Berkshire Hathaway Portfolio Berkshire Hathaway Portfolio AAPL ($116.3B = 38.9%) BAC ($33.5B = 11.2%) CVX ($29.3B = 9.8%) KO ($25.4B = 8.5%) AXP ($22.4B = 7.5%) KHC ($13.3B = 4.4%) OXY ($12.2B = 4.1%) MCO ($6.9B = 2.3%) ATVI HPQ DVA VRSN C L KR V GM PARA MA AON CHTR BK MCK CE AMZN SNOW GL TMUS ALLY RH TSM MKL FWONK NU LPX FND USB STNE MMC JNJ PG MDLZ LILA VOO SPY JEF UPS 2022Q4 ($299.0B) $AAPL +0% QoQ (~43M) $MCK -10% QoQ (129M) $BK -59% QoQ (1691M) $PARA +2% QoQ (~41M) $LPX +21% QoQ (~74M) $USB -91% QoQ (3101M) $ATVI -12% QoQ (568M) $TSM -86% QoQ (3856M) AAPL ($123.7B = 41.8%) BAC ($30.5B = 10.3%) CVX ($23.8B = 8.0%) KO ($22.4B = 7.6%) AXP ($20.5B = 6.9%) OXY ($11.9B = 4.0%) KHC ($10.9B = 3.7%) MCO ($6.0B = 2.0%) ATVI TSM USB DVA HPQ L BK C VRSN KR PARA GM V AMZN AON CHTR MA MCK SNOW CE ALLY TMUS GL RH MKL NU FWONK FND LPX STNE MMC JNJ PG MDLZ LILA VOO SPY JEF UPS 2022Q3 ($296.1B) $OXY +22% QoQ (~2200M) AAPL ($122.3B = 40.8%) BAC ($31.4B = 10.5%) KO ($25.2B = 8.4%) CVX ($23.4B = 7.8%) AXP ($21.0B = 7.0%) KHC ($12.4B = 4.1%) OXY ($9.3B = 3.1%) MCO ($6.7B = 2.2%) USB ATVI HPQ BK DVA C KR L VRSN PARA CHTR GM V MA AON AMZN CE MCK ALLY SNOW TMUS GL MKL FWONK RH NU FND STNE MMC JNJ PG MDLZ LILA VOO SPY UPS 2022Q2 ($300.1B) $OXY +16% QoQ (~1306M) AAPL ($155.6B = 42.8%) BAC ($41.6B = 11.5%) AXP ($28.4B = 7.8%) CVX ($25.9B = 7.1%) KO ($24.8B = 6.8%) KHC ($12.8B = 3.5%) MCO ($8.3B = 2.3%) OXY ($7.7B = 2.1%) USB ATVI DVA HPQ BK KR C L VRSN GM PARA CHTR V AMZN AON MA SNOW CE MCK NU RH TMUS GL MKL FWONK ALLY FND STNE MMC JNJ PG LILA MDLZ VOO SPY UPS 2022Q1 ($363.6B) $CVX >+100% QoQ (~19692M) $VZ -99% QoQ (8020M) $OXY new to portfolio (~$7737.8M) $1211.HK -100% (~$7693M) AAPL ($157.5B = 45.5%) BAC ($44.9B = 13.0%) AXP ($24.8B = 7.2%) KO ($23.7B = 6.8%) KHC ($11.7B = 3.4%) MCO ($9.6B = 2.8%) USB ($7.1B = 2.1%) CVX BK DVA GM VRSN L KR CHTR SNOW V AMZN MA AON NU ATVI RH TMUS GL STNE FWONK FND MMC JNJ PG LILA MDLZ WFC VOO SPY UPS 2021Q4 ($346.2B) AAPL ($125.5B = 40.7%) BAC ($42.9B = 13.9%) AXP ($25.4B = 8.2%) KO ($21.0B = 6.8%) KHC ($12.0B = 3.9%) MCO ($8.8B = 2.8%) USB ($7.5B = 2.4%) DVA BK GM CHTR CVX L VRSN KR V SNOW AMZN MA AON RH TMUS GL MMC STNE FND JNJ LILA PG