Berkshire Hathaway

Q1 2018 13F · by Warren Buffett, CEO

As of: Mar 31, 2018
Filed: May 15, 2018
US stock: $188.9B · prev $191.2B
Positions: 46 · 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%

Moves19 since the prior filing

+7.3 pp in · −4.3 pp out

New 2 +0.04 pp
Added 6 +7.25 pp
Trimmed 7 −4.09 pp
Exited 4 −0.23 pp

The book

Very concentrated · behaves like 10 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 8.9% a year, about 11.2 years per position

Low
Moderate
High

Top 5 positions65% of US stock

Positions46 in this filing · 4 exited


AAPLApple Inc.	21.27%	239,567,633	$40.2B	added+45%	+6.64 pp	9 q
WFCWells Fargo & Co.	12.66%	456,513,244	$23.9B	trimmed−0%	−1.88 pp	20 q
BACBank of America Corporation	10.78%	679,000,000	$20.4B	held	—	3 q
KHCThe Kraft Heinz Company	10.74%	325,634,818	$20.3B	held	—	11 q
KOCoca-Cola Company	9.19%	400,000,000	$17.4B	held	—	20 q
AXPAmerican Express Company	7.48%	151,610,700	$14.1B	held	—	20 q
USBU.S. Bancorp	2.43%	90,847,721	$4.6B	added+4%	−0.01 pp	20 q
PSXPhillips 66	2.32%	45,689,892	$4.4B	trimmed−43%	−1.95 pp	20 q
MCOMoody's Corporation	2.11%	24,669,778	$4.0B	held	—	20 q
BNYBank of New York Mellon Corporation	1.70%	62,191,448	$3.2B	added+2%	−0.01 pp	20 q
DALDelta Air Lines, Inc.	1.55%	53,599,357	$2.9B	added+1%	−0.01 pp	7 q
GSGoldman Sachs Group Inc.	1.46%	10,959,519	$2.8B	held	—	18 q
LUVSouthwest Airlines Co.	1.44%	47,659,456	$2.7B	held	—	6 q
CHTRCharter Comm Inc Del CL A New	1.35%	8,222,873	$2.6B	trimmed−3%	−0.14 pp	8 q
DVADaVita Inc.	1.35%	38,565,570	$2.5B	held	—	20 q
AALAmerican Airlines Group Inc.	1.27%	46,000,000	$2.4B	held	—	7 q
unresolvedMonsanto Co	1.17%	18,970,134	$2.2B	added+62%	+0.46 pp	6 q
UALUnited Airlines Holdings, Inc.	1.02%	27,705,963	$1.9B	trimmed−2%	+0.03 pp	7 q
GMGeneral Motors Company	0.96%	50,000,000	$1.8B	held	—	20 q
unresolvedU S G Corp	0.83%	39,002,016	$1.6B	held	—	20 q
VRSNVeriSign Inc	0.81%	12,952,745	$1.5B	held	—	20 q
LSXMKLiberty Media Cor-siriusxm C	0.67%	31,090,985	$1.3B	held	—	8 q
VVISA Inc.	0.67%	10,562,460	$1.3B	held	—	20 q
MTBM&T Bank Corp.	0.53%	5,382,040	$992M	held	—	20 q
MAMastercard Incorporated	0.46%	4,934,756	$864M	held	—	20 q
SIRISirius XM Holdings, Inc	0.46%	137,915,729	$861M	held	—	6 q
COSTCostco Wholesale Corp	0.43%	4,333,363	$817M	held	—	20 q
SYFSynchrony Financial	0.37%	20,803,000	$698M	held	—	4 q
TEVATeva Pharmaceutical Industries Limited	0.37%	40,539,710	$693M	added×2.1	+0.18 pp	2 q
AXTAAxalta Coating Systems Ltd.	0.37%	23,324,000	$704M	held	—	12 q
LM03Liberty Media Cor-siriusxm A	0.32%	14,860,360	$611M	held	—	8 q
LBTYALiberty Global Ltd. Class A	0.30%	18,206,408	$570M	trimmed−10%	−0.08 pp	18 q
TMKGlobe Life Inc.	0.28%	6,353,727	$535M	held	—	20 q
QSRRestaurant Brands International Inc.	0.25%	8,438,225	$480M	held	—	14 q
S76Store Capital Corp	0.24%	18,621,674	$462M	held	—	4 q
LBTYKLiberty Global Ltd. Class C	0.12%	7,346,968	$224M	held	—	17 q
SNYSanofi	0.08%	3,701,012	$148M	trimmed−5%	−0.01 pp	20 q
WMTWalmart Inc.	0.07%	1,393,513	$124M	held	—	20 q
LILALiberty Latin America Ltd. Class A	0.03%	2,714,854	$53M	new	+0.03 pp	new
JNJJohnson & Johnson	0.02%	327,100	$42M	held	—	20 q
VRSKVerisk Analytics, Inc.	0.02%	284,778	$30M	trimmed−82%	−0.06 pp	20 q
MDLZMondelez International, Inc. Class A	0.01%	578,000	$24M	held	—	20 q
PGProcter & Gamble Company	0.01%	315,400	$25M	held	—	20 q
LILAKLiberty Latin America Ltd. Class C	0.01%	1,284,020	$25M	new	+0.01 pp	new
UPSUnited Parcel Service, Inc. Class B	0.00%	59,400	$6M	held	—	20 q
VZVerizon Communications	0.00%	928	$44,000	held	—	17 q
IBMInternational Business Machines Corporation	—	−2,048,045	—	exited	−0.16 pp	—
GHCGraham Holdings Company	—	−107,575	—	exited	−0.03 pp	—
99998USDLiberty Global PLC Lilac - A	—	−2,714,854	—	exited	−0.03 pp	—
1LGEUSDLiberty Global PLC Lilac - C	—	−1,284,020	—	exited	−0.01 pp	—