Warren Buffett

Warren Buffett

Last Update: 2015-02-17

Number of Stocks: 47
Number of New Stocks: 2

Total Value: $109,365 Mil
Q/Q Turnover: 3%

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

Warren Buffett Watch

  • Notes from Reading Warren Buffett’s Latest Shareholder Letter (2014)

    These are the notes from reading Warren Buffett (Trades, Portfolio)’s latest shareholder letter. You can read the complete letter here.

    • In our view, the increase in Berkshire’s per-share intrinsic value over the past 50 years is roughly equal to the 1,826,163% gain in market price of the company’s shares.
    •   


  • Preparing for an Interest Rate Increase

    The Federal Open Market Committee recently released its January 27-28 meeting minutes, which included more detailed insight into the economy’s growth and the FOMC’s outlook for future interest rate hikes. The minutes addressed its key indicators including inflation and employment. It also noted improved 2014 economic indicators which have continued to guide the FOMC towards a federal funds rate increase in 2015.


    The January meeting and FOMC minutes continued to focus on price stability and maximum employment. The FOMC reiterated its inflation target rate of 2%. Prior to the January FOMC meeting, the inflation rate appeared to be stabilizing at 1.25%; however, February’s reading showed the inflation rate dropping to 0.7%, according to the Commerce Department, as lower energy prices drag on US prices.

      


  • Stock Buybacks, Timing, and Allocation of Capital

    In our healthcare consulting work, one of the huge challenges we are working on is the ability of a pharmaceutical to produce adequate results in its research and development efforts as we are constantly trying to figure out which project had the highest opportunity of product commercialization. In the last several years, there has been an enormous shift in thinking about allocating capital in research. Rather than attempting to calculate which project to fund, focus has shifted to when investments shouldn’t be made. It turns out timing is more important than selection in many ways. A report by BCG (“Does Size Matter in R&D Productivity?” Nature Reviews Drug Discovery 12, 901–902 (2013)) summed it up best:


    The difference is not, therefore, about stringency – but about when you chose to apply the stringency as capital is expended”.

      


  • Investment Gurus Love These 10 Stocks

    Recently I published an article about Warren Buffett's latest dividend stock buys and sells of the recent quarter.


    I'm ever surprised about his new investment. He bought Deere (DE), a great company with high market share in the farmer's equipment segment, while I was selling it due to high debt loads and operational headwinds.

      


  • Gurufocus Exclusive Interview With François Rochon Of Giverny Capital, 20x In 20 Years, Part II

    François Rochon of Giverny Capital.


    In our past article, Interview with the oracle of Montreal, Part I”, we discovered an outstanding investor: François Rochon, president, portfolio manager and founder of Giverny Capital, The Rochon global portfolio has had an outstanding track record of a 15.5%* annual return over the past 20 years, compared to 8.3% for the index. If you had invested 100 000$ in 1993 with François, your assets would have grown close to 2 000 000$ today. François is not only a great investor but also a great art collector. His approach towards collecting art and investing is similar, as he is looking for greatness, uniqueness and characteristics that will last the test of time.

      


  • Why Buffett, Soros and Other Hedge Fund Titans are Buying General Motors

    General Motors' (GM) stock is seeing significant interest from fund managers off late. Last quarter, two of the Wall Street's savviest investors, Warren Buffett (Trades, Portfolio) and George Soros (Trades, Portfolio) increased their stake in the company. Warren Buffett (Trades, Portfolio) now holds 41 mn shares of the company while George Soros (Trades, Portfolio) holds ~3.86 mn shares and more than 1 mn call options. Other notable investors who bought shares of the company last quarter includes Ken Heebner (Trades, Portfolio), Ken Fisher (Trades, Portfolio) and T Boone Pickens.


    The company's business is improving and it has now been profitable for 20 consecutive quarters. Last quarter, GM's business delivered strong core operating performance with almost all key operating metrics including global deliveries, net income and adjusted EBIT improving. The company's adjusted EBIT was $2.4 billion for the fourth quarter, a $500 mn improvement over the prior year. Adjusted EBIT margin was 6.10%, up 140 basis points from the fourth quarter of 2013. Net income to common shareholders was $1.1 billion, up $200 mn compared to prior year period and earnings per share improved to $0.66 versus $0.57 of prior year.

