Berkshire Hathaway

Q4 2015 13F · by Warren Buffett, CEO

As of: Dec 31, 2015
Filed: Feb 12, 2016
US stock: $131.9B · prev $127.4B
Positions: 48 · prev 48
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves8 since the prior filing

+1.5 pp in · −0.4 pp out

New 1 +0.30 pp
Added 4 +1.17 pp
Trimmed 2 −0.33 pp
Exited 1 −0.06 pp

The book

Very concentrated · behaves like 9 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 1.6% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions67% of US stock

WFC Wells Fargo & Co. added+0.83 pp added+0.8319.8%
KHC The Kraft Heinz Company held held18.0%
KO Coca-Cola Company held held13.0%
IBM International Business Machines Corporation held held8.5%
AXP American Express Company held held8.0%

Positions48 in this filing · 1 exited


WFCWells Fargo & Co.	19.78%	479,704,270	$26.1B	added+2%	+0.83 pp	11 q
KHCThe Kraft Heinz Company	17.97%	325,634,818	$23.7B	held	—	2 q
KOCoca-Cola Company	13.03%	400,000,000	$17.2B	held	—	11 q
IBMInternational Business Machines Corporation	8.46%	81,033,450	$11.2B	held	—	11 q
AXPAmerican Express Company	8.00%	151,610,700	$10.5B	held	—	11 q
PSXPhillips 66	3.81%	61,486,926	$5.0B	held	—	11 q
PGProcter & Gamble Company	3.18%	52,793,078	$4.2B	held	—	11 q
USBU.S. Bancorp	2.75%	85,063,167	$3.6B	held	—	11 q
WMTWalmart Inc.	2.61%	56,185,293	$3.4B	held	—	11 q
DVADaVita Inc.	2.04%	38,565,570	$2.7B	held	—	11 q
MCOMoody's Corporation	1.88%	24,669,778	$2.5B	held	—	11 q
GSGoldman Sachs Group Inc.	1.50%	10,959,519	$2.0B	held	—	9 q
unresolvedCharter Comm's Inc	1.43%	10,281,603	$1.9B	held	—	7 q
DEDeere & Company	1.32%	22,884,150	$1.7B	added+34%	+0.33 pp	11 q
GMGeneral Motors Company	1.29%	50,000,000	$1.7B	held	—	11 q
TAT&T Inc.	1.22%	46,577,138	$1.6B	trimmed−21%	−0.30 pp	2 q
VRSNVeriSign Inc	0.86%	12,985,000	$1.1B	held	—	11 q
unresolvedPrecision Castparts Corp	0.74%	4,200,792	$975M	held	—	11 q
unresolvedU S G Corp	0.72%	39,002,016	$947M	held	—	11 q
BNYBank of New York Mellon Corporation	0.63%	20,112,212	$829M	held	—	11 q
SUSuncor Energy, Inc.	0.59%	30,000,000	$774M	held	—	11 q
VVISA Inc.	0.58%	9,885,160	$767M	held	—	11 q
COSTCostco Wholesale Corp	0.53%	4,333,363	$700M	held	—	11 q
VZVerizon Communications	0.53%	15,000,928	$693M	held	—	8 q
MTBM&T Bank Corp.	0.49%	5,382,040	$652M	held	—	11 q
AXTAAxalta Coating Systems Ltd.	0.47%	23,324,000	$622M	added+1%	+0.01 pp	3 q
unresolvedLiberty Media Corp Delaware	0.44%	15,386,257	$586M	held	—	6 q
LBTYALiberty Global Ltd. Class A	0.40%	12,544,296	$531M	added+5%	0.00 pp	9 q
MAMastercard Incorporated	0.39%	5,229,756	$509M	held	—	11 q
KMIKinder Morgan, Inc.	0.30%	26,533,525	$396M	new	+0.30 pp	new
TMKGlobe Life Inc.	0.28%	6,353,727	$363M	held	—	11 q
WBCWabco Holdings Inc.	0.26%	3,331,215	$341M	trimmed−6%	−0.03 pp	11 q
unresolvedGeneral Electric Co	0.25%	10,585,502	$330M	held	—	11 q
QSRRestaurant Brands International Inc.	0.24%	8,438,225	$315M	held	—	5 q
unresolvedLiberty Media Corp Delaware	0.23%	7,800,000	$306M	held	—	11 q
LBTYKLiberty Global Ltd. Class C	0.23%	7,346,968	$300M	held	—	8 q
unresolvedTwenty First Centy Fox Inc	0.18%	8,951,869	$243M	held	—	5 q
SNYSanofi	0.13%	3,905,875	$167M	held	—	11 q
VRSKVerisk Analytics, Inc.	0.09%	1,563,434	$120M	held	—	11 q
GHCGraham Holdings Company	0.04%	107,575	$52M	held	—	9 q
unresolvedMedia Gen Inc New	0.04%	3,471,309	$56M	held	—	5 q
JNJJohnson & Johnson	0.03%	327,100	$34M	held	—	11 q
MDLZMondelez International, Inc. Class A	0.02%	578,000	$26M	held	—	11 q
DNOWDNOW Inc.	0.02%	1,825,569	$29M	held	—	7 q
99998USDLiberty Global PLC Lilac - A	0.02%	517,139	$21M	held	—	2 q
1LGEUSDLiberty Global PLC Lilac - C	0.01%	367,348	$16M	held	—	2 q
LEELee Enterprises, Inc.	0.00%	88,863	$149,000	held	—	11 q
UPSUnited Parcel Service, Inc. Class B	0.00%	59,400	$6M	held	—	11 q
unresolvedChicago Bridge & Iron Co N V	—	−1,983,190	—	exited	−0.06 pp	—