The Berkshire Hathaway Portfolio: The 47 Buffett Shares

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Shares held: 578,000

Holding value: $ 31,154,000

Percentage of portfolio: 0.02%

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Berkshire Hathaway's Mondelez (MDLZ, $ 53.78) comes from Buffett's 2007 investment in what was then known as Kraft Foods. The packaged food company changed its name to Mondelez in 2012 after the spin-off of its North American grocery business, known as Kraft Foods Group and marketed under the symbol KRFT. In 2015, under a contract supported by Buffett, KRFT merged with H.J. Heinz to form Kraft Heinz (KHC). "data-reactid =" 89 "> Berkshire Hathaway's Mondelez (MDLZ, $ 53.78), stemming from Buffett's 2007 investment in what was then known as Kraft Foods. changed its name to Mondelez in 2012 The American grocery store, which was called Kraft Foods Group and was marketed under the symbol KRFT.In 2015, as part of a transaction supported by Buffett, KRFT merged with HJ Heinz to form Kraft Heinz (KHC).

As we will see shortly, Berkshire Hathaway retains a significant stake in KHC. As for Mondelez? Not really. MDLZ's shares, whose brands include Oreo cookies and Triscuit crackers, have underperformed the S & P 500 since the split.

It does not seem that Buffett is simply in love with MDLZ. In 2017, he dismissed speculation that Kraft Heinz would buy the global snack giant.

According to S & P Global Market Intelligence data, Berkshire Hathaway holds only 0.04% of the outstanding shares of Mondelez. MDLZ represents only 0.01% of the total value of Berkshire Hathaway's equity portfolio. Nothing to do here, people.

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Shares held: 315,400

Holding value: $ 34,584,000

Percentage of portfolio: 0.02%

<p class = "canvas-atom-canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Procter & Gamble (PG, 117.39 USD), the consumer goods giant and component of the Dow Jones Industrial Average, is another first-rate title that has fallen in the background as an investment in Berkshire Hathaway. "Data-reactid =" 116 "> Procter & Gamble (PG, $ 117.39), the consumer products giant and component of the Dow Jones Industrial Average, is another blue-chip title that has fallen into disuse as an investment in Berkshire Hathaway.

Buffett became the owner of P & G – a manufacturer of Tide detergent, Crest toothpaste and Pampers diapers – following the acquisition in 2005 of Gillette shaver manufacturer. At the time, one of Gillette's major shareholders, Buffett, called the partnership a "dream transaction". P & G has become one of the largest holdings of BRK.B.

This dream did not last very long. The Great Recession has eroded the pricing power of consumer goods companies such as P & G. The company has embarked on a plan to eliminate 100 underperforming brands. The Duracell battery company was on the list and Berkshire bought it in 2014 in exchange for PG shares. Two years later, Buffett reduced by 99% what remained of the stake in P & G.

Do not be surprised if Buffett empties the remaining shares at any time. He is basically outside.

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Shares held: 327,100

Holding value: $ 45,558,000

Percentage of portfolio: 0.02%

<p class = "canvas-canvas-text canvas Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Johnson & Johnson (JNJ$ 130.54), just like P & G; is another Dow defensive title that is no longer in favor of Buffett. (Kraft Foods, from elsewhere, was also a stock of Dow for some time, from 2008 to 2012.) The BRK.B interest peaked over ten years ago. Data-reactid = "143"> Johnson & Johnson (JNJ, $ 130.54), along with P & G, is another defensive title that is no longer in Buffett's favor. . (Kraft Foods, by the way, was also a Dow stock for some time, from 2008 to 2012.) BRK.B's interest reached its peak more than a decade ago. This diversified health giant now represents only a symbolic participation.

You can blame the missteps of the direction. J & J faced manufacturing problems and allegations of illegal business practices in 2010 and 2011. Buffett criticized the company for these gaffes, as well as for using too much of its own stock when it was acquired in 2011. Synthes synthesizer. Disillusioned by Johnson & Johnson, Buffett sold most of his stake in Berkshire in 2012.

Berkshire's position in JNJ reached 64.3 million shares in 2007. Today, the holding company's stake represents only 327,100 shares (about 46 million USD), representing less than 0.02% of the outstanding shares. Thus, Johnson & Johnson could disappear from the Buffett stock ranks in the near future.

