Subject: Re: Question on 13-F
Lamar Advertising (LAMR) represents .06 % of the portfolio yet added to their position by 2.79%
Lennar Corporation Class B (LEN.B) represents .01 % of the portfolio and they added to the stake by .03%
So, my question is: why even bother with these tiny stakes? And to add/trim these positions seems like child play : )

I have no knowledge, but a speculation: These are perhaps small positions inside some division's pension plan. Shares held in the pension plan of a small business that has been acquired, perhaps.


There are dozens of entities within, and controlled by, Berkshire that hold cash, securities, and stakes (maybe both full and partial) in the "wholly owned" subs. There aren't three brokerage accounts labeled "Warren, Ted, and Todd". When Warren gave T&T money to manage, he likely said something like "Ted, you manage these seven insurance subs' float, and forty-two pension plans". Each of these accounts will have its own cash flow, time horizon, and risk profile; incremental changes are probably made all the time. I would hope some of this would be delegated to lower-level managers.

It's hard to imagine the complexity of the accounting... is it really possible it is done by the small team in Omaha?