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Lessons From Warren Buffett’s Personal Portfolio

March 25, 2010
gurufocus

Robert P. Miles

2 followers
“Is Warren Buffett relevant?” Mark Haines, co-anchor of CNBC’s “Squawk on the Street,” recently posed that question to me on air.

“He’s more relevant now than ever,” I answered. Taking a look at how Buffett invests personally shows why.

Did you know that Warren Buffett manages a personal portfolio separate from his nearly lifelong stock holdings in his conglomerate Berkshire Hathaway? The man many consider to be the world’s greatest investor has long declared that ninety-five percent of his and his family’s net worth is in Berkshire’s stock. Those holdings are well reported and analyzed. But what about his other investments, and what can we learn from that portfolio?

Buffett’s private portfolio represents less than five percent of his net worth, but that five percent is substantial by anyone’s measure—with a recent value of $1.8 billion. Certainly worth paying attention to.

This also answers the question often asked, “How does Warren Buffett live on a salary of $100,000 per year, with one of the lowest CEO compensation packages among the Fortune 500 companies?”

Each quarter the worldwide media reports—usually incorrectly, that the common stock changes submitted by Berkshire Hathaway are decisions made solely by its chairman, Warren Buffett. Many of the Berkshire buys and sells reported as Buffett’s are actually directed by Louis A. Simpson, CEO of Capital Operations at wholly owned auto insurer GEICO. By carefully reviewing the list of the twenty-one different reporting entities listed at the beginning of the report, one can figure out, in Column 7 of the filing, which investments belong to the parent company Berkshire Hathaway and its subsidiaries and should be reported as actions of Warren Buffett, which purchases and sales result from Simpson, and which investments are owned solely by Mr. Buffett. All three are hiding in plain sight.

Taking a closer look at the 13F-HR reports filed with the Securities and Exchange Commission (http://www.sec.gov) reveals more lessons about Buffett’s personal portfolio. These reports, which must be filed forty-five days after the end of each quarter by any U.S.-based institutional investor with $100 million or more under management, list the stocks that Buffett owns, not including fixed income or foreign investments. (Occasionally, for competitive reasons, Berkshire is given permission by the SEC to withhold and delay information about what it buys or sells for up to one year after the quarter end.)

Why should that quarterly report matter to you? Because it holds at least eight key lessons you can use to invest the way Buffett does.

#1 Do Your Own Research: Media reports can be misleading. Don’t believe everything you read or hear—not even from major news sources like Reuters, Forbes or CNBC, about what Buffett is buying or selling. At the end of 2009, the most recent filings indicate that a total of forty-seven different stocks are in Berkshire and related party portfolios. Ten stocks are owned by Buffett in his private portfolio (reporting entity #4), including two (GE and UPS) that are not in Berkshire or GEICO portfolios (reporting entities #9, #10 and #11). These stocks are identified by the #4 in Column 7 (Other Managers). Since Buffett owns 100 shares of most publicly traded companies, his #4 is listed next to all forty-five stocks. You can piece together his personal portfolio wherever you find the #4 listed alone.

Here is the list of the 21 reporting entities:

NO. FILE # NAME
1. 28-5678 BH Life Insurance Co Nebraska
2. 28-10388 BH Columbia Inc.
3. 28-719 Blue Chip Stamps
4. 28-554 Buffett, Warren E.
5. 28-1517 Columbia Insurance Co.
6. 28-2226 Cornhusker Casualty Co.
7. 28-06102 Cypress Insurance Company
8. 28-11217 Fechheimer Brothers Company
9. 28- GEC Investment Managers
10. 28-852 GEICO Corp.
11. 28-101 Government Employees Ins. Corp.
12. 28- Medical Protective Corp.
13. 28-1066 National Fire & Marine
14. 28-718 National Indemnity Co.
15. 28-5006 National Liability & Fire Ins. Co.
16. 28-11222 Nebraska Furniture Mart
17. 28-717 OBH Inc.
18. 28- U.S. Investment Corp.
19. 28-1357 Wesco Financial Corp.
20. 28-3091 Wesco Financial Ins. Co.
21. 28-3105 Wesco Holdings Midwest, Inc.
Your own research should begin by going online. Here’s how to find Warren Buffett’s personal portfolio in 5 easy steps:

1. First visit http://www.berkshirehathaway.com

2. Next, click on Link to SEC Filings

3. Then click on the second entity (there are 4) listed or number 0001067983 just to the left of Berkshire Hathaway Inc.

4. On the left you will see a filings column: scroll down to the report listed as 13F-HR or 13F-HR/A (amended) and titled Quarterly Report Filed by Institutional Managers. Select the most recent quarter or, if you wish, a previous reporting period. Click on documents.