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Shares held (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 (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Freedom Latin America Class A (LILAC, $ 15.48) and Liberty Latin America Class C (lilak, $ 15.55) are just one of BRK.B's first examples, betting mainly on legendary pay-TV magnate John Malone. "Data-reactid =" 169 "> Liberty Latin America Class A (LILA, $ ​​15.48) and Liberty Latin America Class C Shares (LILAK, $ 15.55) are just the first of several examples of BRK.B who are essentially betting on the legendary pay tycoon John Malone.

Mb (0) – sm Mt (0.8em) – sm "type =" text "content =" Liberty Latin America provides cables, broadband, telephone and wireless services in Chile, Puerto Rico, the Caribbean and other parts of Latin America.LBTYA), the multinational telecommunications company in which Berkshire also holds a stake, released a stock tracking its activities in Latin America in 2015, and then completely separated them in 2018. "data-reactid =" 170 "> Liberty Latin America provides cable, broadband Liberty Global (LBTYA), the multinational telecommunications company in which Berkshire also holds a stake, published in 2015 a stock tracking its activities in Latin America, then spun these operations entirely in 2018.

As we will see below, Berkshire has several other investments in companies supported by Malone. Malone, a pioneer in the telecom industry and himself multibillionaire, has created a disproportionate value for shareholders during his long career.

Whether the various investments are Buffett's ideas or those of his portfolio managers, the appeal is clear: the game knows the game.

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Shares held: 10,758,000

Value of the participation: $ 335,219,000

Percentage of portfolio: 0.16%

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Warren Buffett made a gesture in the area of ​​the energy by initiating a position in Suncor Energy (SU, $ 27.61) in the fourth quarter of 2018. And it's a rarity among Buffett shares because it's not based in the United States. "Data-reactid =" 196 "> Warren Buffett took an initiative in the energy sector by taking a position in Suncor Energy. (SU, 27.61 USD) in the fourth quarter of 2018. is a rarity among Buffett shares because it is not based in the United States.

If this bet on Canada's largest oil and gas company looks familiar, it should: This is the second time that Berkshire Hathaway has embarked on Suncor. The company had initially invested in the energy giant in 2013, and then sold the entire position three years later. Suncor – an integrated energy giant whose activities cover oil sands mining, offshore oil production, biofuels and even wind energy – also sells its refined fuel via a network of more than 1,500 Petro-Canada stations.

The Berkshire 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 lies in its position in oil refiner and marketer Phillips 66.

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

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Shares held: 43,249,295

Holding value: $ 399,191,000

Percentage of portfolio: 0.19%

<p class = "web-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "When Berkshire Hathaway revealed his stake in Teva Pharmaceutical (SUITS YOU, $ 6.16) in the fourth quarter of 2017, it looked like a classic move of Warren Buffett's value. "Data-reactid =" 223 "> When Berkshire Hathaway revealed his stake in Teva Pharmaceutical ($ 6.16) in the fourth quarter of 2017, it looked like Warren Buffett's classic value move.

The drug manufacturer based in Israel was out of favor. To put it nicely. A bloated balance sheet, massive layoffs and the imminent expiry of drug patents have pushed sellers to lick their chops.

<p class = "canvas-atom-canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "By the time Buffett stepped in, Teva's actions were about 70% from their peak in mid-2015. has doubled its stake in Teva in the first quarter of 2018, when the stock seemed really cheap. "data-reactid =" 225 "> By the time Buffett stepped in, Teva's shares were down about 70% from their peak in mid-2015, and Berkshire had doubled its stake in Teva over the past year. from the first quarter of 2018., when stocks looked really cheap.

They look even cheaper now. Teva, which has lost nearly two-thirds of its value since the beginning of the second quarter of 2018, is trading at just over 2.5 times earnings estimates by analysts, which is only a fraction of the P / E of the S & P 500. At the same time, BRK.B holds 4.3% of the outstanding shares of Teva.

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Shares held: 14,166,748

Holding value: $ 419,052,000

Percentage of portfolio: 0.20%

Mb (0) – sm Mt (0.8em) – sm "type =" text "content =" Berkshire Hathaway announced in October 2018 that it would take a in StoneCo (Stne, $ 30.52) when the Brazilian financial technology company went public. Given the relatively small size of STNE and the fact that it is a financial technology company, it is not surprising that it was created by Lieutenant Buffett, Todd Combs, with blessing of the Oracle of Omaha. "Data-reactid =" 233 "> Berkshire Hathaway announced in October 2018 its stake in StoneCo (STNE, $ 30.52) following the launch of the Brazilian financial technology company. relatively small of STNE and the fact that it is a fintech company this should not surprise that the post was initiated by Lieutenant Buffett Todd Combs – with the blessing of the Oracle Omaha, no doubt.

