0.25%

<p class = "canvas-atom canvas -text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "After Suncor, Phillips 66 ( PSX $ 97.47) is Berkshire Hathaway's only other investment in the energy sector, Buffett first bought shares in the oil and gas company in 2012. But despite the fact that he garnered praise for PSX lately, Buffett has dramatically reduced his stake over the past year. "data-reactid =" 259 "> After Suncor, Phillips 66 (PSX, $ 97.47) is Berkshire Hathaway's only other investment in the energy sector. Buffett first bought shares in the oil and gas company in 2012. But despite earning praise for PSX previously, Buffett has dramatically reduced its stake in the past year.

In the first quarter of 2018, he sold a full 35 million shares, reducing BRK.B's stake by more than 40%. However, it was only done to avoid The buyer of the shares was actually no inferior to the PSX.

As Buffett said at the time: "Phillips 66 is a great company with a diversified downstream portfolio and a strong leadership team. This transaction was motivated solely by our desire to eliminate the regulatory requirements that accompany ownership levels above 10%. "

The thing is that Buffett continues to burn Berkshire Hathaway's PSX holdings. Even after the big sale back to PSX in Q1 2018, BRK.B remained the company's largest shareholder with 9.8% of all outstanding shares. But Buffett continued to sell, but in the first quarter of 2019 he pared Berkshire's stake with a further 53%, Berkshire now owns only 1.2% of Phillips 66's outstanding shares, and Buffett has been a distinctive mum for its reasons for the sale.

<h3 class = "canvas atom canvas text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "SEE ALSO: 20 by Wall Street & # 39; s Newest Dividend Stocks "data-reactid =" 263 "> SEE ALSO: 20 of Wall Street & # 39; s Newest Dividend Stocks

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Shares: 6,353,727

Holdi Revenue value: $ 568,405,000

Portfolio Share: 0.27%

Torchmark is a small holding for Berkshire Hathaway, but a natural stake. After all, it is a life and health insurance company, and various wholly owned insurance companies form the core of BRK.B's ownership interests.

Berkshire Hathaway has owned shares in Torchmark since the beginning of 2001, and although it is a boring company, it has quietly been a very good stock picker. Including dividends, TMK has produced an annual return of 10.5% since March 30, 2001.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – -sm "type =" text "content =" Just note that this many-year-old business has only received a little facelift. Effective August 8, it is now called Globe Life ( GL $ 85.81), which should be reflected in Berkshire's third quarter 13F. "data-reactid =" 288 "> Just note that this many-year-old business has only received a little face lift. Effective August 8, it is now called Globe Life (GL, $ 85.81), which will be reflected in Berkshire's third quarter 13F.

<p class = "canvas-atom canvas text Mb (1.0 cm) Mb (0) – sm Mt (0.8 cm) – sm" type = "text" content = "BRK.B owns 5 , 8% of Torchmark's (now Globelife) shares outstanding, making it the company's third largest shareholder after Vanguard and BlackRock ( BLK ). " data-reactid = "289"> BRK.B owns 5.8% of Torchmark's (now Globelife) outstanding shares, making it the company's third largest shareholder after Vanguard and BlackRock (BLK).

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Shares retained: 8,438,225

Holding value: $ 586,794,000

Portfolio share: 0.28%

<p class = "canvas-atom canvas text Mb (1.0 em) Mb (0) – sm Mt (0.8 em) – sm "type =" text "content =" Investors may be forgiven if they are unfamiliar with Restaurant Brands International ( QSR $ 73.58). It is, after all, a rather bland name. " data-reactid = "313"> Investors may be forgiven if they are unfamiliar with Restaurant Brands International (QSR, $ 73.58). After all, it's a pretty bland name.

But there is no doubt that they know the Canadian fast food chains.

QSR was formed at the merger in 2014 by Burger King and Tim Hortons. Three years later, the company purchased Popeye's Louisiana Kitchen, making it the world's fifth-largest provider of fast-food restaurants.

So where does Warren Buffett come in? Berkshire Hathaway helped fund Burger King's acquisition of Tim Hortons by purchasing a combination of preferred stock and warrants. In a classic Buffett move, he was able to pinpoint a 9% return on preferred stock. QSR redeemed the preferred in 2017 and added to Berkshire's cash stack.

BRK.B still owns 3.3% of the fast food company's outstanding shares, making it QSR's eighth largest investor.

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Shares held : 18,621,674 [19659073] Holding value: $ 618 053 ​​000

Portfolio share: 0.30%

<p class = "canvas-atom canvas text Mb (1.0 em) Mb (0) – sm Mt (0.8 cm) – sm "type =" text "content =" It was remarkable when Buffett revealed Berkshire's position in Store Capital ( GREAT $ 36.22) in summer 2017. Before Store, Real Estate Investment Trusts (REITs) – a way to invest in real estate without owning real assets – was never a big nt the Buffett shares. "data-reactid =" 341 "> It was remarkable when Buffett revealed Berkshire's position in Store Capital (STOR, $ 36.22) in the summer of 2017. Prior to Store, Real Estate Investments (REITs) – a way to invest in real estate without owning the real assets – were never big among the Buffett shares.

In the case of the store, it invests in detached properties including chain restaurants, supermarkets, pharmacies and other retail, service and distribution facilities. That is, Store is a retail game with brick and mortar, which is believed to be in permanent decline.

However, Buffett touted value – and he touted it for quite some time. Store Capital chief executive Christopher Volk told CNBC that Buffett studied REIT for three years before taking the plunge.

Berkshire Hathaway owns 18.6 million shares, which yielded 3.6% as of August 15. With a 8.2% stake, it is Great Capital's second largest shareholder after Vanguard.

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Shares: 20,803,000

Holding value: $ 721,240,000

Portfolio share: 0.35%

<p class = "canvas-atom canvas text Mb (1.0 em) Mb (0) – -sm Mt (0.8 em) – sm "type =" text "content =" Synchrony Financial ( SYF $ 32.76) jibes with Buffett's dedication to credit card companies and banks. Synchrony, a major retailer credit card issuer, was spun by GE Capital in 2014. There are both lender and payment processor – like Buffett's beloved American Express ( AXP ) – but it caters to customers who skew more the middle and lower ends of the income scale. "data-reactid =" 368 "> Synchrony Financial (SYF, $ 32.76) jibes with Buffett's love for credit card companies and banks. Synchrony, a major merchant card issuer, was spun by GE Capital in 2014. It's both a lender and a payment processor – like Buffett's beloved American Express (AXP) – but it caters to customers who are pushing more toward the middle and lower ends of the income scale. [19659082] Berkshire began a position in SYF during the second quarter of 2017, paying an estimated price per share of $ 30.02 Since the end of Q2 2017, the stock has delivered a total return of 15.7%.

