Public filings tell us what the Oracle of Omaha's company is buying.
Periodically, we review the stock holdings of Berkshire Hathaway
Each quarter, Berkshire files form 13-F, which discloses its consolidated equity investments, with the SEC. Berkshire's latest 13-F disclosed 36 stock positions as of March 31, and we add two foreign investments we know of, for a total of 38. Berkshire now owns three more stocks than it did at the end of 2005, and nine more than it did at the end of 2004. We note that Berkshire doesn't have to disclose its foreign investments because it owns the local shares, not the U.S. ADRs.
At Berkshire Hathaway's annual meeting last month, Buffett said that if he were starting his investment partnership over again, he would be investing in securities around the world and would focus on smaller companies. While Berkshire's large size--the investment conglomerate has more than $30 billion in cash--constrains Buffett's ability to deploy cash into smaller stocks, we think that Berkshire's recent purchases of ConocoPhillips
We also know that Berkshire recently acquired a stake in U.K.-based retailer Tesco PLC. These public investments coincide with Berkshire's proposed acquisition of Israel-based Iscar Metalworking Companies for $4 billion. Taken together, we estimate that Berkshire has added almost $6 billion of "nondollar" assets to its holdings over the past few months. We aren't surprised by this, given Buffett's continued belief that large U.S. trade deficits will eventually cause the dollar to weaken.
In addition to these new investments, Berkshire increased its stake in Wells Fargo
Eliminations and Reductions
While Buffett typically employs a buy-and-hold approach, Berkshire does occasionally sell or reduce the size of certain positions. For example, Berkshire recently liquidated its position in Mueller Industries
Moreover, we note that Berkshire began to divest its stake in Ameriprise Financial
Berkshire also reduced its stake in H&R Block