StoneCo, which provides software and hardware to businesses to facilitate credit and debit card payments, reported a 69% increase in revenue compared to the second quarter, reaching 586.2 million Brazilian reals, 145 , $ 1 million, exceeding the estimates of Wall Street. Adjusted net income increased 172% year-over-year to 194.0 million reals, or $ 48 million.

StoneCo fits well with Berkshire Hathaway's general uptrend towards companies that facilitate and process payments. "Payments are a huge deal in the world," Warren Buffett told the Berkshire shareholders meeting in 2018.

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Shares held: 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 bought shares in the oil and gas company for the first time in 2012. But, despite his praise on PSX, Buffett has significantly 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 company in 2012. However, although he has praised PSX, Buffett has significantly reduced his participation over the past year.

In the first quarter of 2018, it sold 35 million shares, which reduced BRK.B's stake by more than 40%. However, this measure was simply taken to avoid regulatory problems. Indeed, the stock buyer was other than PSX.

As Buffett said at the time: "Phillips 66 is an excellent company with a diversified downstream portfolio and a strong management team, and this transaction was solely motivated by our desire to eliminate the regulatory requirements that come with it. property levels above 10%. "

The problem is that Buffett continues to destroy Berkshire Hathaway's holdings on PSX. Even after the big sale to PSX in the first quarter of 2018, BRK.B remained the largest shareholder of the company with 9.8% of the total shares outstanding. But Buffett continued to sell. In the first quarter of 2019 alone, it reduced the participation of Berkshire by 53%. Berkshire now holds only 1.2% of the outstanding shares of Phillips 66. Buffett was typically mom on his reasons for sales.

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Shares held: 6,353,727

Holding value: $ 568,405,000

Percentage of portfolio: 0.27%

Torchmark is a small stake for Berkshire Hathaway, but it is natural. After all, it is a life and health insurance company, and several 100% owned insurance companies are the heart of BRK.B's assets.

Berkshire Hathaway has been a shareholder in Torchmark since the beginning of 2001. Although this is a boring business, she has been quietly a very good stock picker. Including dividends, TMK has generated an annualized 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 long-lasting has just taken a little Since August 8, it's now called Globe Life (GL, $ 85.81), which should be reflected in the 13th quarter of Berkshire. "Data-reactid =" 288 "> Note that this long-held holding has just been given a makeover, and since August 8th, it's now called Globe Life. (GL, $ 85.81), which should be reflected in the 13th quarter of Berkshire.

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

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Shares held: 8,438,225

Holding value: $ 586,794,000

Percentage of portfolio: 0.28%

<p class = "web-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Investors can be forgiven if they do not know not good Restaurant Brands International (QSR, $ 73.58). After all, it's a pretty bland name. "Data-reactid =" 313 "> Investors can be forgiven if they are not familiar with Restaurant Brands International (QSR, $ 73.58). After all, it's a rather bland name.

But they know without a doubt the fast food chains of Canadian society.

QSR was formed by the merger of Burger King and Tim Hortons in 2014. Three years later, the company acquired Popeyes Louisiana Kitchen, making it the fifth largest fast food restaurant operator in the world.

So where does Warren Buffett come in? Berkshire Hathaway helped finance the acquisition of Tim Hortons by Burger King by buying a combination of preferred stock and warrants. In a classic Buffett move, he managed to earn a 9% return on preferred shares. QSR redeemed the preferred shares in 2017, adding to the Berkshire cash pile.

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

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Shares held: 18,621,674

Holding value: $ 618,053,000

Percentage of portfolio: 0.30%

<p class = "canvas-atom web-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "It was remarkable when Buffett revealed the position of Berkshire in Store Capital (STOR, $ 36.22) in the summer of 2017. Before storing, real estate investment trusts (REITs) – a way to invest in real estate without owning real assets – has never been so important among Buffett shares. "data-reactid =" 341 "> It is noteworthy that Buffett disclosed Berkshire's position in Store Capital (STOR, $ 36.22) in the summer of 2017. Before stocking, real estate investment trusts (REITs) – a way to invest in real estate without owning real assets – have never been great among Buffett shares.