BRK.B owns 3% of Synchrony Financial's outstanding shares, making it the & # 39; s seventh largest shareholder.

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Shares: 24,264,000

Holding value: $ 722,339,000

Percentage of portfolio: 0.35%

<p class = "canvas-atom canvas text Mb (1.0 em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Axalta Coating Systems ( AXTA $ 27.52), som lager industrielle belegg og maling for bygningsfasader, rørledninger og biler, er ballen til ballen når det gjelder fusjoner og oppkjøp frisører. Selskapet har avvist mer enn ett oppkjøpstilbud tidligere, og analytikere bemerker at det er et perfekt mål for en rekke globale beleggbedrifter. "Data-reactid =" 394 "> Axalta Coating Systems (AXTA, $ 27,52), som lager industrielle belegg og maling for bygging av fasader, rørledninger og biler, er ballen for ballene når det gjelder fusjoner og oppkjøp frisører. Selskapet har avvist mer enn ett oppkjøpstilbud tidligere, og analytikere bemerker at det er et perfekt mål for en rekke globale beleggbedrifter .

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Berkshire Hathaway engasjerte seg i 2015 , da den kjøpte 20 millioner aksjer i AXTA fra private equity-firmaet Carlyle Group ( CG ). Stavet gir mening gitt at Buffett er en lang tid tilhenger av malingsindustrien; Berkshire Hathaway kjøpte husmalerprodusent Benjamin Moore i 2000. "data-reactid =" 395 "> Berkshire Hathaway ble involvert i 2015, da den kjøpte 20 millioner aksjer i AXTA fra private equity-selskapet Carlyle Group (CG). Andelen er fornuftig gitt at Buffett er en lang tid tilhenger av malingsindustrien; Berkshire Hathaway kjøpte husmalerprodusent Benjamin Moore i 2000.

Berkshire er Axalta største investor, og hadde 10,3% av utestående aksjer.

<h3 class = "canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="SEE ALSO: 10 Small-Cap Value Stocks Analysts Love the Most" data-reactid="397">SEE ALSO: 10 Small-Cap Value Stocks Analysts Love the Most

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Shares held (Class A / Class C): 19,791,000 / 7,346,968

Holding value (Class A / Class C): $534,159,000 / $194,915,000

Percent of portfolio (Total): 0.35%

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="As noted above with Liberty Latin America, Liberty Global Class A (LBTYA$26.03) and Liberty Global Class C (LBTYK$25.73) are part of a spectrum of Berkshire Hathaway holdings in communications and media companies whipped up by billionaire dealmaker John Malone." data-reactid="420">As noted above with Liberty Latin America, Liberty Global Class A (LBTYA, $26.03) and Liberty Global Class C (LBTYK, $25.73) are part of a spectrum of Berkshire Hathaway holdings in communications and media companies whipped up by billionaire dealmaker John Malone.

Liberty Global bills itself as the world&#39;s largest international TV and broadband company, with operations in 10 European countries. Berkshire&#39;s investment in the Class A shares dates to the fourth quarter of 2013. It picked up the Class C shares, which have no voting power, in the first quarter of 2014.

Between the Class A and Class C shares, Berkshire Hathaway owns a 3.7% stake in Liberty Global, according to data from S&P Global Market Intelligence. And the holding company is Liberty&#39;s fifth-largest shareholder.

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Shares held: 137,915,729

Holding value: $769,570,000

Percent of portfolio: 0.37%

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Sirius XM (SIRI$5.97) – a company that reaches more than 100 million listeners via its core satellite radio business and Pandora, which it acquired in 2018 – is another stock pick related to John Malone. Malone is chairman of Liberty Media, which owns a massive stake in Sirius XM." data-reactid="445">Sirius XM (SIRI, $5.97) – a company that reaches more than 100 million listeners via its core satellite radio business and Pandora, which it acquired in 2018 – is another stock pick related to John Malone. Malone is chairman of Liberty Media, which owns a massive stake in Sirius XM.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="As Kiplinger has noted, it&#39;s possible that all of Berkshire&#39;s investments in companies that are somehow tied to Malone&#39;s truly Byzantine corporate structure could very well be the responsibility of one of Buffett&#39;s portfolio managers. Liberty Media was a large position held by Ted Weschler&#39;s Peninsula Capital in his pre-Berkshire days." data-reactid="446">As Kiplinger has noted, it&#39;s possible that all of Berkshire&#39;s investments in companies that are somehow tied to Malone&#39;s truly Byzantine corporate structure could very well be the responsibility of one of Buffett&#39;s portfolio managers. Liberty Media was a large position held by Ted Weschler&#39;s Peninsula Capital in his pre-Berkshire days.

Berkshire first bought shares in SIRI during the final quarter of 2016. Berkshire&#39;s 3.1% stake in the company makes it Sirius XM&#39;s second-largest shareholder after Liberty Media, which owns almost 69% of the shares outstanding.

<h3 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="SEE ALSO: The 25 Best S&amp;P 500 Stocks of the Past 50 Years" data-reactid="448">SEE ALSO: The 25 Best S&P 500 Stocks of the Past 50 Years

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Shares held: 5,958,391

Holding value: $890,899,000

Percent of portfolio: 0.43%

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Few Buff ett stocks a re such natural fits as Travelers (TRV$145.59), the blue-chip insurance giant. Insurance, after all, is the holding company&#39;s core business. In addition to TRV, Berkshire Hathaway has a stake in insurer Torchmark/Globe Life and counts numerous insurer companies as wholly owned subsidiaries. Geico, General Re and United States Liability Insurance Group are just three companies BRK.B owns as part of its sprawling insurance empire." data-reactid="471">Few Buffett stocks are such natural fits as Travelers (TRV, $145.59), the blue-chip insurance giant. Insurance, after all, is the holding company&#39;s core business. In addition to TRV, Berkshire Hathaway has a stake in insurer Torchmark/Globe Life and counts numerous insurer companies as wholly owned subsidiaries. Geico, General Re and United States Liability Insurance Group are just three companies BRK.B owns as part of its sprawling insurance empire.

And Travelers, a component of the Dow Jones Industrial Average with a modest dividend yield of 2.3%, has the kind of pedigree and income stream Buffett favors.

Berkshire Hathaway first took a position in Travelers in the third quarter of 2018, then boosted its stake by 68% in the fourth quarter. BRK.B now holds almost 6 million shares in TRV.