      


  • DirecTV: A Low Risk Merger Arbitrage Play

    Last year, AT&T (T) announced its plans to acquire DirecTV (DTV) for $95 per share. The acquisition is likely to close in first half of this year pending regulatory approval. DirecTV's shares are currently trading at $87.47 providing an excellent merger arbitrage opportunity. I believe DirecTV offers a good low risk opportunity to investors who want to benefit from price discrepancy between DirecTV's current price and AT&T's offer price. Further, given DirecTV attractive valuation and growth rate, even if this deal doesn't goes through DirecTV shareholders will be rewarded in the long term. Last quarter, legendary investor Warren Buffett (Trades, Portfolio), who is also a long time shareholder of DirecTV, added 1,353,468 shares of the company to his portfolio. He now hold 31,353,468 shares of DirecTV. His recent purchase is an indication that the company remains undervalued at the current levels. The company's shares are likely to gain whether the company's merger is successful or not. Here's a look.


    Scenario I: If AT&T and DirecTV's merger is successful

      


  • Part Four: A Continuing Discussion on Intrinsic Value

    In a recent interview with Consuelo Mack of WealthTrack (link), Jean-Marie Eveillard of First Eagle Funds said something that I’ve heard many times before – and something I have a tough time understanding. I figured it’s about time that I put my thoughts on this topic in writing.


    When discussing the different types of value investors, Mr. Eveillard had this to say about Warren Buffett (Trades, Portfolio):

      


  • Berkshire Hathaway Buys IBM, Deere, Restaurant Brands, Sells Exxon Mobil, Liberty Broadband Corp

    Warren Buffett (Trades, Portfolio)’s investment company Berkshire Hathaway just reported its fourth quarter portfolio. Berkshire buys IBM, Deere & Co, Restaurant Brands International Inc, Charter Communications Inc, Precision Castparts Corp, Twenty-First Century Fox Inc, Suncor Energy Inc, Directv, sells Exxon Mobil Corporation, Liberty Broadband Corp, Liberty Broadband Corp, ConocoPhillips, Express Scripts during the 3-months ended 12/31/2014, according to the most recent filings of his investment company, Berkshire Hathaway.


    As of 12/31/2014, Berkshire Hathaway owns 47 stocks with a total value of $109.4 billion. These are the details of the buys and sells.

      


  • Seth Klarman Buys Stake in 3 Pharmaceutical Firms

    Seth Klarman (Trades, Portfolio) founded The Baupost Group in 1982 and has suffered only two losing years since then.


    The value investor is the author of the famed book “Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor.” Written in 1991, less than 5,000 copies of the book were printed and can sell for almost $2,500 today. Even Warren Buffett (Trades, Portfolio) is said to have a copy of the book on his desk.

      


  • Warren Buffett: Full Interview Fortune



  • Robert Bruce new Buys

    Robert Bruce (Trades, Portfolio) is founder of the Bruce Fund run by Robert and son Jeff. From 2000 through 2006, the Bruce Fund returned annualized 29.7%. Bruce's previous returns and more recent returns have been lower.


    Web Page: http://www.thebrucefund.com/

      


  • Ownership, Risk and Performance

    In preparing our annual report I came across one of the better lines Warren Buffett (Trades, Portfolio) has used when he wrote that he and Charlie Munger (Trades, Portfolio) “eat our own cooking.” As money managers we have always been cognizant of aligning our personal finances with investor returns. As of the beginning of 2015 we have roughly 95% of my wealth in the Nintai portfolio. In the process of writing this year’s report we were intrigued to see how many investment managers live by this code. We decided to take a look at how much fund management invest in their own funds and what impact/insights it might have on many of us as private investors.