In the case of Store, it invests in single-tenant properties, including restaurant chains, supermarkets, pharmacies and other retail, service and distribution establishments. That is, Store is a retail bet, which is believed to be in permanent decline.

Buffett, however, spied on the value – and he spied on it for a while. Christopher Volk, CEO of Store Capital, told CNBC that Buffett had been studying the REIT for three years before starting.

Berkshire Hathaway holds 18.6 million shares, a return of 3.6% as of August 15th. With an 8.2% stake, it is the second largest shareholder of Store Capital after Vanguard.

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Shares held: 20,803,000

Holding value: $ 721,240,000

Percentage of portfolio: 0.35%

<p class = "canvas-atom-canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Synchrony Financial (SYF, $ 32.76) reflects Buffett's affection for credit card companies and banks. Synchrony, a leading credit card issuer for retailers, was split from GE Capital in 2014. It is both a lender and a payment processing center, like Buffett's beloved American Express (AXP) – but it is aimed at customers who are leaning further down and middle of the income scale. "data-reactid =" 368 "> Synchrony Financial (SYF, $ 32.76) reflects Buffett's affection for credit card companies and banks Synchrony GE Capital, a major payment card issuer for retailers, was split in 2014. It's both a lender and a payment processing center – like Buffett's beloved American Express (AXP) – but it's aimed at customers who are leaning more toward the bottom and the middle end of the income scale.

Berkshire initiated a position on SYF in the second quarter of 2017, paying an estimated price per share of $ 30.02. Since the end of Q2 2017, the stock has generated a total return of 15.7%.

BRK.B holds 3% of the outstanding shares of Synchrony Financial, making it the seventh largest shareholder in the group.

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Shares held: 24,264,000

Holding value: $ 722,339,000

Percentage of portfolio: 0.35%

<p class = "web-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Axalta Coating Systems (AXTA, $ 27.52), which manufactures industrial coatings and paints for building facades, pipelines and cars, is the centerpiece of merger and acquisition. The company has already rejected more than one takeover bid and analysts believe it is an ideal target for many international coating companies. "Data-reactid =" 394 "> Axalta Coating Systems (AXTA, $ 27.52), which manufactures industrial coatings and Paints for building facades, pipelines and cars are the cornerstone of mergers and acquisitions passers. The company has already rejected more than a public offer to buy and analysts believe that it is an ideal target for many coating companies in the world.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Berkshire Hathaway is involved in 2015, when purchase of 20 million AXTA shares from private equity firm Carlyle Group (CG). L’enjeu est logique étant donné que Buffett est un fan de longue date de l’industrie de la peinture; Berkshire Hathaway a acheté le fabricant de peinture d&#39;intérieur Benjamin Moore en 2000. "data-reactid =" 395 "> Berkshire Hathaway a été impliqué en 2015, lorsqu&#39;il a acheté 20 millions d&#39;actions AXAX à la société de capital-investissement Carlyle Group (CG). étant donné que Buffett est un fan de longue date de l&#39;industrie de la peinture, Berkshire Hathaway a acheté le fabricant de peinture d&#39;intérieur Benjamin Moore en 2000.

Berkshire est le principal investisseur d’Axalta et détient 10,3% des actions en circulation.

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Actions détenues (classe A / classe C): 19 791 000/7 346 968

Valeur de détention (classe A / classe C): 534 159 000 $ / 194 915 000 $

Pourcentage du portefeuille (total): 0,35%

<p class = "toile-atome toile-texte Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Comme indiqué ci-dessus avec Liberty Latin America, Liberty Global Classe A (LBTYA, 26,03 $) et Liberty Global Classe C (LBTYK, $ 25,73) font partie d’un éventail de sociétés de communications et de médias détenues par Berkshire Hathaway par le négociateur milliardaire John Malone. "Data-reactid =" 420 "> Comme indiqué ci-dessus avec Liberty Latin Class, Liberty Global Class A (LBTYA, $ 26.03 ) et Liberty Global Class C (LBTYK, 25,73 $) font partie d’un large éventail de participations chez Berkshire Hathaway dans des entreprises de communication et de médias poussés par le milliardaire John Malone.