At less than $1 billion, the stake is relatively small beer for Berkshire Hathaway, but it&#39;s a big deal to Travelers. Buffett&#39;s holding company is Travelers&#39; seventh-largest shareholder, owning 2.3% of all shares outstanding.

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Shares held: 5,382,040

Holding value: $915,324,000

Percent of portfolio: 0.44%

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="As we shall see, Warren Buffett has been initiating positions in several bank stocks over the past few quarters, but he&#39;s been a fan of M&amp;T Bank (MTB$144.67) for a very long time. Indeed, MTB has been a member in good standing of Berkshire Hathaway&#39;s equity portfolio since 2001." data-reactid="497">As we shall see, Warren Buffett has been initiating positions in several bank stocks over the past few quarters, but he&#39;s been a fan of M&T Bank (MTB, $144.67) for a very long time. Indeed, MTB has been a member in good standing of Berkshire Hathaway&#39;s equity portfolio since 2001.

The regional bank operates more than 750 branches in eight states, including New York, Maryland and New Jersey, as well as Washington, D.C., and it has been profitable year after year for decades. It also has been a reliable dividend payer. Buffett has a soft spot for well-run, unassuming businesses. And he frequently cites the importance of management talent when it comes to deciding where to invest. He certainly was a fan of M&T Bank&#39;s late CEO.

In 2011, Buffett recommended that Berkshire Hathaway shareholders read M&T&#39;s annual reports, which were written by Robert Williams, chairman and CEO from 1983 until his death in 2017. "Bob is a very smart guy and he has a lot of good observations," Buffett said.

Although M&T Bank represents a small portion of Berkshire Hathaway&#39;s equity portfolio, BRK.B is a big holder of MTB. With 3.9% of shares outstanding, Berkshire is the bank&#39;s seventh-largest shareholder.

<h3 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="SEE ALSO: 12 Bank Stocks That Wall Street Loves the Most" data-reactid="501">SEE ALSO: 12 Bank Stocks That Wall Street Loves the Most

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Shares held: 5,171,890

Holding value: $971,074,000

Percent of portfolio: 0.47%

In another investment most likely made by one of Buffett&#39;s lieutenants, Berkshire Hathaway first took a stake in Red Hat in the fourth quarter of 2018. Buffett himself tends to shy away from technology stocks such as Red Hat, which is an open-source software company, and the comparatively small stake of less than $1 billion is another clue.

<p class=" canvas-a tom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="What&#39;s really intriguing about the position in Red Hat is that the company agreed to be acquired by International Business Machines (IBM) for $34 billion in October 2018. Despite this, Buffett entered his position in Q4 2018, then bought more in each of 2019&#39;s first two quarters. The deal – intended to boost Big Blue&#39;s cloud-based services business – closed in early July, so Red Hat&#39;s shares no longer trade on the public markets. Thus, Red Hat won&#39;t show up in Berkshire&#39;s portfolio as of the third-quarter filing." data-reactid="525">What&#39;s really intriguing about the position in Red Hat is that the company agreed to be acquired by International Business Machines (IBM) for $34 billion in October 2018. Despite this, Buffett entered his position in Q4 2018, then bought more in each of 2019&#39;s first two quarters. The deal – intended to boost Big Blue&#39;s cloud-based services business – closed in early July, so Red Hat&#39;s shares no longer trade on the public markets. Thus, Red Hat won&#39;t show up in Berkshire&#39;s portfolio as of the third-quarter filing.

Ironically, IBM is one of Warren Buffett&#39;s most high-profile bad bets. The usually tech-shy investor surprised Wall Street when Berkshire Hathaway revealed in 2011 that it scooped up nearly $11 billion worth of Big Blue. Buffett added to the stake in the ensuing years before souring on IBM in 2017. Berkshire eventually sold its e ntire position.

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Shares held: 537,300

Holding value: $1,017,447,000

Percent of portfolio: 0.49%

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Amazon.com (AMZN$1,776.12) is Berkshire Hathaway&#39;s splashiest new stock pick. The holding company disclosed it initiated a position of 483,300 shares in the first quarter of 2019, then added another 54,000 shares in Q2." data-reactid="549">Amazon.com (AMZN, $1,776.12) is Berkshire Hathaway&#39;s splashiest new stock pick. The holding company disclosed it initiated a position of 483,300 shares in the first quarter of 2019, then added another 54,000 shares in Q2.

It wasn&#39;t Buffett&#39;s idea, though.

The clue? Before Berkshire Hathaway submitted its first-quarter regulatory filing with the Securities and Exchange Commission, Buffett told CNBC: "One of the fellows in the office that manage money … bought some Amazon, so it will show up (when that file is submitted)."

Buffett has long been an admirer of Amazon CEO Jeff Bezos, he admitted in an interview, and said he wished he&#39;d bought the stock sooner.

"Yeah, I&#39;ve been a fan, and I&#39;ve been an idiot for not buying" AMZN shares, Buffett told CNBC. Berkshire still i s an insignificant share holder, however, boasting about 0.1% of Amazon&#39;s shares outstanding.

<h3 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="SEE ALSO: 49 Companies Amazon Could Destroy (And 1 It Already Has)" data-reactid="554">SEE ALSO: 49 Companies Amazon Could Destroy (And 1 It Already Has)

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Shares held: 4,333,363

Holding value: $1,145,135,000

Percent of portfolio: 0.55%

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Costco (COST$271.52) joined the ranks of the Buffett stocks a long time back – the first quarter of 2001, to be precise. So while Costco is not a particularly large holding, at just more than half a percent of the Berkshire Hathaway portfolio, it&#39;s a seemingly cherished one." data-reactid="577">Costco (COST, $271.52) joined the ranks of the Buffett stocks a long time back – the first quarter of 2001, to be precise. So while Costco is not a particularly large holding, at just more than half a percent of the Berkshire Hathaway portfolio, it&#39;s a seemingly cherished one.

And it&#39;s a company Buffett is happy to chat about at length.

"Here (Kraft Heinz) are, 100 years plus, tons of advertising, built into people&#39;s habits and everything else," Buffett told CNBC in a February 2019 interview. "And now, Kirkland, a private label brand, comes along and with only 250 or so outlets, does 50% more business than all the Kraft Heinz brands."

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Indeed, Costco&#39;s Kirkland store-bra nded products are one of the warehouse retailer&#39;s biggest draws. Revenues from the Kirkland label totaled $39 billion last year – more than 27% of Costco&#39;s overall annual sales, and about 50% greater than Kraft Heinz&#39;s total sales across 2018." data-reactid="580">Indeed, Costco&#39;s Kirkland store-branded products are one of the warehouse retailer&#39;s biggest draws. Revenues from the Kirkland label totaled $39 billion last year – more than 27% of Costco&#39;s overall annual sales, and about 50% greater than Kraft Heinz&#39;s total sales across 2018.