MDLZ WFC VOO SPY UPS 2021Q3 ($308.7B) AAPL ($121.5B = 39.4%) BAC ($41.6B = 13.5%) AXP ($25.1B = 8.1%) KO ($21.6B = 7.0%) KHC ($13.3B = 4.3%) MCO ($8.9B = 2.9%) USB ($7.3B = 2.4%) DVA CHTR BK GM VRSN L CVX KR V AMZN MA SNOW RH AON TMUS STNE GL MMC LILA JNJ PG MDLZ WFC VOO SPY UPS 2021Q2 ($308.3B) AAPL ($108.4B = 37.9%) BAC ($39.1B = 13.7%) AXP ($21.4B = 7.5%) KO ($21.1B = 7.4%) KHC ($13.0B = 4.6%) MCO ($7.4B = 2.6%) USB ($7.2B = 2.5%) DVA GM BK CHTR L VRSN CVX V KR AMZN MA SNOW RH AON TMUS STNE MMC GL JNJ LILA PG MDLZ WFC VOO SPY UPS 2021Q1 ($285.7B) $VZ +8% QoQ (~704M) AAPL ($117.7B = 42.3%) BAC ($30.6B = 11.0%) KO ($21.9B = 7.9%) AXP ($18.3B = 6.6%) KHC ($11.3B = 4.1%) MCO ($7.2B = 2.6%) USB ($6.1B = 2.2%) DVA CVX CHTR BK GM VRSN L V AMZN SNOW MA WFC STNE KR RH TMUS GL MMC JNJ PG LILA MDLZ VOO SPY UPS 2020Q4 ($278.2B) $AAPL -6% QoQ (7585M) $VZ >+100% QoQ (~5192M) AAPL ($109.4B = 44.8%) BAC ($24.3B = 10.0%) KO ($19.7B = 8.1%) AXP ($15.2B = 6.2%) KHC ($9.8B = 4.0%) MCO ($7.2B = 2.9%) USB CHTR CVX DVA WFC VRSN BK GM V L AMZN MA SNOW KR STNE RH GL MMC TMUS JNJ PG LILA MDLZ VOO SPY UPS 2020Q3 ($244.2B) $BAC +9% QoQ (~2050M) $WFC -46% QoQ (2591M) AAPL ($89.4B = 42.5%) BAC ($22.0B = 10.4%) KO ($17.9B = 8.5%) AXP ($14.4B = 6.9%) KHC ($10.4B = 4.9%) MCO ($6.8B = 3.2%) WFC ($6.1B = 2.9%) USB ($4.9B = 2.3%) DVA BK CHTR VRSN L V GM AMZN MA KR STNE GL RH JNJ PG LILA MDLZ VOO SPY UPS 2020Q2 ($210.6B) $WFC -26% QoQ (2192M) $JPM -61% QoQ (3340M) AAPL ($62.3B = 33.9%) BAC ($19.6B = 10.7%) KO ($17.7B = 9.6%) AXP ($13.0B = 7.1%) WFC ($9.3B = 5.0%) KHC ($8.1B = 4.4%) MCO ($5.2B = 2.8%) USB ($4.6B = 2.5%) DVA BK CHTR VRSN V GM L MA AMZN KR GL STNE OXY RH JNJ LILA PG MDLZ VOO SPY UPS 2020Q1 ($183.8B) AAPL ($72.0B = 29.6%) BAC ($32.6B = 13.4%) KO ($22.1B = 9.1%) AXP ($18.9B = 7.8%) WFC ($17.4B = 7.2%) KHC ($10.5B = 4.3%) USB ($7.9B = 3.2%) MCO ($5.9B = 2.4%) BK DVA GM CHTR VRSN L V MA AMZN OXY GL STNE KR RH LILA JNJ PG MDLZ PSX VOO SPY UPS 2019Q4 ($243.2B) $WFC -14% QoQ (2967M) AAPL ($55.7B = 25.8%) BAC ($27.0B = 12.5%) KO ($21.8B = 10.1%) WFC ($19.1B = 8.8%) AXP ($17.9B = 8.3%) KHC ($9.1B = 4.2%) USB ($7.3B = 3.4%) MCO ($5.1B = 2.3%) BK GM VRSN CHTR DVA L V MA AMZN GL