Warren Buffett

Warren Buffett

Last Update: 05-15-2015

Number of Stocks: 47
Number of New Stocks: 0

Total Value: $107,133 Mil
Q/Q Turnover: 1%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

Warren Buffett Watch

  • ACI Partnership Fund: A Needle in the Haystack

    "While there are some Warren Buffett in the world, identifying one is like finding a needle in the haystack", Burton Malkiel, Economist, Princeton University.

    Mr. Malkiel was probably not too far from reality, as very few individuals have been able to outperform the market over time. However, he probably didn’t know about GuruFocus.com, which follows the best investors, those with proven track records and who usually outperform the market in the long term.

    ACI Partnership fund is one of the few needles found in the haystack, a real compounding machine delivering an outstanding performance since its inception in 2008 with, according to my calculation, a 257.8% return compared to 163.4% for the S&P 500 index (including dividends) over this same period*. The following interview will probably convince you, just as I was, that James East, who manages the ACI Partnership fund portfolio, is an exceptional investor with an astute mind that few other investors possess.


    History of ACI Partnership and James East

    James East is the founder and capital allocator at ACI Partnership. Mr. East is a former engineer who became a full-time investor. It was at the young age of 11 that he bought his first stock "Uniroyal", known as a tire company, but also for its tennis shoes which he liked when he was a kid. He then read Benjamin Franklin's autobiography and was introduced to the power of compounding. He was good in math and went on to study aerospace engineering at Georgia Tech while maintaining a real passion for investing as a part-time hobby. As an engineer, he had a successful career and worked for 10 years on the development of rocket engines for the space shuttle at NASA.

    During his studies, he learned about Phil Fisher, which led him to learn about Warren Buffett (Trades, Portfolio), then Benjamin Graham. At the onset, his investment style was 85% Fisher; now it is 85% Benjamin Graham and 15% Phil Fisher, in order to focus more on the downside. He identified seven different approaches used by Benjamin Graham: two associated with price and five with quality. While the net-net approach covers but a small portion of Benjamin Graham's written works and is something ACI Partnership fund never did, its main aspect is to focus on the risk of losing permanent capital, and for the ACI Partnership fund it’s really a quality assessment rather than a quantitative issue.

    The interview

    When we look at the performance of your portfolio, you registered positive returns during the financial crisis. Can you explain to us how this was accomplished?

    It had a lot to do with the process of looking to protect the downside and being very selective on the price; this imposed a limit on buying just anything. At the time the market was becoming inflated. In this 2006-07 period, I had my radar list of investment prospects, but not one even came close to my targeted purchase price. Since I couldn’t buy anything, our cash level in the fund kept growing, and we got close to a 40% cash position, and we also had a large position in Fairfax. Fairfax delivered good returns during the crisis because they profited from the CDS purchase to protect them and also it allowed them to profit from the crisis.

    It all boils down to psychology; I had the personality to be patient. As Charlie Munger (Trades, Portfolio) said, you need to sit and wait, it’s not easy. You see your friends with Facebook and Netflix going up every day, so you have to fight this little envy or jealousy and wait for your fat pitch, and fat pitches come rarely. To make an analogy with baseball, I hit lots of singles, some doubles and occasionally some triples.

    Do you take the macro-economy into account?

    I’m very micro, focusing on specific companies, but at the same time you need to keep an eye on the macro. You can’t completely ignore it, but if you are like Warren Buffett (Trades, Portfolio) you don’t have to worry about the macro. Should you be running under a billion dollars, I think you need to at least be aware of what’s happening in the macro level.

    As an average investor, you should at least be aware of what’s happening in your country. For Canada, a question to ask would concern the real-estate. Is there an issue there? We will see how it evolves with time.

    Where and how do you find investment ideas?

    As an example, let’s take a look at Greece. The headlines say there’s a carnage underway in Greece and everybody’s leaving; that’s a place to just start looking. So you start, and my technique is to draw up a list of between 30 and 100 stocks to keep under my radar, for different periods of time. They are potential investment ideas that may eventually reach the right price. The companies on the list are all companies I have already researched in order to understand their competitive advantage. If they prove to have some and go on to reach a certain level, I go into a deeper research mode, and evaluate potential problems. There might be management issues, and you estimate their probabilities. Some ideas may be under the radar for a long period, and most of them have been for 3 to 5 years, some for 10 years. That reminds me a story of Warren Buffett (Trades, Portfolio), who sometimes read some annual reports for decades before finally buying some shares in a company.