Berkshire&#39;s 4.3 million shares represent a roughly 1% equity stake in the company – not unsubstantial, but well outside Costco&#39;s top 10 institutional stakes.

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Shares held: 8,671,054

Holding value: $1,190,362,000

Percent of portfolio: 0.57%

<p class="canvas-atom canvas-te xt Mb(1.0em) Mb(0)–sm Mt(0.8em) –sm" type="text" content="PNC Financial Services (PNC$124.74), the nation&#39;s sixth-largest bank by assets and second-largest regional lender, is part of a big recent bet by Buffett on the financial sector." data-reactid="604">PNC Financial Services (PNC, $124.74), the nation&#39;s sixth-largest bank by assets and second-largest regional lender, is part of a big recent bet by Buffett on the financial sector.

Buffett first started investing in PNC in the third quarter of 2018. He upped Berkshire Hathaway&#39;s stake by another 4% in Q1 2019. The holding company is now PNC&#39;s 10th-largest investor with 1.9% of the bank&#39;s shares outstanding.

Buffett has long been comfortable with investing in the banking business. At the 1995 Berkshire Hathaway annual meeting, he said the industry "falls within our circle of competence to evaluate." Given Berkshire&#39;s big push into banks over the past few quarters – BRK.B has added to or started new positions in more than a half-dozen financial stocks recently – Buffett clearly sees a lot of value in this corner of the market.

<h3 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="SEE ALSO: 6 "Warren Buffett Stocks" That Might Not Be His Ideas" data-reactid="607">SEE ALSO: 6 "Warren Buffett Stocks" That Might Not Be His Ideas

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Shares held: 4,934,756

Holding value: $1,305,391,000

Percent of portfolio: 0.63%

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Warren Buffett credits Berkshire Hathaway&#39;s investment in Mastercard (MA$271.89) to his por tfolio managers Todd Combs and Ted Weschler, and he wishes he had pulled the trigger on the opportunity earlier." data-reactid="630">Warren Buffett credits Berkshire Hathaway&#39;s investment in Mastercard (MA, $271.89) to his portfolio managers Todd Combs and Ted Weschler, and he wishes he had pulled the trigger on the opportunity earlier.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content=""I could have bought them as well, and looking back, I should have," Buffett said about Visa (V) and Mastercard in 2018, referring to his own investment in American Express." data-reactid="631">"I could have bought them as well, and looking back, I should have," Buffett said about Visa (V) and Mastercard in 2018, referring to his own investment in American Express.

As noted above with StoneCo, Buffett is a big believer in companies that process payments.

Berkshire Hathaway initiated its position in Mastercard during the first quarter of 2011, and given the stock&#39;s performance ever since, it&#39;s obvious why Buffett wishes Berkshire Hathaway owned more. Including dividends, MA shares have generated an annualized return of 34.8% since March 31, 2011.

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Shares held: 43,700,000

Holding value: $1,425,057,000

Percent of portfolio: 0.68%

Warren Buffett isn&#39;t afraid to change his mind, and perhaps his most surprising volte-face came in regard to the airline industry. Buffett long excoriated the sector, calling it a "death trap" for investors.

"If a capitalist had been present at Kitty Hawk back in the early 1900s he should&#39;ve shot Orville Wright; he would have saved his progeny money," Buffett once wrote.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="But airline stocks became Buffett stocks in 2016. That&#39;s when he started picking up stakes in four major carriers, including American Airlines (AAL$25.41). Years of industry consolidation and Buffett&#39;s confidence in the U.S. economy&#39;s long-term dynamism finally made the time ripe for Berkshire Hathaway to buy." data-reactid="658">But airline stocks became Buffett stocks in 2016. That&#39;s when he started picking up stakes in four major carriers, including American Airlines (AAL, $25.41). Years of industry consolidation and Buffett&#39;s confidence in the U.S. economy&#39;s long-term dynamism finally made the time ripe for Berkshire Hathaway to buy.

"It&#39;s true that the airlines had a bad 20th century. They&#39;re like the Chicago Cubs. And they got that bad century out of the way, I hope," he told CNBC.

Berkshire Hathaway initiated a stake in AAL in the third quarter of 2016. Buffett has been an incremental seller ever since to remain below a 10% ownership threshold that would trigger regulatory headaches. Berkshire Hathaway is American&#39;s second-largest shareholder with 9.7% of the firm&#39;s shares outstanding.

<h3 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="SEE ALSO: 7 Best Stocks to Buy to Make a Buck Off Air Travel" data-reactid="661">SEE ALSO: 7 Best Stocks to Buy to Make a Buck Off Air Travel

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Shares held (Class A / Class C): 14,860,360 / 31,090,985

Holding value (Class A / Class C): $561,871,000 / $1,180,836,000

Percent of portfolio (Total): 0.84%

Sirius XM is the company so nice, Buffett needs to own it twice. Well, thrice. Sort of.

When dealing with John Malone&#39;s companies, it gets complicated.

Liberty Media has for years held a large stake in Sirius XM Holdings. But in 2015, the company actually recapitalized, offering (among other things) several tracking stocks that allowed investors to enjoy in the performance of Liberty&#39;s Sirius XM investment directly rather than get it piecemeal through Liberty Media itself.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Thus, Buffett was exposed to Sirius XM before it directly invested in SIRI shares in Q4 2016. But over time, he has bought more of the tracking stock, which currently represents a 70.4% stake in Sirius XM. The Berkshire Hathaway portfolio now holds roughly 46 million shares of Liberty Sirius XM Group Series A (LSXMA$39.50) and Liberty Sirius XM Group Series C (LSXMK$40.05) combined." data-reactid="687">Thus, Buffett was exposed to Sirius XM before it directly invested in SIRI shares in Q4 2016. But over time, he has bought more of the tracking stock, which currently represents a 70.4% stake in Sirius XM. The Berkshire Hathaway portfolio now holds roughly 46 million shares of Liberty Sirius XM Group Series A (LSXMA, $39.50) and Liberty Sirius XM Group Series C (LSXMK, $40.05) combined.

In fact, Warren Buffett is the largest institutional shareholder in each class, holding 4.6% of Liberty Sirius XM&#39;s A shares, and 14.7% of the C shares. Combined with his SIRI stake, the Oracle of Omaha holds three different investments in Sirius XM.