    Fund management investment: A table is worth a thousand words

      


  • A Publicly Traded Unicorn Maker: Spectral Capital Corp (OTCMKTS:FCCN)

    A "unicorn" in venture capital parlance is a $1 billion company, and a publicly-traded incubator that hopes to grow the next unicorn is Spectral Capital Corp (FCCN). Spectral Capital is a startup incubator that invests in fast-growth technology companies, similar to famous venture capital firms like Andreessen Horowitz, Sequoia, Venrock, Accel and Greylock. Spectral Capital invests in founders and helps them rapidly test, deploy and refine their services while "incubating" under its care. Incubators provide capital and services to their incubating companies, often handling recruitment, technology, accounting and legal to jump-start their growth. Because shares of Spectral Capital are public (stock symbol "FCCN"), anyone is able to buy a portion of this incubator and benefit from its performance.


    Unicorns often achieve a $1 billion valuation within one year, e.g. Instagram, Uber, Slack and Twitch. Indeed, almost all modern unicorns are therefore born as private – not public – companies. This is a major change since the days of Google (GOOG), Amazon (AMZN) and AOL (AOL) – all of which became unicorns after going public.

      


  • Gurufocus Exclusive Interview With François Rochon of Giverny Capital, 20x in 20 Years, Part I

    In March, Grahamites once again wrote for us an outstanding article for Gurufocus. In this case, the article was called "Giverny Capital - A true hidden gem." The Rochon global portfolio has had a truly impressive track record of a 15.5%* annual returns over the past 20 years, compared to 8.3% for the index. If you had invested $100,000 in 1993 with François, your assets would have grown close to $2,000,000 today. This track record, highly concentrated in stocks, is impressive and without a doubt raises our curiosity. We have read all his annual letters and were extremely impressed by the depth of his investment wisdom.


    Our curiosity led us to ask Francois Rochon, the president, founder and portfolio manager of Giverny Capital, for an interview, in order to complement our understanding of his successful investment approach. We are glad that François agreed to meet with us in his office, although we unfortunately cannot reproduce the unique environment with the many outstanding pieces of art that are located at the offices of Giverny Capital. Thus, we will do our best to share with you his investment wisdom in this series of articles.

      


  • John Rogers Increases His Position in MN

    John Rogers (Trades, Portfolio) of Ariel Investment, LLC recently increased his position in Manning & Napier Inc (MN). There are currently 186 stocks in his portfolio, valued at $7.750 billion with a quarter over quarter turnover rate of 8%.


    John Rogers (Trades, Portfolio) showed an interest in the stock market when he was only 12 years old, when his father would buy him stocks as Christmas and birthday presents. As an alumnus of Princeton University where he studied economics, he received the Woodrow Wilson Award in 2008, which is the most prestigious award, given to those who embody a career in national service.

      


  • Market Valuations and Expected Returns – February 10, 2015

    The market was up more than 30% in 2013, the best year since the go-go years of the 1990s. 2014 was another strong year for the market. The S&P 500 index was up more than 13%. Since the market recovery in 2009, the stock market has been up for 6 consecutive years. Yet in January 2015, the stock market benchmark S&P 500 lost 3.10%. Can the market continue to grow in 2015?


    Bernard Baruch once said, “A market without bears would be like a nation without a free press. There would be no one to criticize and restrain the false optimism that always leads to disaster.”

      


  • Inside One of Value Investing’s Greatest Minds: Chris Browne

    Beating the stock market is actually quite simple, so why do most investors find market-beating returns so elusive?


    The success of value strategies has been well documented for at least the past 60 years. It’s no secret, now well into the 2010s, that beating the market is as simple as putting together a diversified portfolio of value stocks and rotating those stocks when they appreciate back up to fair value. It’s baffling, then, why so few people actually take advantage of this very simple strategy, despite the evidence.

      


  • Charlie Munger Reduces Stake in Posco

    About two months ago, Barron’s reported that Warren Buffett (Trades, Portfolio) thought stock in Posco (PKX), one of the world’s top five steelmakers, was “cheap.” Buffett, Barron’s observed, had been investing in PKX since 2007 and held a 5% stake in the South Korean steel company at that time.