    Can you give us an example of a company that was on your radar for 10 years?

    Old Republic Insurance. During late ’99, early ’00 dot-com crisis all the stocks were going down. Those were incredible times, all the value stocks were going down every single day. I then had a 10-year history on this particular company, not necessarily the best company I ever came across but at the then price of 40 % of book value, it was making money, had an interesting yield, was stable and it was not going bankrupt.

    There was a good variety of that type of opportunity available during the crash. This is really my strategy: I have my radar list of companies on which I do some research and when the price becomes attractive, I do more research to dig even deeper.

    Are you always waiting to do deeper analyses?

    You have to be quicker these days, more than 5 or 10 years ago. I have usually done enough research to know my comfort zone, and when the price gets closer to it, I start diving deeper, always looking for competitive advantage. I ask myself: How much lower can it go before the market starts to turn around again? Then I try to assess the causality that created the low valuation, for example is it a sector or a management issue? You assess the probabilities for each situation and then revaluate your buy price. It may also happen that I decide to discard it from the radar because the new research reveals that it’s not a good investment.

    Do you have another example for us?

    Yes, a recent example happened a few months ago with Dreamworks. For some reason, one day the market told me that I didn’t want Dreamworks anymore. I sold off 15-20% over a couple of days for no reason, no nothing; it was a great opportunity so I pulled the trigger on it. I had Dreamworks on my radar for three years, and at one point it was really close to my buy price, then came a buyout rumour and the stock went up. This is the problem with value investors, we wait for the price to be cheap and it never gets there.

    Over the last 3 years they had done some reorganisation in the corporation which increased the intrinsic quality of the business. Their production costs, overhead and expenses were too high. The management realized that, and reduced the quantity of movies instead of diluting talent. They reduced their production costs. They also started to become more of a content provider than a movie producer, signing some content contracts with Netflix and Verizon, for example.

    In this example the opportunity lasted only 4 or 5 days, so you had to be quick. And this is the market we have these days, so we have to be quicker. I was able to buy it because I revaluated the business and it was a better business than 3 years before. I evaluated it from a balance sheet point of view: they had redeployed some of the capital. There was a very limited downside in my opinion with a really positive upside.

    Do you first look for the downside?

    Yes, my first assessment is the downside, always. Using George Soros (Trades, Portfolio)' terminology of reflexivity, these phenomena always overshoot. They overshoot on the top and they overshoot on the bottom. If I can figure out what the floor is, although it’s potentially going through the floor. As value investors, we always buy too early and we sell too early. When you have a 10-15-year history and you look back at your own result, you realize that you always buy too early and sell too early, obviously those are your winners. For your losers, obviously, you bought too early and didn’t sell early enough.

    How has the idea of Reflexivity as it applies to financial markets promoted by George Soros (Trades, Portfolio), influenced your thinking?

    I’m an engineer by training, so I was very familiar with reflexivity in the first place because of feedback loops that make complete sense to me because I see them in nature, I saw them in dynamics, and with an engineering background you see those patterns all the time. Feedback loops always overshoot; it’s the same thing with the market, they always overshoot, they overshoot on the top, and they overshoot on the bottom.

    Right now we have a record of buy backs, but in 2008-09 you couldn't find a company that was doing buy backs as most of them were scared. In 2010-11 the level of buy backs wasn't that high, so I asked myself, why don’t you buy back your stock? You should be buying your stock! Now every company out there wants to buy back its stock, it went up 2x or 3x since 2008-09 and now they are buying it back!

    Can you give us an example of reflexivity for a particular case?

    Fairfax would be a good example in 1997-98. At that time its stock was traded at more than 4 times its book value, it was over the price I would have paid. They issued shares at those prices to make their acquisition of the undervalued insurance business, which had the effect of making a high price go higher; that’s reflexivity on the upside. It was trading close to $550 (Canadian dollar) per share, they made two acquisitions that didn’t meet their expectations and the company got into trouble, driving the price on a reflexive process on the way down to $70 per share in 2003.