5. Finally, click on either red document number after ‘FORM 13F-HR/A’ v55243a1e13fvhrza.txt or ‘Complete submission text file’ 0000950123-10-013409.txt. The filing is self explanatory and easy to read. Remember, wherever you see the #4 in Column 7 it is a personal holding of Warren E. Buffett.

Study, and learn from, what you find there.

#2 Consider Old School Investments with Little Change: The average company in Buffett’s personal portfolio was started in 1892, some four decades before he was born. Maybe it’s simply coincidence but the average founding date of the ten stocks he holds is the same as his company’s largest common stock holding—none other than Coca Cola.

Like Buffett’s most recent purchase—Burlington Northern Santa Fe, founded in 1850—the companies in his ten-stock fund have diversified very little from the industry sector where they first began. True to his public word, he is investing in America even with his personal holdings.

Knowing Buffett’s propensity for acquiring “old” companies, Abercrombie and Fitch, founded in the same year as his favorite daily beverage, would seem to be an odds-on favorite to be added to Buffett’s personal fund.

But, Buffett has no personal investing interest in fashion, technology, telecoms, computers, the Internet, bio-science, or other new-fangled, fast-changing business models. Instead of Initial Public Offerings (IPOs), his personal portfolio is loaded with OPOs—Old Public Offerings. Buffett should consider himself a financial anthropologist. The older things become, the more interested he is.

Chart I: Warren Buffett’s Personal Portfolio: Number of Shares:

Stock SectorFounded 4Q09 3Q09 2Q09 1Q09
Wells Fargo Bank 1852 14,812,857 14,812,857 8,000,000 8,000,000
J & J Health 1886 4,973,200 4,973,200 4,973,200 4,322,500
P & G Consumer 1837 4,375,000 4,375,000 4,375,000 4,375,000
Kraft Foods Food 1903 8,000,000 8,000,000 8,000,000 8,000,000
Wal-Mart Retail 1962 4,200,000 4,200,000
US Bancorp Bank 1891 8,365,000 8,365,000 8,365,000 8,365,000
GE Diverse 1892 7,777,900 7,777,900 7,777,900 7,777,900
UPS Service 1907 1,429,200 1,429,200 1,429,200 1,429,200
Ingersoll-Rand Industrial 1905 636,600 636,600 636,600 636,600
Exxon Mobil Oil 1882 421,800 421,800
Source: www.sec.gov

#3 Be Decisive: Once you decide to purchase a stock or dispose of an investment, move quickly. Buy or sell with a fire hose, not an eyedropper. Buffett doesn’t move in or out of a stock slowly. He moves quickly. As he wrote in his most recent letter, “When its raining gold bring a bucket, not a thimble.” Many private investors as well as professional investment managers make the mistake of dabbling into a stock. If it goes up they stop buying it, hoping for the price to go back down. If it drops in price after their initial purchase, driven by behavioral psychology they wait for it to decline more before resuming their purchase. If you are buying slowly you are probably focused on price and don’t understand the value of what you are buying. Although he is very decisive, once Buffett admitted that he cost his shareholders billions of dollars when he started to purchase Walmart and stopped when the shares began to rise a quarter of one percent.

#4 Be an Owner, Not a Traitor: For Buffett, it’s not about trading or switching in and out of a stock due to the latest quarterly or emotionally charged media report. It’s about reading, thinking, and investing in a rational way at the right price or at a discount to the stock’s value. Notice the lack of trading activity in the previous Chart I.

In 2009, Buffett made four buys (green) and no sales (which would have been highlighted in red if there were any). He had no trading activity “at all” in the first and fourth quarters. He added to two existing positions (Johnson & Johnson and Wells Fargo) and started two new stocks (Walmart and Exxon).