PSX STNE OXY RH LILA JNJ PG MDLZ UPS 2019Q3 ($215.8B) $WFC -7% QoQ (1586M) AAPL ($49.4B = 23.6%) BAC ($26.9B = 12.9%) KO ($20.4B = 9.7%) WFC ($19.4B = 9.3%) AXP ($18.7B = 8.9%) KHC ($10.1B = 4.8%) USB ($6.9B = 3.3%) MCO ($4.8B = 2.3%) BK GM VRSN DVA CHTR V L MA AMZN PSX STNE LILA JNJ PG MDLZ UPS 2019Q2 ($209.2B) AAPL ($47.4B = 23.6%) BAC ($24.7B = 12.3%) WFC ($19.8B = 9.9%) KO ($18.7B = 9.3%) AXP ($16.6B = 8.3%) KHC ($10.6B = 5.3%) USB ($6.2B = 3.1%) MCO ($4.5B = 2.2%) BK ($4.1B = 2.0%) GM VRSN DVA CHTR L V MA AMZN STNE PSX LILA JNJ PG MDLZ UPS 2019Q1 ($200.6B) $JPM +18% QoQ (~951M) AAPL ($39.4B = 21.3%) BAC ($22.1B = 12.0%) WFC ($19.7B = 10.7%) KO ($18.9B = 10.3%) AXP ($14.5B = 7.8%) KHC ($14.0B = 7.6%) USB ($5.9B = 3.2%) BK ($3.8B = 2.1%) MCO GM CHTR DVA VRSN L V PSX MA STNE LILA JNJ PG MDLZ UPS 2018Q4 ($184.4B) $JPM +40% QoQ (~1411M) AAPL ($57.0B = 25.6%) BAC ($25.8B = 11.6%) WFC ($23.3B = 10.5%) KO ($18.5B = 8.3%) KHC ($17.9B = 8.1%) AXP ($16.1B = 7.3%) USB ($6.6B = 3.0%) MCO BK DVA CHTR VRSN L GM PSX V MA LILA JNJ PG MDLZ UPS 2018Q3 ($222.4B) $BAC +29% QoQ (~5840M) $USB +24% QoQ (~1280M) AAPL ($46.6B = 23.7%) WFC ($25.1B = 12.7%) KHC ($20.5B = 10.4%) BAC ($19.1B = 9.7%) KO ($17.5B = 8.9%) AXP ($14.9B = 7.5%) USB ($5.0B = 2.6%) MCO ($4.2B = 2.1%) PSX BK DVA CHTR L GM VRSN V MA LILA JNJ PG MDLZ UPS 2018Q2 ($197.0B) $AAPL +5% QoQ (~2293M) $USB +10% QoQ (~493M) $PSX -23% QoQ (1231M) AAPL ($40.2B = 21.1%) WFC ($23.9B = 12.6%) BAC ($20.4B = 10.7%) KHC ($20.3B = 10.7%) KO ($17.4B = 9.1%) AXP ($14.1B = 7.4%) USB ($4.6B = 2.4%) PSX ($4.4B = 2.3%) MCO ($4.0B = 2.1%) BK CHTR DVA L GM VRSN V MA LILA JNJ PG MDLZ UPS 2018Q1 ($190.3B) $AAPL +44% QoQ (~12455M) $PSX -43% QoQ (3357M) AAPL ($28.0B = 14.5%) WFC ($27.8B = 14.4%) KHC ($25.3B = 13.1%) BAC ($20.0B = 10.4%) KO ($18.4B = 9.5%) AXP ($15.1B = 7.8%) PSX ($8.2B = 4.2%) USB ($4.7B = 2.4%) MCO BK CHTR DVA GM L VRSN V MA IBM JNJ PG MDLZ UPS 2017Q4 ($193.2B) $AAPL +23% QoQ (~5287M) $IBM -94% QoQ (5366M) Heineken acquires Kirin Brasil WFC ($25.6B = 14.3%) KHC ($25.3B = 14.1%) AAPL ($20.7B = 11.5%) KO ($18.0B = 10.0%) BAC ($17.2B = 9.6%) AXP ($13.7B = 7.6%) PSX ($7.4B = 4.1%) IBM ($5.4B = 3.0%) USB ($4.6B = 2.5%) MCO