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Shares held: 10,562,460

Holding value: $1,833,115,000

Percent of portfolio: 0.88%

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Like Mastercard, Visa (V$176.27) was the idea of lieutenants Todd Combs and/or Ted Weschler (Buffett won&#39;t tell). And as with Mastercard, Buffett wishes BRK.B had bought more. Visa operates the world&#39;s largest payments network, and thus is well-positioned to benefit from the growth of cashless transactions and digital mobile payments." data-reactid="711">Like Mastercard, Visa (V, $176.27) was the idea of lieutenants Todd Combs and/or Ted Weschler (Buffett won&#39;t tell). And as with Mastercard, Buffett wishes BRK.B had bought more. Visa operates the world&#39;s largest payments network, and thus is well-positioned to benefit from the growth of cashless transactions and digital mobile payments.

Berkshire Hathaway first bought Visa in the third quarter of 2011, and it has proven to be a winner of a stock pick. Including dividends, Visa has delivered a whopping annualized return of almost 33% since Sept. 30, 2011.

"If I had been as smart as Ted or Todd, I would have (bought Visa)," Buffett told shareholders at the 2018 annual meeting.

Berkshire owns 0.5% of Visa&#39;s shares outstanding, according to data from S&P Global Market Intelligence.

<h3 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="SEE ALSO: 11 Dividend Growth Stocks Flying Under the Radar (For Now)" data-reactid="715">SEE ALSO: 11 Dividend Growth Stocks Flying Under the Radar (For Now)

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Shares held: 21,938,642

Holding value: $1,920,728,000

Percent of portfolio: 0.92%

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="tex t" content="United Continental (UAL$81.62) is one of the four major ai rline stocks that Buffett bought during the third quarter of 2016 when he surprised the market with his about-face on the industry." data-reactid="738">United Continental (UAL, $81.62) is one of the four major airline stocks that Buffett bought during the third quarter of 2016 when he surprised the market with his about-face on the industry.

Less than a year later, it represented something of a black eye when a passenger was injured while being removed against his will from a sold-out flight. But United has recovered from that reputational hit, in part simply because there are so few options that boast its geographical reach.

As noted above with American Airlines, Buffett thinks air carriers today offer much better growth prospects than they did in the last century, which was a bloodbath for capital.

Berkshire Hathaway&#39;s portfolio holds 8.2% of UAL shares outstanding, making it the airline&#39;s second-largest shareholder. United&#39;s stock has delivered an annualized total return of about 19% since the end of Q3 2016.

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Shares held: 5,426,609

Holding value: $2,144,487,000

Percent of portfolio: 1.03%

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Charter Communications (CHTR$380.94) is yet another Berkshire Hathaway portfolio holding with a John Malone connection – albeit a small one now. Malone served on the telecom and media company&#39;s board of directors from 2013 until 2018, when he stepped down to concentrate his focus on a smaller group of companies. (He does remain a director emeritus, however.)" data-reactid="764">Charter Communications (CHTR, $380.94) is yet another Berkshire Hathaway portfolio holding with a John Malone conn ection – albeit a small one now. Malone served on the telecom and media company&#39;s board of directors from 2013 until 2018, when he stepped down to concentrate his focus on a smaller group of companies. (He does remain a director emeritus, however.)

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Charter Communications markets cable TV, internet, telephone and other services under the Spectrum brand, which is America&#39;s second-largest cable operator behind Comcast (CMCSA). It greatly expanded its reach in 2016 when it acquired Time Warner Cable and sister company Bright House Networks." data-reactid="765">Charter Communications markets cable TV, internet, telephone and other services under the Spectrum brand, which is America&#39;s second-largest cable operator behind Comcast (CMCSA). It greatly expanded its reach in 2016 when it acquired Time Warner Cable and sister company Bright House Networks.

Buffett entered CHTR in the second quarter of 2014, but he has seemingly lost his love for the telecom company in recent years. His position has been trimmed down from 9.4 million shares in early 2017 to just 5.4 million shares as of Berkshire&#39;s most recent 13F. The move away from Charter meshed with a lousy 2018 for the stock, which lost 15% that year, though Buffett dropped another fifth of his position in Q1 2019 – during which CHTR roared ahead by nearly 22%. Berkshire shed another 284,102 in the second quarter.

The current stake represents about 1% of Berkshire Hathaway&#39;s holdings, and a decent-sized 2.4% ownership in Charter.

<h3 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="SEE ALSO: 25 Small Towns With Big Millionaire Populations" data-reactid="768">SEE ALSO: 25 Small Towns With Big Millionaire Populations

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Shares held: 38,565,570

Holding value: $2,169,698,000

Percent of portfolio: 1.04%

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Berkshire disclosed a position in DaVita (DVA$58.36) in the first quarter of 2012." data-reactid="791">Berkshire disclosed a position in DaVita (DVA, $58.36) in the first quarter of 2012.

Since DVA was a large position of Ted Weschler&#39;s Peninsula Capital in his pre-Berkshire days, it wasn&#39;t unreasonable to assume that it was his pick. Weschler confirmed as much in 2014.

DaVita, which provides kidney care and operates dialysis centers, serves more than 1.7 million patients in the U.S. and nine other countries. Aging baby boomers and a graying population in many developed markets should provide a strong, secular tailwind.

Berkshire, by the way, is DaVita&#39;s largest shareholder by a wide margin. Its stake of 38.6 million shares accounts for 23% of DVA&#39;s shares outstanding.

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Shares held: 12,952,745

Holding value: $2,709,196,000

Percent of portfolio: 1.30%

Stocks aren&#39;t good or bad in a bubble – one investor&#39;s brilliant purchase often is, depending on timing, another investor&#39;s biggest failure.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Take Verisign (VRSN$203.40) – an internet infrastructure service company that quite literally keeps the world connected online and acts as a domain registry for the .com, .net and other top-level domains." data-reactid="818">Take Verisign (VRSN, $203.40) – an internet infrastructure service company that quite literally keeps the world connected online and acts as a domain registry for the .com, .net and other top-level domains.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Stanley Druckenmiller, a famed former hedge fund manager, made a $200 million short on tech stocks in early 1999 while investing for George Soros&#39; Quantum Fund, but lost $600 million in the trade. He then tried to win it back via a big $6 billion buy-in of tech stocks including Verisign … but he lost $3 billion in six weeks as VRSN and several other recent purchases flopped, making it one of the "smart money&#39;s" worst stock calls of all time." data-reactid="819">Stanley Druckenmiller, a famed former hedge fund manager, made a $200 million short on tech stocks in early 1999 while investing for George Soros&#39; Quantum Fund, but lost $600 million in the trade. He then tried to win it back via a big $6 billion buy-in of tech stocks including Verisign … but he lost $3 billion in six weeks as VRSN and several other recent purchases flopped, making it one of the "smart money&#39;s" worst stock calls of all time.