    Fairfax has been one of your larger holdings for 15 years, can you comment on this?

    Fortunately and unfortunately, we were in Fairfax during their hard times and rocky roads. Many lessons have been learned through the Fairfax story. I think that finally the story is widely known and in a good way in the investment community, because they had some really bad breaks, some self-inflicted wounds, but underneath all of that cacophony, there is really a fantastic underlying business. For example Fairfax Asia is unbelievable, Odyssey RE is probably the gold standard in Reinsurance.

    So there are many qualities in Fairfax that don’t reap the appreciation that they should because of the overhanging issue that the investment community has with Fairfax. For example the community is asking: "Why you are hedging?’’ The answer is that they are trying to protect their capital because of the past experience they had, as they never want to be in the same situation again.

    Another example is they just bought BRIT insurance, fantastic, unbelievable, that’s what Fairfax wants to do and it’s also what their Shareholders want them to do. They bought 100% of Brit but turned around and announced they will sell 29%. They had just bought the shares, so the shareholders were wondering what was happening. At the shareholders meeting they gave a good reason: In 4 years, they will own it 100%. So it’s something that came out in the press release, it doesn’t always. You need to know the historical reference and the character and principles on which decisions are made. Even though I trust them, I don’t always agree with what they do, but as I said, it’s my biggest holding and I have been with them for a very long time.

    Going forward, I think Fairfax is in a sweet spot because of the global footprint and platform they have in insurance operations and to be honest, the insurance industry hasn't been that great over the last 10 years, except for Odyssey Re and Fairfax Asia, but they have been overshadowed. It took them literally 10 years to recover from the Crum & Foster problems which they had bought, along with TIG. The due diligence they now perform is quite superior, they learned a lesson and I know Fairfax will not repeat those same mistakes again.

    I had my opportunity because of their mistakes. Historically they are value investors, they are a team, and they are truly honest, they just make mistakes. Regarding the story that came out in the media on Fairfax from 2001 to 2006, 99% of it was false, and much of it has been proven to be false. There’s an ongoing legal case out there trying to prove that 100% of it consisted of false accusations, but from an investor point of view it’s been resolved fairly.

    Going back to the 7 Graham approach template, 2 about cheap prices and 5 about qualities, do you look more for qualities?

    It took me a while, I was stuck in the growth camp. From 25 to 35 years old I advocated the Fisher compound stock growth and better business. But after reading more Graham I really changed to be more concerned with protecting the downside.

    I think that a successful investor can be a trader in private equity, commercial real-estate and many other fields, but the really successful are those who match up their investments with their personality. My personality is more laid back, patient, if I were not patient I would not have lasted so long with the Fairfax investment given their volatility. It did hurt, but differently from owning a growth stock, the difference being a deep value situation that becomes extremely undervalued because of bear attacks that I hold onto because of my personality and the research I did. Matching your personality to your investment style is really important. For example, there are successful venture capitalists that probably don’t have the personality to be a successful value investor. For my part, I need to see the business history that allows me to see the value, and I mean value in the tangible and intangible more on the quality side, be it brand, better costumer contact, and length of time in business.

    So there are all kinds of adjustments I make on the assets but also and more so on the liabilities, most of the time increasing them. Regarding the assets usually I cut them and most of the time there’s little advantage left when compared with the market of that day. Also, the balance sheet will correct itself if the right management is in place and if you are correct on your analysis.


  • The Evolution Of A Value Investor – Google Talks With Tom Gayner

    Tom Gayner (Trades, Portfolio) has made a career out of following Warren Buffett (Trades, Portfolio).

    Not Buffett's brilliance, but his common sense.


  • Howard Marks: The Uncomfortably Idiosyncratic Billionaire

    As an undergraduate at Wharton in the 1960s, Howard Marks (Trades, Portfolio) stumbled upon one of the guiding principles of his life — the Buddhist concept of mujo. In his Japanese studies course, mujo was defined as “the turning of the wheel of the law.” Marks explains: “Change is inevitable. The only constant is impermanence. … We have to accommodate to the fact that the wheel turns and the environment changes.” This constant flux applies not only to human lives but economies and markets. “It’s very helpful to view the world as behaving cyclically and oscillating rather than going in a straight line. Everything is cyclical.”

