Warren Buffett
FOLLOWBerkshire Hathaway
The GOAT; our philosophical foundation, but Berkshire's size limits actionable idea overlap -- follow for philosophy, temperament, and market signals.
Buffett/Munger Disciples
Current Portfolio
2025-Q4 · 110 positions · Filed 2026-02-17
| # | Ticker | Value | Weight |
|---|---|---|---|
| 1 | AXP | $55.1B | 20.1% Est. ~19.1% of total Conviction |
| 2 | AAPL | $21.9B | 8.0% Est. ~7.6% of total |
| 3 | KO | $19.8B | 7.2% Est. ~6.8% of total |
| 4 | BAC | $17.1B | 6.2% Est. ~5.9% of total |
| 5 | AAPL | $16.7B | 6.1% Est. ~5.8% of total |
| 6 | OCCIDENTAL PETE | $10.9B | 4.0% Est. ~3.8% of total |
| 7 | H1467J104 | $10.7B | 3.9% Est. ~3.7% of total |
| 8 | AAPL | $9.4B | 3.4% Est. ~3.3% of total |
| 9 | CVX | $9.4B | 3.4% Est. ~3.2% of total |
| 10 | KO | $7.9B | 2.9% Est. ~2.7% of total |
| 11 | BAC | $6.9B | 2.5% Est. ~2.4% of total |
| 12 | MCO | $6.4B | 2.4% Est. ~2.2% of total |
| 13 | MCO | $6.1B | 2.2% Est. ~2.1% of total |
| 14 | KO | $5.6B | 2.0% Est. ~1.9% of total |
| 15 | GOOGL | $5.6B | 2.0% Est. ~1.9% of total |
| 16 | CVX | $5.0B | 1.8% Est. ~1.7% of total |
| 17 | AAPL | $4.2B | 1.5% Est. ~1.5% of total |
| 18 | AAPL | $3.9B | 1.4% Est. ~1.4% of total |
| 19 | V | $2.9B | 1.1% Est. ~1.0% of total |
| 20 | CVX | $2.7B | 1.0% Est. ~0.9% of total |
Allocation
Non-US Holdings
Estimated ~5% of total portfolio is outside US-listed securities
$300.0B
Est. Total AUM
$274.0B
US 13F Value
5%
Non-US Estimate
| Company | Country | Est. Value |
|---|---|---|
| BYD Company (held via subsidiary) | China | $6.0B |
| Various Japanese trading companies (5 sogo shosha) | Japan | $23.0B |
Berkshire's 13F covers nearly all public equity holdings. Non-US exposure is minimal in the equity portfolio — primarily through US-listed ADRs and some BYD shares held via a subsidiary. The vast majority of Berkshire's non-US value comes from wholly-owned operating subsidiaries (not public equities).
Sources: Annual reports, 10-K filings, Shareholder letters
Recent Changes
2025-Q4 vs 2025-Q3Portfolio +2.5%
| Action | Ticker | Shares Change | Value Change |
|---|---|---|---|
| NEW | LLYVK | +10.9M | +$907.9M |
| NEW | LLYVK | +5.0M | +$406.4M |
| NEW | NYT | +5.1M | +$351.7M |
| NEW | FWONB | +3.0M | +$297.4M Est. bought $83.96–$96 |
| SOLD | FWONB | -10.9M(-100%) | $-1.1B |
| SOLD | FWONB | -5.0M(-100%) | $-470.2M |
| SOLD | FWONB | -3.0M(-100%) | $-315.3M |
| INCREASED | H1467J104 | +2.9M(+9%) | +$1.8B |
| INCREASED | CVX | +8.1M(+7%) | +$881.7M Est. bought $146.75–$157.72 |
| INCREASED | DPZ | +368K(+12%) | +$109.0M |
| DECREASED | AMZN | -7.7M(-77%) | $-1.7B |
| DECREASED | AAPL | -10.3M(-4%) | +$1.3B |
| DECREASED | BAC | -50.8M(-9%) | $-855.5M |
| DECREASED | DVA | -402K(-1%) | $-665.0M |
| DECREASED | POOL | -390K(-11%) | $-370.5M |
| DECREASED | AON | -497K(-12%) | $-190.6M |
| DECREASED | STZ | -400K(-3%) | $-11.1M |
| DECREASED | ATLANTA BRAVES | -108K(-48%) | $-4.7M |
| DECREASED | LILAB | -234K(-9%) | $-4.1M |
Score Breakdown
Investment Philosophy & Portfolio Style
Philosophy
Evolved over decades from Graham-style deep value (cigar butts, net-nets) to Munger-influenced quality compounding (wonderful businesses at fair prices). Core principles: (1) Circle of competence -- only invest in what you understand, (2) Margin of safety -- buy well below intrinsic value, (3) Durable competitive advantages (moats), (4) Think like a business owner, not a stock trader, (5) Be fearful when others are greedy and greedy when others are fearful, (6) Long-term orientation -- 'Our favorite holding period is forever,' (7) Management matters -- honest and competent managers, (8) Float-based leverage through insurance operations. In later years, increasingly focused on very large cap quality businesses due to the constraints of Berkshire's enormous size ($300B+ equity portfolio, $300B+ in cash/treasuries as of 2025).