Buffett buys century-old American companies (except for Ingersoll Rand, which is based in Ireland) with durable competitive advantages at a discount to their values—and then holds onto them. A combination of patriotism, investing in what and where you know, and long-standing and proven investment philosophy of holding long-term, waiting for the market to eventually price the stock based on earnings. In addition, most of the stocks in Buffett’s private portfolio are multi-nationals capturing as much as 40 percent of their earnings in markets and countries outside the USA.

Although it can be done, it is just not Buffett’s game to trade in and out of stocks. Besides, the tax impact of short-term capital gains can chew up a sizeable portion of your profits. It’s not only a lot of work to decide when to sell and what to buy next, but it adds to the degree of difficulty as well. It’s easier to be an owner.

#5 Go Big or Go Home: Holding a handful of stocks will do, if you know what you are doing. Concentration is for the know-something investor. Diversification along with dollar cost averaging, investing a set amount at regular intervals, is for the know-nothing investor.

“The average investor would be best served to buy a low-cost index fund,” Buffett says. Most of the “super investors” he’s known have made their vast fortunes by owning just a handful of stocks. Mimicking Berkshire’s holdings and showcasing his long-held investment philosophy, over seventy-five percent of his personal fund is invested in just five stocks. When Buffett finds something he likes, he loads up—for example, putting as much as twenty-one percent of his $1.8 billion personal investments into Wells Fargo.

Chart II: Buffett’s Personal Portfolio Value and Percentage (as of Dec 31, 2009)

Symbol
Value
Percent
Wells Fargo WFC $399,799,010 22%
Johnson & JohnsonJNJ $320,323,812 17%
Proctor & Gamble PG $265,256,250 14%
Kraft KFT $217,440,000 12%
Walmart WMT $224,490,000 12%
US Bancorp USB $188,296,150 10%
GE GE $117,679,627 7%
UPS UPS $81,993,204 4%
Exxon Mobil XOM $28,762,542 2%
Ingersoll-Rand IR $22,752,084 1%
Total $1,866,792,679





This chart does not include his personal holdings of 350,000 Berkshire Hathaway Class A shares (valued at $99,200 each at the end of 2009, worth approximately $35 billion) or 75,013,134 Class B shares (valued at $65.79 each, worth an additional $5 billion). So, $2 billion of $40 billion, or approximately five percent of Buffett’s total net worth, is invested in his personal portfolio.

Chart III is the same data shown as a pie chart and represents the percentage of each stock owned, based on dollar value. While a total of ten stocks make up his entire $2 billion portfolio, more than half of Buffett’s personal holdings are in just three: Wells Fargo, Johnson & Johnson, and Proctor & Gamble. Include Kraft and Walmart and seventy-seven percent of his private portfolio could fit in one hand.

And get this: you can still buy Johnson & Johnson and Kraft stock for a lower price than Berkshire paid.

Chart III: Buffett’s Personal Portfolio Percentage:

buffett_personal_holdings.jpg

#6 Large Names with Wide Moats: These are your grandfather’s and great-grandfather’s stocks. Most of the equities Buffett personally invests in are large, recognizable multi-national names representing basic and long-standing business categories like banks, health care, consumable goods, food, and retail. These are stocks with very wide moats, making it difficult to compete against them, and are, therefore, a favorite of Berkshire’s financier. As with his recent—and largest, acquisition of a railroad, Buffett continues to make an all-in wager on America with his private holdings. (It should be noted that investments made outside the U.S. are not required to be reported; those personal investments disclosed by Buffett in recent years have primarily been industrial stocks based in Korea and real estate investment trusts known as REITs.)

#7 Dividends for Income: While Buffett boasts he’s paid just $100,000 a year in salary, of which he pays back half to Berkshire to cover personal expenses such as postage and secretarial services, he does fly around in a Gulfstream jet—which he also pays for personally. So it begs the question: How does he live on his modest salary, without stock options and without ever selling a single share of Berkshire Hathaway?

The answer? Five percent of his wealth is invested outside of his conglomerate and generates a 2.3 percent yield—nearly $43 million in annual dividends. Chart IV shows how Buffett can earn a salary of $100,000 and still afford to pay another of his wholly owned subsidiaries, NetJets, for 300 annual hours’ use of a Gulfstream jet for himself and his family.

