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Warren Buffett's annual letter was published on Saturday, listing the top 15 Berkshire Hathaway investments in terms of market value.
Buffet said that he and Berkshire Hathaway's vice president, Charlie Munger, did not consider the names as a "collection of stock symbols, a financial disaster that must be terminated because of" street "degradations, expected actions from the Federal Reserve, possible political developments, economists' forecasts or anything else that could be the subject of the day. "
Instead, they see them as "an bademblage of companies that we hold in part and that, on a weighted basis, earn about 20% of the net tangible capital needed to run their business" without having to use excessive debt.
Buffett called these returns "outstanding" and stated that they "were really staggering compared to the return that many investors have accepted over the last ten years on bonds of less than 3% on bonds. 30-year US Treasury bonds, for example ".
Below, the 15 largest Berkshire holdings ranked from the smallest value to the highest market value at the end of 2018 (note, Kraft Heinz, of which Berkshire owns 325,442,152 shares, is not included, because the conglomerate is part of a control group and must account for the investment The investment in Berkshire's Kraft investment has a base cost of $ 9.8 billion and a market value of 14 billions of dollars):
United Continental
Insider Markets
Ticker: UAL
Actions: 21938642
% of company owned: 8.1%
Cost: $ 1.195 billion
Market value: $ 1.837 billion
USG Corporation
Insider Markets
Ticker: USG
Actions: 43387980
% of company owned: 31%
Cost: $ 836 million
Market value: $ 1.851 billion
Communication Charter
Insider Markets
Ticker: CHTR
Actions: 6,789,054
% of company owned: 3%
Cost: $ 1.21 billion
Market value: $ 1.935 billion
Southwest Airlines
Insider Markets
Ticker: LUV
Actions: 47,890,
% of company owned: 8.7%
Cost: $ 2.005 billion
Market value: $ 2.256 billion
Goldman Sachs
Insider Markets
Ticker: GS
Actions: 18,784,698
% of company owned: 4.9%
Cost: $ 2.38 billion
Market value: $ 3.138 billion
Delta Airlines
Insider Markets
Ticker: DAL
Actions: 65,535,000
% of company owned: 9.6%
Cost: $ 2.86 billion
Market value: $ 3.27 billion
Moody's Corporation
Insider Markets
Ticker: MCO
Actions: 24,669,778
% of company owned: 12.9%
Cost: $ 248 million
Market value: $ 3.45 billion
Bank of New York Mellon
Insider Markets
Ticker: BK
Actions: 84,488,751
% of company owned: 8.8%
Cost: $ 3.86 billion
Market value: $ 3.977 billion
JPMorgan Chase
Insider Markets
Ticker: JPM
Actions: 50,661,394
% of company owned: 1.5%
Cost: $ 5.605 billion
Market value: $ 4.946 billion
US Bancorp
Insider Markets
Ticker: USB
Actions: 146,346,999
% of company owned: 9.1%
Cost: $ 5.548 billion
Market value: $ 6.688 billion
American Express
Insider Markets
Ticker: AXP
Actions: 151,610,700
% of company owned: 17.9%
Cost: $ 1.287 billion
Market value: $ 14.452 billion
Coca Cola
Insider Markets
Ticker: KO
Actions: 400 million
% of company owned: 9.4%
Cost: $ 1.299 billion
Market value: $ 18.94 billion
Wells Fargo
Insider Markets
Ticker: WFC
Actions: 449349102
% of company owned: 9.8%
Cost: $ 10.639 billion
Market value: $ 22.423 billion
Bank of America
Insider Markets
Ticker: LAC
Actions: 918,919,000
% of company owned: 9.5%
Cost: $ 11.65 billion
Market value: $ 22.642 billion
Apple
Insider Markets
Ticker: AAPL
Actions: 255 300 329
% of company owned: 5.4%
Cost: $ 36.044 billion
Market value: $ 40.271 billion
SEE ALSO:
Paul Morigi / Getty Images for Fortune / Time Inc
WARREN BUFFETT: Berkshire Hathaway raised $ 3.8 billion in dividends last year, here's how much we paid for our top 5 holdings
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