    “You can’t control the environment,” Marks adds. So the key is to recognize how it’s changing, accept it and respond as wisely as possible. “The screwiest thing you can do is to think you’re a Master of the Universe. We’re all just little cogs, and the universe will go on without us. We have to fit into it and adapt to it.” For example, at the time of our interview in late 2014, he sees scant investment opportunity and excessive complacency: “What bigger mistake could there be than to think you can safely get high returns in a low-return world?” Investors should adjust by assuming less risk and lowering their expectations. He cites a favorite quote from Peter Bernstein: “The market’s not a very accommodating machine; it won’t provide high returns just because you need them.


  • Buffett Burgers and the Halleujah Chorus – CMG Capital

    “People are habitually guided by the rear-view mirror and, for the most part, by the vistas immediately behind them.” – Warren Buffett (Trades, Portfolio)

    I was the keynote speaker last night at a large advisor client event in suburban D.C. The title of my presentation was “Buffett Burgers.” With five boys in the house, we find ourselves often grilling Bubba Burgers; thus the incredible inspiration for my presentation. I know, cliché – but I think it went well.


  • Delta Airlines: Lessons From Warren Buffett

    Every time I see interest increase in the airline industry, I think about two quotes from two of my most favorite billionaires.

    Richard Branson once stated that “if you want to be a millionaire, start with a billion dollars and launch a new airline.”


  • A Suprisingly Innovative Company With A 4.9% Dividend

    Many people have ethical concerns regarding investing in tobacco companies. Warren Buffett (Trades, Portfolio) is a famous example. I am not sure where I stand on the issue myself, as I am writing about this stock there are particulars about the industry that do not feel very good. At the same time, I do not want to make that choice for anyone and there is a lot of merit to an investment into Philip Morris International (PM). This tobacco giant is only second in scale to China National Tobacco, a state company, and dominates outside of China. Philip Morris has an impressive stable of brands, including: Marlboro, L&M, Philip Morris, Bond Street and Chesterfield among others. It sells its wares in over 180 markets. Between 2008 and 2014 the company invested over $2 billion in research and product development to come up with technology that reduces risk to consumers and are acceptable to adult smokers. The company currently has a reduced risk portfolio that includes different technology to adress different preferences of smokers. Two products heat rather than burn tobacco, and two e-vapor products that do not contain tobacco and are based on different technology. Philip Morris has registered over a 1,000 patents worldwide relating to thsee RRP platforms and another 2,000 pending applications on new RRP developments:


  • David Einhorn’s Three Favorite High Yield Dividend Stocks

    David Einhorn (Trades, Portfolio) is one of the most successful long/short hedge fund managers. He has averaged returns of nearly 20% a year since starting his hedge fund Greenlight Capital in 1996.

    David Einhorn (Trades, Portfolio) owns several dividend stocks with yields over 3%. This article examines the 3 dividend stocks that make up the largest percentage of David Einhorn (Trades, Portfolio)’s portfolio with dividend yields over 3%.


  • Coca-Cola’s 20 Billion-Dollar Brands And Future Growth

    Coca-Cola (KO) has long been a favorite of The 8 Rules of Dividend Investing. Here’s why.

    The company has a 3%+ dividend yield, solid 7% to 9% constant currency earnings-per-share growth expectations, and a strong competitive advantage.


  • Simpson and Buffett BOTH own this wide moat stock.

    Precision Castparts (PCP) was founded in Portland, Oregon circa 1949. The company manufactures structural investment castings, forged components and airfoil castings for aircraft jet engines and power turbines.

    Despite having a website that looks straight out of 1999, doing the brand zero justice, the underlying company is rock solid. It has large customers like General Electric (GE), Rolls-Royce (RR.), Airbus (AIR) and Boeing (BA) that have all bought from the company for decades.


  • A Safe Dividend Investment

    In this article, I will analyze the sustainability of dividends (using coverage ratios) of Wells Fargo (WFC), which is Warren Buffett (Trades, Portfolio)’s favorite finance stock.

    Warren Buffett (Trades, Portfolio)´s Berkshire Hathaway (BRK.A)(BRK.B) disclosed an equity portfolio valued at $107.13 billion at the end of the first quarter of 2015. The equity portfolio is mainly invested in Finance (45%), Consumer Staples (25%) and Information Technology (14%) stocks.