Chart IV: Warren Buffett’s 2009 Estimated Annual Dividend Income:

Annual Dividend

Johnson & Johnson $9,747,472
Kraft $9,280,000
Proctor & Gamble $7,700,000
Walmart $4,536,000
GE $3,111,160
Wells Fargo $2,962,571
UPS $2,686,896
US Bancorp $1,673,000
Exxon Mobil $708,624
Ingersoll-Rand $178,248
Avg = 2.3% $42,583,971


#8 Think Independently: If you are a know-something investor, then you must think independently. A know-nothing investor, by definition, invests (usually a set amount over a regularly scheduled period) in a low-cost index fund and becomes the market. He or she doesn’t need to know anything. As the top 500 domestic stocks go up or down, so does the know-nothing investor. And by doing so, can beat ninety percent of the know-something professional money managers.

The dirty little secret in the professional investment management business is that many hedge fund managers—like those investing in Berkshire Hathaway, American Express, Wells Fargo, and Walmart—mimic Warren Buffett’s stock picks. For this privilege, their clients are charged two percent of their assets and another twenty percent of the realized profits. Buffett calls these professionals the “2 and 20 Club” or “helpers.” The irony is, these pros are not even thinking for themselves but are simply imitating what Buffett and others are doing with their investment portfolios.

So, should these pros be considered lazy? Not by a long shot. It means to them—and to me and many others, that Warren Buffett remains as relevant today as ever.

Clarification: The SEC in most cases does NOT require an investment manager to report personal holdings on the 13F quarterly filings. If that is the case then the reported personal holdings reported in this article may instead be the Berkshire Hathaway Pension Fund portfolio. While the method of obtaining the information on domestic equity holdings, the way to determine which stocks are selected by Buffett for his subsidiary companies from those selected by Lou Simpson of GEICO, the reported annual income of Berkshire’s chief along with all eight investment lessons are still valid.

Robert P. Miles is an author, international speaker, and founder of the 7th Annual Value Investor Conference scheduled for May 3 - 5, 2010 in Los Angeles. To learn more, visit http://www.valueinvestorconference.com

About the author:

Robert P. Miles
GuruFocus - Stock Picks and Market Insight of Gurus

Rating: 4.3/5 (62 votes)

Comments

DaveinHackensack
DaveinHackensack - 4 years ago
Buffett's personal portfolio is still a billion dollar+ portfolio. Buffett himself has said he would manage money differently if he had less of it. If memory serves, he said a few years ago that he thinks he could generate 50% annual returns on a $1 million portfolio.
buffetteer17
Buffetteer17 premium member - 4 years ago
Interesting. I own four of these ten in my personal portfolio: GE, JNJ, KFT, WMT, plus a big slug of BRK/B. For oil and gas exposure instead of XOM, I own DVN. I own no financials (unless you want to count GE) because I don't know how to figure out what they're worth. Why am I so conservative, considering that my personal portfolio is several orders of magnitude smaller? I like to have a few stalwarts...stocks that can be depended on pretty much no matter what...as a counter weight to some of my more adventurous holdings. Also, I simply haven't had the time to do deep research on a lot of companies, what with a full time job. Now that I am retired (as of March 5, Yahoo!) I'll probably migrate the portfolio to smaller stocks with more potential.

Incidently, now that I am no longer an insider and subject to company restrictions, I can reveal where I worked for the past eight years. I was a 3D graphics architect for Nvidia. I designed (as member of a team of about 20 architects) the last two generations of Nvidia's high-end graphics chips. Should you buy Nvidia stock? I figure Nvidia has a fair value of $21 and the stock is currently priced around $18. With such a volatile stock in a fast-changing industry, you need a much, much larger margin of safety.
DaveinHackensack
DaveinHackensack - 4 years ago
Congratulations on your retirement, Buffetteer.
Cowboy77
Cowboy77 - 4 years ago
Welcome to the club, Buffetteer! The water's fine and the margaritas are just right.
graemew
Graemew - 4 years ago


How come he doesn´t own Coke in his personal portfolio????
The Pia Lord Show
The Pia Lord Show - 4 years ago
Thanks for the article, I found it very informative.