The Oracle of Omaha has had an entirely different experience.

Berkshire bought Verisign, whose dominance of the space exemplifies Buffett&#39;s love of deep moats, during a dip in the final quarter of 2012. The roughly 3.7 million shares were purchased at an average cost of $38.82 per share. VRSN has returned more than 420% since the end of 2012 – well more than triple the S&P 500&#39;s roughly 127% return including dividends.

Berkshire Hathaway now owns almost 13 million shares in the company, making it the largest institutional investor in Verisign at a 10.8% ownership stake.

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Shares held: 53,649,213

Holding value: $2,724,307,000

Percent of portfolio: 1.31%

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Southwest Airlines (LUV$48.21) is part of the quartet of m aj or airline stocks Buffett bought in late 2016. The discount carrier is beloved by its customers and employees alike, typically finding itself near the top of "Best Airline" and "Best Places to Work For" lists." data-reactid="846">Southwest Airlines (LUV, $48.21) is part of the quartet of major airline stocks Buffett bought in late 2016. The discount carrier is beloved by its customers and employees alike, typically finding itself near the top of "Best Airline" and "Best Places to Work For" lists.

As an investment, it has performed decently within the Berkshire fold. LUV has generated an annualized total return of 14.3% since Aug. 31, 2016.

Berkshire Hathaway pared its position in LUV by 2%, or 1.2 million shares in the first quarter of 2019, but that doesn&#39;t mean Buffett is suddenly bearish. The selling was necessary to keep Berkshire&#39;s ownership stake below 10%, which would trigger regulatory hassles.

BRK.B remains Southwest Airlines second-largest shareholder, holding 9.9% of the company&#39;s shares outstanding, according to data from S&P Global Market Intelligence.

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Shares held: 72,269,696

Holding value: $2,784,551,000

Percent of portfolio: 1.34%

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Warren Buffett first took a stake in General Motors (GM$36.47), the world&#39;s fourth-largest auto manufacturer by production, in early 2012. He most recently upped Berkshire Hathaway&#39;s holdings in the fourth quarter of 2018, when he increased his position by 37%." data-reactid="872">Warren Buffett first took a stake in General Motors (GM, $36.47), the world&#39;s fourth-largest auto manufacturer by production, in early 2012. He most recently upped Berkshire Hathaway&#39;s holdings in the fourth quarter of 2018, when he increased his position by 37%.

With more than 72 million shares, Berkshire Hathaway is General Motors&#39; fourth-largest investor, holding more than 5% of the car company&#39;s shares outstanding.

In many ways, GM looks like a classic Buffett value bet.

General Motors is an iconic American brand and, as the No. 1 domestic automaker, a bet on the long-term growth of the U.S. economy. Buffett has sung the praises of GM CEO Mary Barra several times, at one point saying, "Mary is as strong as they come. She is as good as I&#39;ve seen."

GM also looks like a value pick. The stock trades at just 5.7 times expected earnings, according to data from Refinitiv, and sports a dividend yield of 4.2%. Buffett paid an estimated average price per share of $31.82 when he initiated his position in the first quarter of 2012. Including dividends, General Motors has returned 78% since March 30, 2012.

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Shares held: 80,937,250

Holding value: $3,573,379,000

Percent of portfolio: 1.72%

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Despite its impressive-sounding moniker, Bank of New York Mellon (BK$41.67) is not exactly a household name. But it&#39;s a big deal in financial servi ces, and W arren Buffett has been a fan for some time." data-reactid="900">Despite its impressive-sounding moniker, Bank of New York Mellon (BK, $41.67) is not exactly a household name. But it&#39;s a big deal in financial services, and Warren Buffett has been a fan for some time.

Bank of New York Mellon is a custodian bank that holds assets for institutional clients and provides back-end accounting services. Its roots actually go all the way back to 1784, when Bank of New York was founded by a group including Alexander Hamilton and Aaron Burr. Today, BK is the nation&#39;s ninth-largest bank by assets, according to data from the Federal Reserve.

Berkshire Hathaway first took a position in BK back in the third quarter of 2010, when it paid an estimated average price of $43.90. Warren Buffett last added to Berkshire&#39;s stake in BK in the fourth quarter of 2018, when he increased his holding company&#39;s investment by 3%, or more than 3 million shares. With a total of 80.9 million shares, Berkshire Hathaway owns 8.5% of all shares outstanding, making it BK&#39;s largest investor by a decent margin. (Vanguard is No. 2 at 6.8%.)

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Shares held: 18,353,635

Holding value: $3,755,154,000

Percent of portfolio: 1.80%

Just because Buffett soured on Procter & Gamble, Johnson & Johnson and Verizon, don&#39;t think he&#39;s lost his love of Dow stocks.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Berkshire Hathaway first picked up its stake in Goldman Sachs (GS$196.18) during the 2008 financial crisis. Buffett paid $5 billion for preferred shares and warrants to purchase common stock. The preferred shares came with a dividend yield of 10% – almost twice the rate of some preferred stockswhich already are considered generous income plays." data-reactid="926">Berkshire Hathaway first picked up its stake in Goldman Sachs (GS, $196.18) during the 2008 financial crisis. Buffett paid $5 billion for preferred shares and warrants to purchase common stock. The preferred shares came with a dividend yield of 10% – almost twice the rate of some preferred stocks, which already are considered generous income plays.

Goldman redeemed its preferred shares in 2011. Berkshire bought another $2 billion in GS stock when it exercised the warrants in 2013.

Buffett has parlayed the original investment into a 5% stake in Wall Street&#39;s preeminent investment bank, worth more than $3.7 billion. Berkshire is now the bank&#39;s fourth-largest shareholder.

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Shares held: 70,910,456

Holding value: $4,024,169,000

Percent of portfolio: 1.93%

For an industry he once shunned, Buffett sure does like his airline stocks now.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="And from the looks of things, Delta Air Lines (DAL$57.11), which was part of the group of air carriers he first picked up in the third quarter of 2016, might be his favorite." data-reactid="953">And from the looks of things, Delta Air Lines (DAL, $57.11), which was part of the group of air carriers he first picked up in the third quarter of 2016, might be his favorite.

Berkshire Hathaway raised its stake in DAL by 8%, or 5.4 million shares, during the first quarter of 2019. Indeed, the holding company is now Delta&#39;s largest shareholder, owning 10.4% of the carrier&#39;s shares outstanding. Buffett explained to CNBC that Berkshire crossed the 10% threshold because Delta bought back so much of its own stock.

