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When Berkshire Hathaway disclosed its U.S. equity holdings as of Sept. 30 via its quarterly 13-F filing with the Securities and Exchange Commission in mid November, it had asked the regulator for confidential treatment for one or more stocks. 

Barron’s best guess is that assuming that Berkshire Hathaway bought just one stock in the third quarter, the target may be Morgan Stanley, BlackRock, or Chubb.

The stock is likely a financial company because Berkshire Hathaway disclosed in its third-quarter 10-Q report that its cost basis in financials went up in the period $1.2 billion, while its cost basis in other groups of stocks declined.

https://stocks.apple.com/A5wjJX6tDTeusY5WgUIbm1w

Did they request continued confidential treatment? I am surprised SEC would grant such a long period of confidentiality. Buffett’s latest large purchases have had little if any impact on the stock price of companies like OXY, HP, VZ..

Did they request continued confidential treatment? I am surprised SEC would grant such a long period of confidentiality.

Yes, they would have had to request it again and be approved by the SEC. The test is not about the length of time - you have to show that you are still (not just at quarter-end, but still on the reporting date) conducting your buying (or selling) program actively.

It's hard to believe how the financial networks report q-4 13F filings. Aren't many year end trades, tax related ? Did Buffett take a very small gain in apple to offset a loss in another trade ? Are others who file 13Fs making similar trades?

So, the financial reporting imbeciles continue to report, " Buffett has trimmed his apple holdings "". It's making me nuts so I google it, "" trim
1 of 4
verb
ˈtrim
trimmed; trimming
Synonyms of trim
transitive verb

1
a
: to remove by or as if by cutting
trimmed thousands from federal payrolls
—Grit
b
: to make trim and neat especially by cutting or clipping
trim the hedges
c
: to free of excess or extraneous matter by or as if by cutting
trim a budget
trim down the inventory "" lol. Is 1 percent a TRIM, or is 1 percent a non material trade that should not generate a headline, that Buffett " TRIMMED" his apple holdings ? What an industry.

"Barron’s best guess is that assuming that Berkshire Hathaway bought just one stock in the third quarter, the target may be Morgan Stanley, BlackRock, or Chubb."

I'm curious why BRK would want to own any of these, let alone take a large position. Can anyone enlighten me?

abromber

"Barron’s best guess is that assuming that Berkshire Hathaway bought just one stock in the third quarter, the target may be Morgan Stanley, BlackRock, or Chubb."
...
I'm curious why BRK would want to own any of these, let alone take a large position. Can anyone enlighten me?


The writers at Barron's don't know any more than anybody else. Often less.
Those three names are in the right sector and are all very large, I don't think there's anything more to it than that.

Jim

Since everyone is guessing, why not have a wild guess: Wells Fargo?

" Since everyone is guessing, why not have a wild guess: Wells Fargo?" He isn't going large WFC in view of our position in BAC. If it's taking 6 months plus it isn't very liquid, I would guess foreign.

they dont need to report foreign i guess unless a certain threshold is reached within that country

INTEL.. INTC.

INTEL.. INTC.

Financial?

Jim

no, semiconductor turnaround story.

Financial?
...
no, semiconductor turnaround story.

I was asking because in theory the one thing we apparently know about the undisclosed pick is that it's a financial firm, per the thread topic.
I can see the merits of Intel, but I don't think of them as a financial stock, so that won't be it.

Out of left field, NatWest?
That will certainly be wrong, as it's a UK bank and would not require any SEC disclosure anyway, but I mention it for potentially interesting reasons.
If I were capable of assessing whether a bank were suitable for investing (which I'm not), I would delve into them further. Superficially attractive on various numbers like ROTE, P/B, and (yes) dividend yield.

Jim

"Since everyone is guessing, why not have a wild guess: Wells Fargo?

Since we are guessing, and everyone is looking at banks: I know BRK owns bank stocks, but it doesn't own a bank outright. Is that feasible? From business point of view, would it be desirable? BRK owns brokers and insurance companies. Could it become its own banker? Maybe it will bring Goldman in-house lol.

abromber

"no, semiconductor turnaround story."