Portfolio Style
Extremely concentrated at the top despite large portfolio. Apple alone has comprised 40-50% of the equity portfolio (reduced significantly in 2024-2025 via sales). Top 5 positions typically represent 70-80% of equity holdings. However, Berkshire's true portfolio includes wholly-owned subsidiaries (BNSF railroad, Geico, See's Candies, Dairy Queen, etc.) worth hundreds of billions. Cash/Treasury position grew to approximately $330B by end of 2025 -- the largest cash hoard in corporate history, suggesting Buffett sees few attractive opportunities. Recent activity: sold majority of Apple position, sold entire Paramount position, built large positions in Japanese trading houses (Itochu, Marubeni, Mitsubishi, Mitsui, Sumitomo) and Occidental Petroleum.
Background
Born 1930 in Omaha, Nebraska. Studied under Benjamin Graham at Columbia Business School. Founded Buffett Partnership in 1956, compounding at ~29% annually until 1969 dissolution. Took control of Berkshire Hathaway (originally a textile mill) in 1965, transforming it into a $1T+ conglomerate. The most successful investor in history by most measures. Chairman and CEO of Berkshire Hathaway for 60 years. As of his 2025 annual letter, announced Greg Abel would take over as CEO by year-end 2025, marking the end of an era. Net worth approximately $150B. His annual letters to shareholders are considered essential reading for any serious investor.
Track Record
The greatest documented track record in investment history. Berkshire book value compounded at ~20% annually from 1965-2024 (~60 years). Partnership returns were ~29% annually from 1957-1969. Market cap grew from ~$18/share in 1965 to ~$700,000+/share by 2025. Has outperformed the S&P 500 in the majority of decades. Performance has naturally slowed in recent decades due to Berkshire's enormous size (law of large numbers), but still impressive. Recent years show strong operating earnings growth from wholly-owned businesses even as equity portfolio returns have moderated.
Notable Holdings
Apple (reduced but still largest), Bank of America, American Express, Coca-Cola, Chevron, Occidental Petroleum, Japanese trading houses (5 major sogo shosha), Kraft Heinz, Moody's, DaVita, Citigroup, T-Mobile. Wholly-owned: BNSF Railroad, GEICO, Berkshire Hathaway Energy, Precision Castparts, See's Candies, Dairy Queen, and dozens more. ~$330B in cash/treasuries.
Transparency & Integrity
Transparency(Score: 8/10)
Very high for someone of his stature. Annual shareholder letters are detailed, honest, and self-critical (admits mistakes publicly). Annual meeting (the 'Woodstock for Capitalists') provides hours of Q&A. 13F filings are closely watched. Regular media appearances (CNBC, etc.) though has reduced these. However, individual attribution of Berkshire's stock picks (Buffett vs Combs vs Weschler) has become harder in recent years. The 2025 annual letter was notably candid about succession and legacy.
Integrity(Score: 10/10)
Highest possible. Has maintained a consistent ethical standard for 60+ years. Pledged to give away 99%+ of his wealth (primarily to Gates Foundation, now transitioning to family-run charitable trust). Has been consistently honest about mistakes (Dexter Shoes, textile mills, Kraft Heinz). Never engaged in accounting manipulation or shareholder-unfriendly behavior. His compensation has been $100K/year for decades. The ultimate reference case for investor integrity.
Relevance to Us
Essential reference but limited for direct idea generation. Buffett's philosophy IS our philosophy's foundation. His principles of margin of safety, circle of competence, and long-term orientation are embedded in our approach. However, his current portfolio is constrained by Berkshire's enormous size -- he can only buy mega-caps and full companies, which limits the overlap with our opportunity set. The massive cash position is itself an important signal (Buffett sees markets as overvalued). The Japanese trading house investments and Occidental position show he still makes bold moves. As a reference for philosophy and temperament, irreplaceable. As a source of actionable ideas for a smaller portfolio, limited.