  • 4 Healthcare REITs For A Healthier Retirement Portfolio

    To be considered prudent investors we must recognize and accept the undeniable reality that all true investing is done in future time. Consequently, the key to long-term investment success is to forecast the future as accurately as we possibly can. Of course, we must simultaneously recognize and accept that forecasting the future can only be accomplished within a reasonable degree of accuracy. Forecasting the future, and investing for that matter, can never be perfect. Nevertheless, our investing success will ultimately be achieved based on how good our forecasts turn out to be.

    With those realities in mind, there are multiple degrees of difficulty associated with the process of forecasting. In other words, even though all forecasting is dealing with unknowns, there are certain things that are more knowable than others. Once again, nothing about the future is perfectly clear, but there are certain future trends that are more unmistakably defined, and therefore, easier to make reasonably accurate forecasts upon. The aging of our population, also referred to as the graying of America, is one important demographic that lends itself to reasonably accurate forecasts.


  • Emotions in Motion: Data, Sentiment, and Investing

    Emotions are jolted by too much information and the wrong type of information. That’s the problem today – too much information that has nothing to do with value.” - Goldman Sachs

    There are three emotions that will really do you in as an investor – hope, greed, and fear. The first two will lock you in making you think you are a real genius, while the third eviscerates your investment return. You can never fully avoid these, but strengthen yourself to take advantage of them.” – John Rutherford


  • Hiding From The Stock Price

    In the past, Warren Buffett (Trades, Portfolio) has said that he prefers to complete his analysis of a company before knowing where the stock is trading; the rationale for doing so is clear. However, despite my efforts, our connected world has won every time: I don’t think I’ve ever even made it through my initial analysis on a company without checking the stock price less than 10 times, let alone once.

    If I do ultimately decide to make an investment, I find myself quibbling over a few percentage points higher or lower when the impact on my expected returns (time horizon of 5+ years) is immaterial – and I know I can’t guess the short-term moves anyway. It’s clearly not the most intelligent use of my time or effort, but it’s still something I find myself thinking about.


  • Starting With GAAP

    Warren Buffett (Trades, Portfolio) has famously said that GAAP earnings should be an investor’s beginning point when it comes to analyze a company’s earnings power. I know most of us will agree with Buffett on this point. However, many investors shiver when thinking about Non-GAAP owners’ earnings because of either unfamiliarity with accounting or the perceived complexity in figuring out the true earnings’ power of a business just by looking at the often 100 page plus SEC filings.

    Although there are a few books such as Quality of Earnings by Thornton L. O'glove and Creative Cash Flow Reporting by Charles Mulford and Eugene Comiskey, in reality, it is not very practical to go through all the things discussed in those books, especially for part-time retail investors.


  • Warren Buffett's Hour-Long Interview With Office Hours

    Wouldn't you be interested in knowing how many hours of his time Warren Buffett (Trades, Portfolio) has shared with us over the years?

    Of course, this isn't a chore for Buffett; he enjoys sharing his wisdom. As chronicled in his biography Buffett was known to be surrounded at college parties by young men and women interested in hearing his perspective on a wide array of issues.


  • Warren Buffett Interview With Dan Gilbert

    Warren Buffett (Trades, Portfolio) did an interview in Detroit with Dan Gilbert where they discussed a variety of issue. One of the topics was Detroit and the potential turnaround in the city. It's a great interview with a lot of information about the Detroit turnaroud and what Warren Buffett (Trades, Portfolio) thinks about Detroit.

    Interview With Dan Gilbert:


  • How Warren Buffett Interprets Financial Statements - Part 2


    In part one, I went through how Warren Buffett (Trades, Portfolio) interprets the Income Statements and the Balance Sheet. Now in part two, I'll show you how he goes through Retained Earnings, Treasury Stock and the Cash Flow Statements.


  • Read, And Then Read Some More

    Someone recently asked at a meeting of prominent individual investors about millennials and investing to help newly minted college graduates. My recommendation was Patrick O'Shaughnessy and his excellent book for millennial investors. Also referenced was O'Shaughnessy's father and all his works.

    The crowd stared blankly.