I own a fair amount of Intel stock. I started purchasing a couple of years back because I really like Gelsinger and semiconductors are essentially the new oil but without the social headache (even if they have a big carbon footprint). It's been a frustrating ride and I think it will continue to be so but their are only three producers that can make chips at scale and despite peaks and troughs the world will continue to need more and more chips. This fact is a given. I think the thing you have to remember is that chips are so cap ex. intensive that it is difficult to get huge runups in price because they will always be throwing out cash. I wouldn't expect Nvidia like returns because they don't produce anything and thus don't have the same kind of expenditures but Intel does design and produce their own chips. In addition I think they are well positioned with the news foundry business (producing for others) to pick up a lot of business just based on on-shoring alone. I just think it will be more of a "slow and steady" kind of stock as opposed to what we are seeing with Nvidia and AMD for that matter.

Maybe COF or DFS.

COF just acquired DFS.

I suspect COF is a Todd play.

Maybe COF or DFS.

COF just acquired DFS.

I suspect COF is a Todd play.

You are probably right that COF is a Todd Combs position. It is not likely to be the confidential financial stock omitted from the 13F because it is in the 13F - not omitted.

Chris Davis is also a big believer in COF and 2nd biggest holing in the davis funds

COF is a Davis and Buffett play. Chris Davis is a big fan of COF

COF is a Davis and Buffett play. Chris Davis is a big fan of COF

Do you think Chris Davis has investment input at Berkshire Hathaway? I know Todd Combs does.

totally agree. PG has also committed to reinstate full divvy within 5 years. INTEL is a behemoth who lost its way. I got back in about 16 months ago. Normally I bet the agressive semi-cycle. Its those stocks I have trimmed a bit recently as they are near nose bleed levels...However !!!!! I do believe we are in a super cycle , much like 30 years ago. It will be mad and bad, but there are clear "surer" bets within the industry. Depends what balance you want to strike in your personal PF between aggressive and sure bets. I ahve my own rule of thumb, which dictated trimming my aggressive bets very recently and adding to my surer bets and dry powder. On another note, but related to "tomorrow's world" I have taken some positions in cyber security stocks , ( a field I was oddly enough in , patent and all LOL)thats is going to be a much bigger part of the future , and I have some bets laid there. Its a fascinating world :-)

Yes since he is on the board. LOL

"totally agree. PG has also committed to reinstate full divvy within 5 years. INTEL is a behemoth who lost its way. I got back in about 16 months ago. Normally I bet the agressive semi-cycle. Its those stocks I have trimmed a bit recently as they are near nose bleed levels...However !!!!! I do believe we are in a super cycle , much like 30 years ago. It will be mad and bad, but there are clear "surer" bets within the industry. Depends what balance you want to strike in your personal PF between aggressive and sure bets. I ahve my own rule of thumb, which dictated trimming my aggressive bets very recently and adding to my surer bets and dry powder. On another note, but related to "tomorrow's world" I have taken some positions in cyber security stocks , ( a field I was oddly enough in , patent and all LOL)thats is going to be a much bigger part of the future , and I have some bets laid there. Its a fascinating world :-)"

Per our discussion the other day......

https://on.ft.com/4bMJHQb

That's a big fish! I think they've signed 3 or 4 other foundry customers already but only UMC Taiwan has been named till now. Again, I don't think it's going to be a smooth ride. Intel fluctuates by large and quick percentages for such a big company but if you're ok with the bumps it's future path is fairly certain. The US will be subsidizing them, chips will be needed and there is not enough production.

thanks, yes, was following the news from their big day yesterday. What I think folks "outside" the circle dont get is the sheer paranoia of foundry manufacturers and customers.Fear that their chip designs are "borrowed" leaked, or otherwise compromised , to another customer. Many will go to INTC for IFS just to spread the manufacturing load, spread risk , and establish their place in the queue.
INTC is a trusted company,despite the fact they got bloated , sclerotic and arrogant in the past , along the lines of "The beatings will continue till morale improves". Not close enough to know if the culture is improved since then, but boy they were bullies in the past. the sector needs INTC,the west needs INTC , and I think the pieces are in place to "doomed to succeed". IFS is not the galamour side, but pays the bills with cash left over. Their chip designs , if/when they get there, will be "splash the cash". 18a, and 20a are prob.in prove out phase , but it is the fact that they design their own chips too that worries this paranoid world of semi's. splitting the operations is good, but is it splite enough....from design.

Josh Brown just guessed the mystery stock is Amazon.

Huh.

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