With dividends of 42 million dollars, would Warren Buffet not be subjected to at least the top level tax bracket on his personal portfolio? If he would pay, 28% income tax to the Federal government, that would be almost 1/3rd of the dividend earnings. So this means that he would be living on about 15 Million Dollars annually after taxes, despite a self proclaimed 100K annual salary.This is more than 1 Million Dollars monthly. I think he can afford the Net jets hours that he uses. I am not sure what sort of write offs he would have against that kind of passive dividend income since he never or rarely sells. But it must be things(stock holdings) that we do not see.

Finding good dividend paying investments is not easy to do,especially to get enough dividends to create a substantial income. It seems that you have to find the few great investments and pour as much money into them to get as many shares as you can and then get the dividend that way.

It works fine in Roth IRA, but taxes eat the little dividends in traditional or regular brokerage investments.

On another note, I think it would be beneficial if Berkshire Hathaway would pay out a $1 dividend per share on a monthly basis rather than holding all that cash. I think this would probably help the US investors who want to hold onto their stock investments in Berkshire Hathaway,but who may have other debts that they have to soon pay. Is anyone with me here on this point? I have a mind to go to the Annual Woodstock for Capitalists to request this at the Qwest Center. Is anyone going to the Annual Berkshire H meeting in April - May 2010?

All the Best in Health Wealth and Prosperity to you.

Watch my show

The Pia Lord Show. I have a series where I discuss the 15 Owner Related Principles governing Berkshire Hathaway as stated by Warren Buffett in the Annual Report. My series is entitled The Warren Buffett Series. I welcome any constructive comments. Thanks

Pia Lord

The Pia Lord Show

http://pialord.net

ahyap
Ahyap - 4 years ago
Buffett's personal portfolio is more than 1 billion but how many of us has even 1 million? It is the correct way to invest 1 billion the way buffett do it now but the YOUNG BUFFETT never invest that way. When buffett is running his partnership 40 years ago, he will buy a stock at below intrinsic value and sell it near intrinsic value and repeat it again. When Buffett is yong, he TRADE VALUE. Only by doing that that you can expect yourself to do something like over 30% compounded return. Because you need to take advantage of stock mispricing and benefit from it. Once a stock is priced correctly, you can only expect to make money from the future growth/dividend ... and how do you suppose JNJ or P&G to do 30% compounded return for you?

A proactive value investor with little capital should buy below intrinsic value and sell near intrinsic value and you can only do that often with smaller stocks. And most of these stocks have significant lower competitive advantage than JNJ and WFC but you will be manage to buy it at significantly lower price which serve as your margin of safety.
batbeer2
Batbeer2 premium member - 4 years ago
Congratulations Buffetteer !

I hope you enjoy every minute of your retirement and find more time to share ideas like Jakks on this forum.
buffetteer17
Buffetteer17 premium member - 4 years ago
"A proactive value investor with little capital should buy below intrinsic value and sell near intrinsic value and you can only do that often with smaller stocks."

I generally agree with this, but exceptional times can create exceptions.

In the smaller cap stock category I have

AZZ - APR gain of 87%

BKS - APR gain of 38%

FRX - APR gain of 25%

GRMN - APR gain of 76%

JAKK - APR loss of 18%

JOE - APR gain of 88%

SYK - APR gain of 54% (not so small cap now)

But some of my large and mega caps are doing okay. Bought these mostly in early 2009 during the fire sale of almost everything. I doubt I'll see opportunities like this again in my lifetime.

BRK/B - APR gain of 45%

GE - APR gain of 39%

LOW - APR gain of 33%

KFT - APR gain of 45%

MSFT - APR gain of 33%

UNH - APR gain of 39%

WLP - APR gain of 46%

WMT - APR gain of 21%


vuasu
Vuasu - 4 years ago
This is a great write-up! Has anyone else done something similar for Munger's portfolio?
Charles, UK
Charles, UK - 4 years ago
This is a great article, but I have two questions:

1. In Warren Buffett's New York Times article from Oct 2008, he stated that up until recently his portfolio had contained nothing but US Gov bonds. I looked back at a 13F for 2007 - and it listed lots of equities apparently solely in Buffett's name. So something is wrong / unclear here. Either Buffett began moving into equities more than a year before his NYT article, or the author of this piece is wrong or I have misunderstood something.