  • How Warren Buffett Interprets Financial Statements Part 1

    Warren Buffett (Trades, Portfolio)'s former daughter-in-law Mary Buffett wrote the best seller " Warren Buffett and the Interpretation of Financial Statements". The book went through how Warren Buffett (Trades, Portfolio) interprets financial statements. Mary Buffett takes you through how Warren Buffett (Trades, Portfolio) analyzes financial statements to find wonderful companies selling at fair value. The book is a must-have for every value investor or any one who want to better understand how to interpret financial statements.

    How Warren goes through income statements


  • 20 Quotes from Investing Greats to Make You a Better Dividend Investor

    Individual investors benefit when investing greats share their wisdom. Warren Buffett (Trades, Portfolio), Seth Klarman (Trades, Portfolio), Peter Lynch, and Joel Greenblatt (Trades, Portfolio) are all investing greats who have written books and/or shared their wisdom in annual reports. See their thoughts on investing applied to dividend stocks.

    Warren Buffett (Trades, Portfolio)


  • 26 Investing Tips From A Classic AAII Discussion With Bruce Berkowitz

    Bruce is a well-known value investor with concentrated portfolios. He labeled his fund as "Focused and Value Based." The following are my notes to this wonderful meeting. John O'Shaughnessy and I were very appreciative of the discussion.

    1. "Doesn't make sense to have greater than 10 or 20 positions. Diversification is insurance against ignorance."


  • Is Warren Buffett A Value Investor?


    • Warren Buffett is no longer a bargain hunter, but Benjamin Graham's framework never was about bargain hunting in the first place.

  • Warren Buffett Deals in Existing Stakes in First Quarter

    As one of the most admired investors of all time, Warren Buffett (Trades, Portfolio)’s actions are followed closely, but those who were looking for clues as to which companies would make good new buys or were prime candidates for selling off were disappointed in the first quarter. Buffett had no new buys nor did he sell any of his stakes in full.

    He did add to some stakes in his portfolio and sold portions of others.


  • Intelligent (and Unintelligent) Investing: Part 1

    This article represents the first part of a series of articles, and will set out to explore what intelligent investing is, and more specifically, what it is not.

    I do so, in order to use Charlie Munger (Trades, Portfolio)’s famous mental tool of inversion:

  • Bill Gates Sells Part of Stake in Berkshire Hathaway in First Quarter

    When you are the co-founder of the world’s largest personal computer company – Microsoft (MSFT) – and one of the world’s wealthiest people, it is not necessary for you to make many stock moves in a quarter unless you feel compelled to do so. Apparently, Gates did not feel so compelled in the first quarter. He made only three transactions, and two of them were sales.

    Gates’ sale of 5,000,000 shares of Berkshire Hathaway Inc (BRK.B), Warren Buffett (Trades, Portfolio)’s Nebraska-based multinational holding company, was easily his largest transaction of the quarter. Gates received an average price of $147.14 per share, and Berkshire Hathaway remains both the largest and the most valuable stake in his portfolio – again, easily. The deal had a -3.75% impact on his portfolio.


  • Buffett's Favorite Banker Discusses The Absurd Amount Of Money He Has To Invest In Compliance

    Warren Buffett (Trades, Portfolio)'s favorite bank is Wells Fargo (WFC), which he has held for decades and continues to buy.

    CEO Kovacevich explains how banks like his are being forced to spend absurd amounts of money on compliance. He cites JPMorgan (JPM) as an example of a company that has gone from having 1,000 staff dedicated to compliance to 20,000.


  • A Rare Hour-Long Interview With Hedge Fund Wizard Jim Simons

    There is more than one way to skin a cat.

    Warren Buffett (Trades, Portfolio) became a billionaire by doing fundamental analysis on businesses and making concentrated bets when the stock market undervalued those businesses.


  • Kraft Heinz Turns Into Hedge Fund Favorite As Buffett And 3G Mix Ketchup With Macaroni

    Hedge funds are eyeing Kraft Foods ahead of the close of its planned merger with 3G Capital and Berkshire Hathaway-backed ketchup maker Heinz, a deal that will give current shareholders a 49% stake in what could become a global foods powerhouse and an industry consolidator.

