Berkshire Hathaway

Q4 2019 13F · by Warren Buffett, CEO

As of: Dec 31, 2019
Filed: Feb 14, 2020
US stock: $242.1B · prev $214.7B
Positions: 52 · 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%

Moves16 since the prior filing

+0.5 pp in · +1.6 pp out

New 4 +0.33 pp
Added 4 +0.13 pp
Trimmed 8 +1.58 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 8 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 2.6% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions67% of US stock

Positions52 in this filing · 0 exited


AAPLApple Inc.	29.74%	245,155,566	$72.0B	trimmed−1%	+3.78 pp	16 q
BACBank of America Corporation	13.46%	925,008,600	$32.6B	trimmed−0%	+0.86 pp	10 q
KOCoca-Cola Company	9.15%	400,000,000	$22.1B	held	—	27 q
AXPAmerican Express Company	7.80%	151,610,700	$18.9B	held	—	27 q
WFCWells Fargo & Co.	7.18%	323,212,918	$17.4B	trimmed−15%	−1.71 pp	27 q
KHCThe Kraft Heinz Company	4.32%	325,634,818	$10.5B	held	—	18 q
JPMJPMorgan Chase & Co.	3.43%	59,514,932	$8.3B	held	—	6 q
USBU.S. Bancorp	3.24%	132,459,618	$7.9B	held	—	27 q
MCOMoody's Corporation	2.42%	24,669,778	$5.9B	held	—	27 q
DALDelta Air Lines, Inc.	1.71%	70,910,456	$4.1B	held	—	14 q
BNYBank of New York Mellon Corporation	1.66%	79,765,057	$4.0B	trimmed−1%	−0.04 pp	27 q
DVADaVita Inc.	1.20%	38,565,570	$2.9B	held	—	27 q
LUVSouthwest Airlines Co.	1.20%	53,649,213	$2.9B	held	—	13 q
GSGoldman Sachs Group Inc.	1.14%	12,004,751	$2.8B	trimmed−35%	−0.63 pp	25 q
GMGeneral Motors Company	1.13%	75,000,000	$2.7B	added+4%	−0.13 pp	27 q
CHTRCharter Comm Inc Del CL A New	1.09%	5,426,609	$2.6B	held	—	15 q
VRSNVeriSign Inc	1.03%	12,952,745	$2.5B	held	—	27 q
VVISA Inc.	0.82%	10,562,460	$2.0B	held	—	27 q
UALUnited Airlines Holdings, Inc.	0.80%	21,938,642	$1.9B	held	—	14 q
LSXMKLiberty Media Cor-siriusxm C	0.62%	31,090,985	$1.5B	held	—	15 q
MAMastercard Incorporated	0.61%	4,934,756	$1.5B	held	—	27 q
PNCPNC Financial Services Group	0.57%	8,671,054	$1.4B	held	—	6 q
COSTCostco Wholesale Corp	0.53%	4,333,363	$1.3B	held	—	27 q
AALAmerican Airlines Group Inc.	0.50%	42,500,000	$1.2B	trimmed−3%	−0.05 pp	14 q
AMZNAmazon.Com Inc	0.41%	537,300	$993M	held	—	4 q
SIRISirius XM Holdings, Inc	0.40%	136,275,729	$974M	held	—	13 q
MTBM&T Bank Corp.	0.38%	5,382,040	$914M	held	—	27 q
OXYOccidental Petroleum Corporation	0.32%	18,933,054	$780M	added×2.5	+0.17 pp	2 q
SYFSynchrony Financial	0.31%	20,803,000	$749M	held	—	11 q
LM03Liberty Media Cor-siriusxm A	0.30%	14,860,360	$718M	held	—	15 q
AXTAAxalta Coating Systems Ltd.	0.30%	24,264,000	$738M	held	—	19 q
S76Store Capital Corp	0.29%	18,621,674	$693M	held	—	11 q
GLGlobe Life Inc.	0.28%	6,353,727	$669M	held	—	27 q
KRThe Kroger Co.	0.23%	18,940,079	$549M	new	+0.23 pp	new
STNEStoneCo Ltd. Class A	0.23%	14,166,748	$565M	held	—	5 q
QSRRestaurant Brands International Inc.	0.22%	8,438,225	$538M	held	—	21 q
SUSuncor Energy, Inc.	0.20%	15,019,031	$493M	added+40%	+0.04 pp	5 q
LBTYALiberty Global Ltd. Class A	0.19%	19,791,000	$450M	held	—	25 q
TEVATeva Pharmaceutical Industries Limited	0.18%	43,249,295	$424M	held	—	9 q
RHRh	0.15%	1,708,348	$365M	added+41%	+0.05 pp	2 q
BIIBBiogen Inc.	0.08%	648,447	$192M	new	+0.08 pp	new
LBTYKLiberty Global Ltd. Class C	0.07%	7,346,968	$160M	held	—	24 q
JNJJohnson & Johnson	0.02%	327,100	$48M	held	—	27 q
PGProcter & Gamble Company	0.02%	315,400	$39M	held	—	27 q
TRVThe Travelers Companies, Inc.	0.02%	312,379	$43M	trimmed−95%	−0.39 pp	6 q
LILALiberty Latin America Ltd. Class A	0.02%	2,714,854	$52M	held	—	8 q
MDLZMondelez International, Inc. Class A	0.01%	578,000	$32M	held	—	27 q
PSXPhillips 66	0.01%	227,436	$25M	trimmed−96%	−0.24 pp	27 q
SPYState Street SPDR S&P 500 ETF Trust	0.01%	39,400	$13M	new	+0.01 pp	new
VOOVanguard S&P 500 ETF	0.01%	43,000	$13M	new	+0.01 pp	new
LILAKLiberty Latin America Ltd. Class C	0.01%	1,284,020	$25M	held	—	8 q
UPSUnited Parcel Service, Inc. Class B	0.00%	59,400	$7M	held	—	27 q