Berkshire Hathaway

Q4 2016 13F · by Warren Buffett, CEO

As of: Dec 31, 2016
Filed: Feb 14, 2017
US stock: $148.0B · prev $128.8B
Positions: 47 · prev 50
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%

Moves16 since the prior filing

+9.6 pp in · −3.2 pp out

New 3 +2.53 pp
Added 5 +7.07 pp
Trimmed 2 −1.27 pp
Exited 6 −1.89 pp

The book

Very concentrated · behaves like 10 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 11% a year, about 9.2 years per position

Low
Moderate
High

Top 5 positions65% of US stock

KHC The Kraft Heinz Company held held19.2%
WFC Wells Fargo & Co. held held17.9%
KO Coca-Cola Company held held11.2%
IBM International Business Machines Corporation held held9.1%
AXP American Express Company held held7.6%

Positions47 in this filing · 6 exited


KHCThe Kraft Heinz Company	19.21%	325,634,818	$28.4B	held	—	6 q
WFCWells Fargo & Co.	17.86%	479,704,270	$26.4B	held	—	15 q
KOCoca-Cola Company	11.21%	400,000,000	$16.6B	held	—	15 q
IBMInternational Business Machines Corporation	9.11%	81,232,303	$13.5B	held	—	15 q
AXPAmerican Express Company	7.59%	151,610,700	$11.2B	held	—	15 q
PSXPhillips 66	4.71%	80,689,892	$7.0B	held	—	15 q
AAPLApple Inc.	4.49%	57,359,652	$6.6B	added×3.8	+3.15 pp	4 q
USBU.S. Bancorp	2.95%	85,063,167	$4.4B	held	—	15 q
DALDelta Air Lines, Inc.	2.00%	60,025,995	$3.0B	added×9.5	+1.81 pp	2 q
CHTRCharter Comm Inc Del CL A New	1.84%	9,443,491	$2.7B	held	—	3 q
GSGoldman Sachs Group Inc.	1.77%	10,959,519	$2.6B	held	—	13 q
DVADaVita Inc.	1.67%	38,565,570	$2.5B	held	—	15 q
MCOMoody's Corporation	1.57%	24,669,778	$2.3B	held	—	15 q
LUVSouthwest Airlines Co.	1.46%	43,203,775	$2.2B	new	+1.46 pp	new
AALAmerican Airlines Group Inc.	1.44%	45,544,854	$2.1B	added×2.1	+0.82 pp	2 q
UALUnited Airlines Holdings, Inc.	1.43%	28,951,353	$2.1B	added×6.4	+1.25 pp	2 q
GMGeneral Motors Company	1.18%	50,000,000	$1.7B	held	—	15 q
unresolvedU S G Corp	0.76%	39,002,016	$1.1B	held	—	15 q
BNYBank of New York Mellon Corporation	0.69%	21,671,969	$1.0B	added+3%	+0.04 pp	15 q
VRSNVeriSign Inc	0.67%	12,952,745	$985M	held	—	15 q
MTBM&T Bank Corp.	0.57%	5,382,040	$842M	held	—	15 q
unresolvedMonsanto Co	0.57%	8,041,784	$846M	new	+0.57 pp	new
VVISA Inc.	0.56%	10,562,460	$824M	held	—	15 q
LSXMKLiberty Media Cor-siriusxm C	0.51%	22,236,109	$754M	held	—	3 q
SIRISirius XM Holdings, Inc	0.50%	166,639,941	$742M	new	+0.50 pp	new
COSTCostco Wholesale Corp	0.47%	4,333,363	$694M	held	—	15 q
AXTAAxalta Coating Systems Ltd.	0.43%	23,324,000	$634M	held	—	7 q
LBTYALiberty Global Ltd. Class A	0.42%	20,180,897	$617M	held	—	13 q
MAMastercard Incorporated	0.34%	4,934,756	$510M	held	—	15 q
TMKGlobe Life Inc.	0.32%	6,353,727	$469M	held	—	15 q
QSRRestaurant Brands International Inc.	0.27%	8,438,225	$402M	held	—	9 q
WBCWabco Holdings Inc.	0.24%	3,368,394	$358M	held	—	15 q
unresolvedGeneral Electric Co	0.23%	10,585,502	$335M	held	—	15 q
LM03Liberty Media Cor-siriusxm A	0.23%	10,058,800	$347M	held	—	3 q
unresolvedTwenty First Centy Fox Inc	0.17%	8,951,869	$251M	held	—	9 q
LBTYKLiberty Global Ltd. Class C	0.15%	7,346,968	$218M	held	—	12 q
SNYSanofi	0.11%	3,905,875	$158M	held	—	15 q
VRSKVerisk Analytics, Inc.	0.09%	1,563,434	$127M	held	—	15 q
WMTWalmart Inc.	0.07%	1,393,513	$96M	trimmed−89%	−0.66 pp	15 q
GHCGraham Holdings Company	0.04%	107,575	$55M	held	—	13 q
99998USDLiberty Global PLC Lilac - A	0.04%	2,714,854	$60M	held	—	6 q
JNJJohnson & Johnson	0.03%	327,100	$38M	held	—	15 q
MDLZMondelez International, Inc. Class A	0.02%	578,000	$26M	held	—	15 q
PGProcter & Gamble Company	0.02%	315,400	$27M	held	—	15 q
1LGEUSDLiberty Global PLC Lilac - C	0.02%	1,284,020	$27M	held	—	6 q
UPSUnited Parcel Service, Inc. Class B	0.00%	59,400	$7M	held	—	15 q
VZVerizon Communications	0.00%	928	$50,000	trimmed−100%	−0.61 pp	12 q
DEDeere & Company	—	−21,085,061	—	exited	−1.40 pp	—
KMIKinder Morgan, Inc.	—	−20,000,000	—	exited	−0.36 pp	—
FWONKLiberty Media Corporation Series C Liberty Formula One	—	−3,189,041	—	exited	−0.07 pp	—
LM05Liberty Media Corp-liberty-a	—	−1,296,013	—	exited	−0.03 pp	—
DNOWDNOW Inc.	—	−1,825,569	—	exited	−0.03 pp	—
LEELee Enterprises, Inc.	—	−88,863	—	exited	0.00 pp	—