Liberty Global se présente comme la plus grande société internationale de télévision et de large bande au monde, avec des opérations dans 10 pays européens. L&#39;investissement de Berkshire dans les actions de catégorie A date du quatrième trimestre de 2013. Il a acheté les actions de catégorie C, qui ne disposent pas du droit de vote, au premier trimestre de 2014.

Selon les données de S & P Global Market Intelligence, Berkshire Hathaway détient 3,7% du capital de Liberty Global. Et la société de portefeuille est le cinquième plus grand actionnaire de Liberty.

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Actions détenues: 137 915 729

Valeur de détention: 769 570 000 $

Pourcentage du portefeuille: 0,37%

<p class = "toile-atome toile-texte Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Sirius XM (SIRI, 5,97 $) – une entreprise qui rejoint plus de 100 millions d’auditeurs via son activité principale de radio par satellite et Pandora, qu’elle a acquise en 2018 – est une autre sélection d’actions liée à John Malone. Malone est président de Liberty Media, qui détient une participation massive dans Sirius XM. "Data-reactid =" 445 "> Sirius XM (SIRI, 5,97 $) – une société qui rejoint plus de 100 millions d&#39;auditeurs via son activité principale de radio par satellite et Pandora Un autre choix d&#39;actions lié à John Malone, qu&#39;il a acquis en 2018. Malone est président de Liberty Media, qui détient une participation massive dans Sirius XM.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Comme Kiplinger l’a noté, il est possible que tous les Les investissements de Berkshire dans des sociétés liées à la structure réellement byzantine de Malone pourrait très bien être la responsabilité de l&#39;un des gestionnaires de portefeuille de Buffett. Liberty Media était une position importante occupée par Peninsula Capital de Ted Weschler à l’époque antérieure à Berkshire. "Data-reactid =" 446 "> Comme l&#39;a noté Kiplinger, il est possible que tous les investissements de Berkshire dans des sociétés liées à Malone soient véritablement byzantins L’un des gestionnaires de portefeuille de Buffett pourrait très bien assumer la structure de la société.

Berkshire a acheté pour la première fois des actions de SIRI au cours du dernier trimestre de 2016. Berkshire, avec sa participation de 3,1% dans la société, en fait le deuxième actionnaire en importance de Sirius XM après Liberty Media, qui détient près de 69% des actions en circulation.

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Actions détenues: 5 958 391

Valeur de détention: 890 899 000 $

Pourcentage du portefeuille: 0.43%

<p class = "toile-atome toile-texte Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Peu d&#39;actions de Buffett sont aussi naturelles que celles de Travelers (VTR, 145,59 $), le géant de l’assurance de premier ordre. L’assurance est, après tout, l’activité principale de la société de portefeuille. Outre TRV, Berkshire Hathaway détient une participation dans l&#39;assureur Torchmark / Globe Life et compte de nombreuses sociétés d&#39;assurances en tant que filiales à part entière. Les sociétés Geico, General Re et United States Liability Insurance Group ne sont que trois sociétés appartenant à BRK.B dans le cadre de son vaste empire d&#39;assurance. "Data-reactid =" 471 "> Peu d&#39;actions Buffett sont aussi naturelles que celle de Travelers (TRV, 145,59 $), Après tout, l’assurance est l’activité principale de la société de portefeuille. Outre TRV, Berkshire Hathaway a une participation dans l’assureur Torchmark / Globe Life et compte de nombreuses sociétés d’assurance en tant que filiales à part entière. Geico, General Re et Aux États-Unis, le groupe d’assurance-responsabilité n’est que trois sociétés que BRK.B possède dans le cadre de son vaste empire de l’assurance.

Et Travelers, une composante de la moyenne industrielle du Dow Jones avec un rendement de dividende modeste de 2,3%, bénéficie du genre de pedigree et de flux de revenus que Buffett privilégie.

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.

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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-atom 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 entire 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 is an insignificant shareholder, however, boasting about 0.1% of Amazon&#39;s shares outstanding.

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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-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." 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-text 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.

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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 portfolio 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.

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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.

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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="text" content="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." 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 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.)

<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.

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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 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." 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 services, and Warren 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 stocks, which 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 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." 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 quarterly profit forecasts, 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 return of 7% since March 31, 2006.

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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 Global Market Intelligence. 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.

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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 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."

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.

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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 (LAC, $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)."

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