Berkshire Hathaway

Q3 2018 13F · by Warren Buffett, CEO

As of: Sep 30, 2018
Filed: Nov 14, 2018
US stock: $221.0B · prev $195.6B
Positions: 46 · prev 44
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

+7.9 pp in · −3.5 pp out

New 4 +3.38 pp
Added 7 +4.50 pp
Trimmed 6 −3.37 pp
Exited 2 −0.14 pp

The book

Very concentrated · behaves like 9 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 5.7% a year, about 17.6 years per position

Low
Moderate
High

Top 5 positions64% of US stock

AAPL Apple Inc. added+1.95 pp added+1.9525.8%
BAC Bank of America Corporation added+1.90 pp added+1.9011.7%
WFC Wells Fargo & Co. trimmed−2.29 pp trimmed−2.2910.5%
KO Coca-Cola Company held held8.4%
KHC The Kraft Heinz Company held held8.1%

Positions46 in this filing · 2 exited


AAPLApple Inc.	25.79%	252,478,779	$57.0B	added0%	+1.95 pp	11 q
BACBank of America Corporation	11.69%	877,248,600	$25.8B	added+29%	+1.90 pp	5 q
WFCWells Fargo & Co.	10.52%	442,361,700	$23.3B	trimmed−2%	−2.29 pp	22 q
KOCoca-Cola Company	8.36%	400,000,000	$18.5B	held	—	22 q
KHCThe Kraft Heinz Company	8.12%	325,634,818	$17.9B	held	—	13 q
AXPAmerican Express Company	7.30%	151,610,700	$16.1B	held	—	22 q
USBU.S. Bancorp	2.98%	124,923,092	$6.6B	added+24%	+0.41 pp	22 q
MCOMoody's Corporation	1.87%	24,669,778	$4.1B	held	—	22 q
GSGoldman Sachs Group Inc.	1.86%	18,353,635	$4.1B	added+38%	+0.37 pp	20 q
JPMJPMorgan Chase & Co.	1.82%	35,664,767	$4.0B	new	+1.82 pp	new
BNYBank of New York Mellon Corporation	1.80%	77,849,476	$4.0B	added+20%	+0.01 pp	22 q
DALDelta Air Lines, Inc.	1.71%	65,535,000	$3.8B	added+3%	+0.10 pp	9 q
LUVSouthwest Airlines Co.	1.58%	56,047,399	$3.5B	trimmed−1%	+0.11 pp	8 q
DVADaVita Inc.	1.25%	38,565,570	$2.8B	held	—	22 q
CHTRCharter Comm Inc Del CL A New	1.08%	7,340,985	$2.4B	trimmed−2%	−0.04 pp	10 q
UALUnited Airlines Holdings, Inc.	1.05%	25,984,542	$2.3B	trimmed−3%	+0.10 pp	9 q
ORCLOracle Corp	0.97%	41,404,791	$2.1B	new	+0.97 pp	new
VRSNVeriSign Inc	0.94%	12,952,745	$2.1B	held	—	22 q
AALAmerican Airlines Group Inc.	0.82%	43,700,000	$1.8B	trimmed−2%	−0.05 pp	9 q
GMGeneral Motors Company	0.80%	52,461,411	$1.8B	added+2%	−0.24 pp	22 q
PSXPhillips 66	0.79%	15,433,024	$1.7B	trimmed−56%	−1.20 pp	22 q
unresolvedU S G Corp	0.76%	39,002,016	$1.7B	held	—	22 q
VVISA Inc.	0.72%	10,562,460	$1.6B	held	—	22 q
LSXMKLiberty Media Cor-siriusxm C	0.61%	31,090,985	$1.4B	held	—	10 q
MAMastercard Incorporated	0.50%	4,934,756	$1.1B	held	—	22 q
COSTCostco Wholesale Corp	0.46%	4,333,363	$1.0B	held	—	22 q
TEVATeva Pharmaceutical Industries Limited	0.42%	43,249,295	$932M	held	—	4 q
MTBM&T Bank Corp.	0.40%	5,382,040	$886M	held	—	22 q
SIRISirius XM Holdings, Inc	0.39%	137,915,729	$872M	held	—	8 q
PNCPNC Financial Services Group	0.38%	6,087,319	$829M	new	+0.38 pp	new
AXTAAxalta Coating Systems Ltd.	0.32%	24,264,000	$708M	held	—	14 q
LM03Liberty Media Cor-siriusxm A	0.29%	14,860,360	$646M	held	—	10 q
SYFSynchrony Financial	0.29%	20,803,000	$647M	held	—	6 q
LBTYALiberty Global Ltd. Class A	0.26%	19,791,000	$573M	held	—	20 q
TMKGlobe Life Inc.	0.25%	6,353,727	$551M	held	—	22 q
QSRRestaurant Brands International Inc.	0.23%	8,438,225	$500M	held	—	16 q
S76Store Capital Corp	0.23%	18,621,674	$517M	held	—	6 q
TRVThe Travelers Companies, Inc.	0.21%	3,543,688	$460M	new	+0.21 pp	new
LBTYKLiberty Global Ltd. Class C	0.09%	7,346,968	$207M	held	—	19 q
LILALiberty Latin America Ltd. Class A	0.03%	2,714,854	$57M	held	—	3 q
JNJJohnson & Johnson	0.02%	327,100	$45M	held	—	22 q
MDLZMondelez International, Inc. Class A	0.01%	578,000	$25M	held	—	22 q
PGProcter & Gamble Company	0.01%	315,400	$26M	held	—	22 q
LILAKLiberty Latin America Ltd. Class C	0.01%	1,284,020	$26M	held	—	3 q
UPSUnited Parcel Service, Inc. Class B	0.00%	59,400	$7M	held	—	22 q
VZVerizon Communications	0.00%	928	$50,000	held	—	19 q
SNYSanofi	—	−3,701,012	—	exited	−0.08 pp	—
WMTWalmart Inc.	—	−1,393,513	—	exited	−0.06 pp	—