Once he found out he had "lost his virginity," Buffett said, he decided to buy more DAL shares anyway.

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Shares held: 24,669,778

Holding value: $4,818,254,000

Percent of portfolio: 2.32%

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Moody&#39;s (MCO$209.95) is a business and financial services firm that&#39;s best known for its Moody&#39;s Investors Service credit rating arm – one of the three major American business credit ratings agencies alongside Standard &amp; Poor&#39;s and Fitch Ratings. It also offers financial analysis technology via Moody&#39;s Analytics." data-reactid="978">Moody&#39;s (MCO, $209.95) is a business and financial services firm that&#39;s best known for its Moody&#39;s Investors Service credit rating arm – one of the three major American business credit ratings agencies alongside Standard & Poor&#39;s and Fitch Ratings. It also offers financial analysis technology via Moody&#39;s Analytics.

MCO is a longtime, significant holding in the Berkshire Hathaway portfolio – and an ironic one to boot.

"Uncle Warren" first dipped his toe in during the first quarter of 2001, and he has been content with his investment of late, leaving his 24.7 million-share stake unchanged over the past couple of years.

The funny thing about Berkshire&#39;s holding in Moody&#39;s is that Buffett said back in 2010 that "Our job is to rate credit ourselves. We do not outsource that to ratings agencies." Yet Berkshire Hathaway is the largest institutional holder of MCO, owning 13.1% of the financial firm. (Vanguard is a distant second at 7.9%.)

The holding is meaningful on Buffett&#39;s end, too. At more than 2%, Moody&#39;s is one of Berkshire&#39;s 10 largest positions.

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Shares held: 59,514,932

Holding value: $6,653,769,000

Percent of portfolio: 3.20%

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Warren Buffett has been going all in on big banks over the past year. Berkshire Hathaway initiated a position in JPMorgan Chase (JPM$105.20), the nation&#39;s largest bank by assets, in the third quarter of 2018 and has been boosting i t ever sin ce. BRK.B&#39;s upped its stake by 40% in the fourth quarter of last year and again by 18% in the first quarter of 2019." data-reactid="1006">Warren Buffett has been going all in on big banks over the past year. Berkshire Hathaway initiated a position in JPMorgan Chase (JPM, $105.20), the nation&#39;s largest bank by assets, in the third quarter of 2018 and has been boosting it ever since. BRK.B&#39;s upped its stake by 40% in the fourth quarter of last year and again by 18% in the first quarter of 2019.

As noted, Buffett added to or started new positions in several American mega-banks and investment firms over the past couple of quarters.

Part of the attraction for JPMorgan is due to Warren Buffett&#39;s professed admiration for CEO Jamie Dimon. The two have partnered with Jeff Bezos, chairman and CEO of Amazon.com, to form a health care initiative intended to improve coverage and lower costs. Dimon and Buffett also have teamed up to decry the practice of giving quarterl y profit forecas ts, saying "short-termism is hurting the economy."

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Shares held: 132,459,618

Holding value: $6,940,884,000

Percent of portfolio: 3.34%

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="U.S. Bancorp (USB$51.28) is one of the oldest Buffett stocks in the Berkshire Hathaway portfolio. The Oracle initiated his position in the first quarter of 2006." data-reactid="1031">U.S. Bancorp (USB, $51.28) is one of the oldest Buffett stocks in the Berkshire Hathaway portfolio. The Oracle initiated his position in the first quarter of 2006.

Buffett is notoriously tight-lipped about U.S. Bancorp, Barron&#39;s notes, but the nation&#39;s fifth-largest bank by assets and America&#39;s biggest regional bank has been a solid stock pick. The lender has consistently generated the highest returns among the top 10 banks.

Warren Buffett just boosted Berkshire Hathaway&#39;s stake in USB during the second quarter, with a small addition of about 132 million shares. The position now accounts for 3.3% of the holding company&#39;s equity portfolio. BRK.B is the company&#39;s largest shareholder, owning 8.3% of its shares outstanding. Vanguard, a large shareholder in many blue chips, is No. 2 with a 7.2% stake.

Shares in the bank have delivered an annualized total re turn of 7% since March 3 1, 2006.

<h3 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="SEE ALSO: Millionaires in America 2019: All 50 States Ranked" data-reactid="1035">SEE ALSO: Millionaires in America 2019: All 50 States Ranked

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Shares held: 325,634,818

Holding value: $10,107,705,000

Percent of portfolio: 4.86%

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Warren Buffett was one of the driving forces behind the 2015 merger of packaged-food giant Kraft and ketchup purveyor Heinz to create Kraft Heinz (KHC$25.06). It&#39;s Berkshire&#39;s sixth-largest stock investment with a current market value of $10.1 billion." data-reactid="1058">Warren Buffett was one of the driving forces behind the 2015 merger of packaged-food giant Kraft and ketchup purveyor Heinz to create Kraft Heinz (KHC, $25.06). It&#39;s Berkshire&#39;s sixth-largest stock investment with a current market value of $10.1 billion.

And Buffett regrets it.

Berkshire Hathaway recorded a $3 billion non-cash loss from an impairment of intangible assets in 2018, "arising almost entirely from our equity interest in Kraft Heinz," Buffett wrote in his 2019 letter to shareholders.

More succinctly, in an interview with CNBC, Buffett said "I was wrong" on KHC. Yup, he says he overpaid. Kraft&#39;s shares have lost 18.5% on an annualized total return basis since Sept. 30, 2015.

Berkshire Hathaway owns 26.7% of Kraft Heinz, making it the food company&#39;s second-largest shareholder, according to data from S&P G lobal Market Intelligenc e. Private investment firm 3G Capital – who teamed up with Berkshire in 2013 to purchase H.J. Heinz – is tops at 48.8%.

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Shares held: 151,610,700

Holding value: $18,714,825,000

Percent of portfolio: 8.99%

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Buffett likes to say this his preferred holding period is "forever." Look no further than Dow component American Express (AXP$122.38) to understand just how serious he is about investing for the long haul." data-reactid="1085">Buffett likes to say this his preferred holding period is "forever." Look no further than Dow component American Express (AXP, $122.38) to understand just how serious he is about investing for the long haul.

Buffett picked up his initial stake in the credit card company in 1963, when a struggling AmEx badly needed capital. Berkshire obliged, getting favorable terms on its investment. Buffett has played the role of white knight many times over the years, including during the 2008 financial crisis, as a means to get stakes in good companies at a discount. (Think: Goldman Sachs and Bank of America.)