    But Posco struggled in 2014, Zacks Equity Research reported last week, with weak earnings in the fourth quarter. For the year, its earnings were down nearly 59%. Today, PKX is nowhere to be found in Berkshire Hathaway’s portfolio.

      


  • Warren Buffett: New Interview

    Legendary investor Warren Buffett (Trades, Portfolio) of Berkshire Hathaway (BRK.A) (BRK.B) did an interview with Fox Business yesterday. He discussed a wide range of stuff from the fed raising rates to Walt Disney Company (DIS) and to the expansion of Nebraska Furniture Mart. During the interivew Warren Buffett (Trades, Portfolio) was ask whether the Fed will raise rates, Buffett said, "I think it’s going to be very tough to raise rates when you’ve got what’s going on around the world.” He went on to say the last thing he would "want to buy is a 30-year government bond." Buffett also discussed not having a stake in Disney and what he thought of Walt Disney when he met him in the 1960s. He discussed buying a new business, probably a small European company, and said he believed that Nebraska Furniture Marts new expanded warehouse would do over a $1 billion in sales.


    Excerpts from the Interview

      


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User Comments

StrimpleEliz
ReplyStrimpleEliz - 3 weeks ago
Hey I am from USA for the first time he . I came across this board and I in finding It truly useful & it helped me out much. Thank You blogging tips and tricks
Robsones
ReplyRobsones - 1 month ago
Hi Gurufocus,
When are you updating each gurus buys and sells since 11/14/14 when it was last updated?
Purmer
ReplyPurmer - 2 months ago
Just buy Berkshire Hathway and relax for the rest of your live. Don,t outsmart Buffet
Dusty506
ReplyDusty506 - 3 months ago
Correction.. that's operating cash flow divided by shares outstanding. then divide that by earnings per share
Dusty506
ReplyDusty506 - 3 months ago
Skl_c9@yahoo.com,
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
Gurufocus
ReplyGurufocus - 4 months ago
@Rdonehow: List those with share number changes of more than 20%, or impact to portfolio more than 0.1%.
Rdonehow
ReplyRdonehow - 4 months ago
Same question as Jimmyjam.
Rdonehow
ReplyRdonehow - 4 months ago
I have the same question.
Jimmyjam
ReplyJimmyjam - 6 months ago
Berkshire buys 3M shares of GM, a 10% increase. Why not listed in latest stock picks?
Skl_c9@yahoo.com
ReplySkl_c9@yahoo.com - 7 months ago
IN MOST OF THE ARTICLE IT IS WRITTEN THAT WARREN BUFFET BUYS STOKS BASED ON HIGH ROE , LOW PE ,LOW P/B VALUE ETC . BUT WHEN I CHECK I DO NOT FIND ANY F THEM SUPPORTING HIS PORTFLIO. IT CREATS CON FUSION.
SKL
Anurag.mital@facebook
ReplyAnurag.mital@facebook - 8 months ago
there are a lot bad data on the web site
Manfred Bognar
ReplyManfred Bognar - 8 months ago
Hamed.dadgour@yahoo,

... and is not fixed yet!
Jandup
ReplyJandup - 8 months ago
Why is the dividend reported on Gurufocus for AAPL much higher than other sources. Is it correct?
Hamed.dadgour@yahoo
ReplyHamed.dadgour@yahoo - 10 months 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.

Hamed
Fofofum@yahoo
ReplyFofofum@yahoo - 11 months 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!
Vicvic
ReplyVicvic - 1 year ago
WHY CAN'TE WE.....TH GET A CURRENT LIST INSTEAD OF ONE THAT IS 6 MONTHS OLD? HE REPORTS HIS PURCHASES WITHIN A FEW DAYS.THANKS...
Gurufocus
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.
Culpel
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,

Reid
Buy land
ReplyBuy land - 1 year ago
Why does the chart show that DVA has different current prices? Any ideas?
Lacatena
ReplyLacatena - 1 year ago
Question:
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 ?
Thanks
Francesco



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