    When the mostly-stock deal was announced in late March, Kraft surged over 30% amid optimism about potential synergies from the merger and calculations on the combined company’s valuation. However, a growing crowd of value oriented investors appear comfortable owning Kraft Foods even after its initial stock pop, expecting that the company’s new owners will be able to improve profits and also find areas of growth, either through geographic and product expansion, or merger and acquisition activity.


  • The Latest Investing Moves by Seven Masters of the Universe

    45 days after quarter end, large institutional investors have to report their holdings to the SEC, which are then made available to the investing public. So as of late last week, we now have updated visibility into the trading machinations of the masters of the universe.

    Of course, the usual caveats apply. No matter how successful a manager is, it’s never a good idea to blindly follow their investment moves. By the time you or I get access to their trading moves, the data is as much as 45 days old. And for all we know, they may be selling it by the time we buy. Plus, as managers are not required to report short positions or options and derivatives positions, we also have no insight as to whether a stock might be a part of a long/short pair trade or some broader strategy.


  • Credit Market Guru Michael Lewitt On Navigating The Current Madness In Money Markets

    Charlie Munger (Trades, Portfolio) has said that, even at age 80-plus, Warren Buffett (Trades, Portfolio) is getting better as an investor.

    In investing experience matters. It is a huge advantage.


Add Notes, Comments

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User Comments

ReplyTheda.berdeaux - 1 month ago
These articles do not match up to the Guru"s List:


This is ntroublesom.

ReplyBenfica457 - 1 month ago
You Need to Update Warrens New Buys the info is really old and not up to date
ReplyRobsones - 5 months ago
Hi Gurufocus,
When are you updating each gurus buys and sells since 11/14/14 when it was last updated?
ReplyPurmer - 6 months ago
Just buy Berkshire Hathway and relax for the rest of your live. Don,t outsmart Buffet
ReplyDusty506 - 7 months ago
Correction.. that's operating cash flow divided by shares outstanding. then divide that by earnings per share
ReplyDusty506 - 7 months ago
[email protected],
try price to operating cash value. and then compare that ratio to price to earnings . I found wells fargo and davita to have the highest of any stocks I've fooled around with. wells is 2.72 and davita is 2.44. also enr is 3.01. They're competitors of Duracell. still just experimenting
ReplyGurufocus - 8 months ago
@Rdonehow: List those with share number changes of more than 20%, or impact to portfolio more than 0.1%.
ReplyRdonehow - 8 months ago
Same question as Jimmyjam.
ReplyRdonehow - 8 months ago
I have the same question.
ReplyJimmyjam - 10 months ago
Berkshire buys 3M shares of GM, a 10% increase. Why not listed in latest stock picks?
ReplyAnurag.mital@facebook - 1 year ago
there are a lot bad data on the web site
Manfred Bognar
ReplyManfred Bognar - 1 year ago

... and is not fixed yet!
ReplyJandup - 1 year ago
Why is the dividend reported on Gurufocus for AAPL much higher than other sources. Is it correct?
ReplyHamed.dadgour@yahoo - 1 year ago
Hi Gurufocus,

Thank you for your amazing website. I have one comment:
the stock price for LBTYA seems wrong because you website has not taken into account the fact that there was a stock split back in Feb 2014. You show the stock is down more than 50%, which is misleading.

ReplyFofofum@yahoo - 1 year ago
y should they show anybody Buffetts portfolio in the first place, show the world your up to date portfolio how about it. If you need help maybe you should learn and study your own picks and not get em off somebody elses coattails, sorry but you asked the question, anyway as you can see he only buys the best of the best stocks, you don't have to look at his portfolio to know that,goodluck!
ReplyVicvic - 1 year ago
ReplyGurufocus - 1 year ago
"Do we know if the DirecTV sell listed on this page is correct? The sell is not listed under the "Stock Picks" tab."

Yes, it is correct! The impact to portfolio is very small so we did not list under "Stock Picks" tab.
ReplyCulpel - 1 year ago
Dear Gurufocus,

Do we know if the DirecTV sell listed on this page is correct? The sell is not listed under the "Stock Picks" tab.

Thank you,

Buy land
ReplyBuy land - 1 year ago
Why does the chart show that DVA has different current prices? Any ideas?
ReplyLacatena - 1 year ago
Why was XOM not marked as new buy (30th September) in the stock picks in the Portfolio of Mr. Buffett ? It appear only today the 18th November ?

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