You can ignore authors, whether they are producing too much noise or being needlessly provocative, by clicking the yellow unhappy when reading their post.
- Manlobbi
Stocks A to Z / Stocks B / Berkshire Hathaway (BRK.A)
No. of Recommendations: 0
That was more like a tweet than an annual letter. It's almost like Warren said "F*&^ it this year, I got better things to do."
oh well.
No. of Recommendations: 1
Where is the list of the major investment holdings at year end?
Which leads to the next question, why would it be excluded?
No. of Recommendations: 0
There's 40B in mark to market gaap investment portfolio losses.
No. of Recommendations: 13
Where is the list of the major investment holdings at year end?
Which leads to the next question, why would it be excluded?
The detail is in the 10-K and 13-F where it always has been. Buffett only puts an a summary table in the letter when he wants to make a wider point.
From the 10-K
Approximately 75% of the aggregate fair value was concentrated in five companies (American Express Company ' $22.4
billion; Apple Inc. ' $119.0 billion; Bank of America Corporation ' $34.2 billion; The Coca-Cola Company ' $25.4 billion
and Chevron Corporation ' $30.0 billion).
Given that 75% of the value is in just 5 companies, I don't think a detailed list adds much more information to the shareholders who of course can find the detail if they so wish in the 13-F and 10-K.
No. of Recommendations: 14
Given that 75% of the value is in just 5 companies, I don't think a detailed list adds much more information to the shareholders who of course can find the detail if they so wish in the 13-F and 10-K.
It's true that those forms do disclose a lot of information.
But they describe (are intended to describe) control of US entities, not to disclose what's in a manager's portfolio.
There are things that Berkshire shareholders own that aren't in the SEC forms (notably non-US positions), and vice versa (notably pension holdings).
So, though they kind of give a pretty good idea, it's not the "straight from the horse's mouth" list of beneficially owned share counts and cost bases that we were used to.
I miss it.
Jim
No. of Recommendations: 7
I miss it.
Yes! I miss it too. I assume it is gone for good and is for the benefit of our future managers or perhaps a few positions were moving up the list that he wasn't thrilled to publicize for the first time just yet so he casually omitted the list for one year and it will return... I won't hold my breath.
I will report here when the Q4 NAIC filings are posted to see if there are any insights into previously undisclosed positions.
No. of Recommendations: 8
I miss it.
Yes! I miss it too. I assume it is gone for good and is for the benefit of our future managers or perhaps a few positions were moving up the list that he wasn't thrilled to publicize for the first time just yet so he casually omitted the list for one year and it will return... I won't hold my breath.
I will report here when the Q4 NAIC filings are posted to see if there are any insights into previously undisclosed positions.
I did some work on this and confirmed that Buffett was still buying additional shares of the Japanese trading companies (sogo shosha) in November and December of 2022. So these companies moving up the list of the 15th largest holdings might have been what prompted him to (hopefully) omit the chart this year. Here's hoping it comes back next year. I can't post files or images here, but the purchases are detailed in National Indemnity's year-end NAIC filings (which include foreign securities not included in the 13-Fs)