Berkshire Hathaway, which owns 18% of American Express&#39; shares outstanding, is by far the company&#39;s largest shareholder. No. 2 Vanguard owns less than 6%. Buffett praised the power of AmEx&#39;s brand at Berkshire&#39;s 2019 annual meeting. "It&#39;s a fantastic story, and I&#39;m glad we own 18% of it," he said.

<h3 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="SEE ALSO: 5 Warren Buffett Stocks He&#39;s Likely In for the Long Term" data-reactid="1088">SEE ALSO: 5 Warren Buffett Stocks He&#39;s Likely In for the Long Term

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Shares held: 409,803,773

Holding value: $19,391,913,000

Percent of portfolio: 9.79%

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Wells Fargo (WFC$43.38) has been roiled by a series of scandals since 2016, including opening millions of phony accounts, modifying mortgages without authorization and charging customers for auto insurance they did not need." data-reactid="1111">Wells Fargo (WFC, $43.38) has been roiled by a series of scandals since 2016, including opening millions of phony accounts, modifying mortgages without authorization and charging customers for auto insurance they did not need.

It&#39;s been a slow clean-up process. The bank in early June reached a $386 million deal to settle a class-action lawsuit brought by customers who say WFC forced them to buy unnecessary car insurance.

But Buffett appears to stand by the nation&#39;s fourth-largest bank by assets. "If you look at Wells, through this whole thing they&#39;re uncovering a whole lot of problems, but they aren&#39;t losing any customers to speak of," Buffett told Financial Times in an April interview. Berkshire Hathaway first bought shares in WFC in 2001. Although Buffett pared the stake by 3%, or 17 million shares, in the first quarter of 2019, Wells Fargo still is an outsize holding in Berkshire&#39;s portfolio.

And Berkshire remains WFC&#39;s largest shareholder with 8.4% of all shares outstanding.

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Shares held: 400,000,000

Holding value: $20,368,000,000

Percent of portfolio: 9.79%

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Buffett, an unabashed fan of Cherry Coke, started investing in Coca-Cola (KO$53.87) soon after the stock market crash of 1987. In his 1988 letter to Berkshire shareholders, Buffett said he expected to hold on to the stock "for a long time."" data-reactid="1137">Buffett, an unaba shed f an of Cherry Coke, started investing in Coca-Cola (KO, $53.87) soon after the stock market crash of 1987. In his 1988 letter to Berkshire shareholders, Buffett said he expected to hold on to the stock "for a long time."

Three decades later, he has proven true to his word. Berkshire is KO&#39;s largest shareholder with 9.4% of its shares outstanding.

Coca-Cola made a brief appearance as a component of the Dow Jones Industrial Average in the 1930s. Shares were added back to the Dow in 1987, and they&#39;ve remained a stalwart member ever since.

While Coca-Cola&#39;s stock performance hasn&#39;t impressed – its 55% total returns over the past five years come up about six percentage points shy of the S&P 500 – it has been an income investor&#39;s dream. The beverage maker has increased its dividend annually for 57 years.

<h3 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="SEE ALSO: 10 Top-Rated Mega-Cap Stocks to Buy Now" data-reactid="1141">SEE ALSO: 10 Top-Rated Mega-Cap Stocks to Buy Now

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Shares held: 927,248,600

Holding value: $26,890,210,000

Percent of portfolio: 12.92%

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="It should be clear by now that Buffett is bonkers for bank stocks. And the crown jewel of his financial sector holdings is Bank of America (BAC$26.25), the nation&#39;s second-largest bank by assets." data-reactid="1164">It should be clear by now that Buffett is bonkers for bank stocks. And the crown jewel of his financial sector holdings is Bank of America (BAC, $26.25), the nation&#39;s second-largest bank by assets.

Buffett&#39;s interest in BAC dates back to 2011, when he swooped in to shore up the firm&#39;s finances in the wake of the Great Recession. In exchange for investing $5 billion in the firm, Berkshire received preferred stock yielding 6% and warrants giving Berkshire the right to purchase BofA common stock at a steep discount. (The Oracle of Omaha exercised those warrants in 2017, netting a $12 billion profit in the process.)

Warren Buffett recently tacked on to his position, adding roughly 927 million shares during the second quarter of 2019. That&#39;s an upgrade of about 3% for Berkshire Hathaway. Berkshire now holds 927.2 million shares, worth $26.9 billion.

BofA is a big deal for Berkshire Hathaway, and it works the other way around, too. BAC shares account for a whopping 12.9% of Buffett&#39;s equity portfolio. By the same token, Berkshire is Bank of America&#39;s largest shareholder, at 9.1% of its shares outstanding.

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Shares held: 249,589,329

Holding value: $49,398,720,000

Percent of portfolio: 23.74%

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Apple (AAPL$201.74) is king of the Buffett stocks. The Oracle of Omaha has never been much of a tech investor, but he sure does love Apple. He took his first bite in early 2016, and the iPhone maker has since become Berkshire Hathaway&#39;s single-largest holding. Brace yourselves: AAPL accounts for nearly a quarter of the total value of Berkshire Hathaway&#39;s equity portfolio." data-reactid="1190">Apple (AAPL, $201.74) is king of the Buffett stocks. The Oracle of Omaha has never been much of a tech investor, but he sure does love Apple. He took his first bite in early 2016, and the iPhone maker has since become Berkshire Hathaway&#39;s single-largest holding. Brace yourselves: AAPL accounts for nearly a quarter of the total value of Berkshire Hathaway&#39;s equity portfolio.

And at almost 250 million shares, BRK.B is Apple&#39;s third-largest investor. The holding company owns 5.1% of all AAPL shares outstanding. Only Vanguard and BlackRock – giants of the passively managed index fund universe – hold more Apple stock.

Unlike many of Berkshire Hathaway&#39;s holdings, Buffett has been happy to discuss his ardor for Apple. As he has said more than once on CNBC, he loves the power of Apple&#39;s brand and its ecosystem of products (such as the iPhone and iPad) and services (such as Apple Pay and iTunes).

"I do not focus on the sales in the next quarter or the next year," Buffett has said. "I focus on the … hundreds and hundreds and hundreds of millions of people who practically live their lives by (the iPhone)."

<h3 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="SEE ALSO: The Kiplinger Dividend 15: Our Favorite Dividend-Paying Stocks" data-reactid="1194">SEE ALSO: The Kiplinger Dividend 15: Our Favorite Dividend-Paying Stocks

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="EDITOR&#39;S PICKS
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Copyright 2019 The Kiplinger Washington Editors



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