2. Why is Warren Buffett required to reveal his personal portfolio in this way?

rnagarajan
Rnagarajan - 4 years ago
I see an inconsistency between the 13-F positions reported by Berkshire listing shares owned at 9/30/2008 and the letter Mr. Buffett sent to Secretary Paulson on October 8, 2008 implying that his non Berkshire net worth was around $500 million. I posted on the Motley Fool board with more information:

http://boards.fool.com/Message.asp?mid=28403227

The 13-F listing 9/30/08 positions with only "4" listed as investment manager indicates holdings in excess of $1.7 billion.

I believe that the "4" holdings are shares held for Berkshire that Warren Buffett has sole investment discretion over - most likely shares in the Berkshire Hathaway Finance & Financial products division rather than one of the insurance subsidiaries. In reality, Mr. Buffett has control over the entire portfolio except for the portion managed by GEICO's Lou Simpson.
dew_nay
Dew_nay - 4 years ago
Read in the book "Too big to fail" that Buffett wanted to commit $100m (or 20% of his net worth outside of BRK) towards supporting Paulson's TALF plan. In other words, the book suggests Buffett's net worth outside of BRK is $500m.
andrius
Andrius - 4 years ago
a couple of times over the last year or so warren buffett said that WFC stock is the only non Berkshire stock that he has in his personal portfolio
extramiler
Extramiler - 4 years ago
I wasted a couple hours sifting through a bunch of SEC filings on EDGAR, and bottom line, I don't think you can discern WEB's personal investments from the 13-F. If you compare the number of shares owned by WEB/BRK as of 12/31/09 listed (1) on the 13-F, (2) in the BRK 2009 Annual Report, and (3) on Form 13G (for companies in which WEB/BRK own more than 5% of the outstanding shares), they are inconsistent and contradictory. For example, look at the number of WFC shares listed in these three sources and you will get three different numbers, all as of Dec. 31, 2009, which is impossible to reconcile. Similar inconsistancies with KFT. In short there are too many inconsistencies in the data to make me feel comfortable drawing any conclusions.
augustabound
Augustabound - 4 years ago
If he's buying for his personal account, wouldn't the 5% rule be in effect?

Anything less than 5% of the outstanding shares wouldn't need to be reported since he is not a majority owner, unless I mis-understand the rule.
loreta10
Loreta10 - 4 years ago
i am new one, do you like

cim ?

mungerish
Mungerish - 4 years ago


This is a nice thought, but I also believe your premis is incorrect.

Buffetts portfolio is about $500 million. I have gotten that from numerous sources over the years (of course it was lower then), most recently confirmed by Alice Shroeder and the letter to Paulson.

Buffett has often said that anything under $500mm or so in the BRK filings is generally going to be a Lou Simpson investment.

Numerous biographers have noted that his personal portfolio is much more short term at times and involves more arbitrage. Traders have anonymously marveled at easy it seemed for him to make money.

I have seen CEO's note when interviewed about Buffett being a shareholder that they wished he had stuck around longer
MichaelServet
MichaelServet - 4 years ago
Is it possible that we are confusing Berkshire's pension holdings as being Buffett's personal holdings?

Mr. Miles may want to have someone just double-check to make sure that's not the case.
MichaelServet
MichaelServet - 4 years ago
Extramiler and Rnagarajan:

Berkshire's pension holdings are a major reconciling difference between the 13F's and the annual report (these are managed by Berkshire and so are reported on the 13F, but not owned by the company and therefore not in the annual report). One example of this: Buffett commented last year that he had purchased GE through the pension, while BRK itself didn't hold any....and the filings back then supported that comment.

I think the author erroneously jumped to some conclusions here.
rnagarajan
Rnagarajan - 4 years ago
"Berkshire's pension holdings are a major reconciling difference between the 13F's and the annual report"

Agreed. I've never thought that Buffett's personal holdings were on the 13-F. I wish there was some definitive answer to the personal holdings question since it seems like many Buffett watchers seem to disagree. Perhaps a question to submit to one of the journalists asking questions at the AM.

zamboni
Zamboni - 4 years ago
"or the author of this piece is wrong"

I agree with this statemtent. According to the current WFC Proxy Statement (P.14) - "Mr. Buffett reports sole voting and dipositive power over 2,240,000 shares." This was in last year's proxy as well and supports his statement that the only stock he was personally invested in was WFC. I believe the author is misinterpreting the information in cited sources.
Abundance
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