CHTR BK GM DVA L VRSN V MA JNJ PG MDLZ UPS 2017Q3 ($179.6B) Warrants to buy common shares of Bank of America are exercised. $IBM -31% QoQ (2475M) Femsa sells 5.24 percent of Heineken for 2.5 billion euros R. J. Reynolds Tobacco is acquired by British American Tobacco for $49.4B KHC ($27.9B = 17.0%) WFC ($25.9B = 15.8%) AAPL ($18.8B = 11.4%) KO ($17.9B = 10.9%) AXP ($12.8B = 7.8%) IBM ($8.3B = 5.1%) PSX ($6.7B = 4.1%) USB ($4.4B = 2.7%) CHTR MCO BK DVA GM L VRSN V MA JNJ PG MDLZ UPS 2017Q2 ($164.1B) $IBM -16% QoQ (1612M) British American Tobacco acquires Reynolds American KHC ($29.6B = 18.0%) WFC ($26.7B = 16.3%) AAPL ($18.6B = 11.3%) KO ($17.0B = 10.4%) AXP ($12.0B = 7.3%) IBM ($11.2B = 6.9%) PSX ($6.4B = 3.9%) USB ($4.4B = 2.7%) CHTR MCO DVA GM BK L VRSN V MA JNJ PG MDLZ UPS 2017Q1 ($163.8B) $AAPL >+100% QoQ (~10343M) $IBM -20% QoQ (2903M) KHC ($28.4B = 19.1%) WFC ($26.4B = 17.7%) KO ($16.6B = 11.1%) IBM ($13.5B = 9.0%) AXP ($11.2B = 7.5%) PSX ($7.0B = 4.7%) AAPL ($6.6B = 4.5%) USB ($4.4B = 2.9%) CHTR DVA MCO GM L BK VRSN V MA JNJ PG MDLZ UPS 2016Q4 ($149.2B) $AAPL >+100% QoQ (~4880M) SABMiller (no. 2) is acquired by 3G controlled AB InBev (no. 1)\n and sells stake in MillerCoors to Molson Coors\n and Peroni of Italy and Grolsch of the Netherlands to Asahi Breweries of Japan\n and Snow Beer (no. 1 in China) to CRE of China Green Mountain Coffee Roasters is acquired by the privately owned JAB Holding Company Sherwin-Williams acquires Valspar for $11.3B Microsoft acquires LinkedIn for $28.1B Shire acquires 2015 Baxter International spin-off Baxalta for $32B AT&T announces plans to acquire Time Warner for $108B Linde announces plans to acquire Praxair KHC ($29.1B = 22.4%) WFC ($21.2B = 16.3%) KO ($16.9B = 13.0%) IBM ($12.9B = 9.9%) AXP ($9.7B = 7.5%) PSX ($6.5B = 5.0%) USB ($3.6B = 2.8%) MCO ($2.7B = 2.1%) CHTR DVA AAPL GM L VRSN V BK MA JNJ PG MDLZ UPS 2016Q3 ($130.0B) $WMT -67% QoQ (1966M) Bayer and Monsanto to Create a Global Leader in Agriculture Bayer clinches Monsanto with improved $66 billion bid KHC ($28.8B = 22.0%) WFC ($22.7B = 17.3%) KO ($18.1B = 13.9%) IBM ($12.3B = 9.4%) AXP ($9.2B = 7.0%) PSX ($6.3B = 4.8%) USB ($3.4B = 2.6%) DVA ($3.0B = 2.3%) MCO CHTR AAPL GM VRSN L BK V MA JNJ PG MDLZ UPS 2016Q2 ($130.9B) $WMT -27% QoQ (1096M) KHC ($25.6B = 19.7%) WFC ($23.2B = 17.9%) KO ($18.6B = 14.3%) IBM ($12.3B = 9.5%) AXP ($9.3B = 7.2%) PSX ($6.5B = 5.0%) USB ($3.5B = 2.7%) DVA ($2.8B = 2.2%) MCO CHTR GM VRSN L AAPL V BK MA JNJ PG MDLZ UPS 2016Q1 ($129.7B) $PSX +22% QoQ (~1218M) $PG -99% QoQ (4320M) $BRK increases stake in Phillips 66 ($PSX) to 14% $BRK acquires Precision Castparts Corp. ($PCP) (agreed August 10, 2015) $BRK acquires Russell Brands $BRK acquires Duracell from P&G in stock swap (announced November 14, 2014) KHC ($32.0B = 22.4%) WFC ($26.1B = 18.2%) KO ($17.2B = 12.0%) IBM ($11.2B = 7.8%) AXP ($10.5B = 7.4%) PSX ($5.0B = 3.5%) PG ($4.2B = 2.9%) USB ($3.6B = 2.5%) DVA MCO CHTR GM VRSN L BK V MA JNJ MDLZ UPS 2015Q4 ($143.2B) Annheuser-Busch InBev acquires SAB Miller for $130B Actavis acquires Allergan ($71B) in a reverse merger Dow Chemical acquries DuPont for $130B KHC ($32.0B = 23.0%) WFC ($24.1B = 17.3%) KO ($16.0B = 11.5%) IBM ($11.7B = 8.4%) AXP ($11.2B = 8.1%) PSX ($4.7B = 3.4%) PG ($3.8B = 2.7%) USB ($3.5B = 2.5%) DVA MCO CHTR GM VRSN L BK V MA JNJ MDLZ UPS 2015Q3 ($139.5B) AT&T acquires DirectTV $WMT -6% QoQ (272M) $PSX >+100% QoQ (~2443M) $BRK increases stake in Phillips 66 ($PSX) to 10.8% AT&T acquires DirecTV KHC ($32.0B = 22.2%) WFC ($26.4B = 18.3%) KO ($15.7B = 10.8%) IBM ($12.9B = 8.9%) AXP ($11.8B = 8.1%) PG ($4.1B = 2.9%) USB ($3.7B = 2.6%) DVA ($3.1B = 2.1%) MCO PSX CHTR GM BK VRSN V MA L JNJ MDLZ KFT UPS 2015Q2 ($144.6B) AOL is acquired by Verizon for $4.4B KHC ($32.0B = 22.5%) WFC ($25.6B = 18.0%) KO ($16.2B = 11.4%) IBM ($12.8B = 9.0%) AXP ($11.8B = 8.3%) PG ($4.3B = 3.0%) USB ($3.7B = 2.6%) DVA ($3.1B = 2.2%) MCO GM CHTR VRSN BK V PSX L MA JNJ MDLZ KFT UPS 2015Q1 ($142.2B) $MUV2.DE -100% (~$4023M) $KHC new to portfolio (~$32042.0M) Kraft merges with Heinz to form the 5th largest food company in the world behind Nestle, PepsiCo, Coca-Cola and AB InBev WFC ($25.4B = 21.8%) KO ($16.9B = 14.5%) AXP ($14.1B = 12.1%) IBM ($12.3B = 10.6%) PG ($4.8B = 4.1%) MUV2.DE ($4.0B = 3.5%) USB ($3.6B = 3.1%) DVA ($2.9B = 2.5%) MCO ($2.4B = 2.0%) GM CHTR BK VRSN V PSX MA L JNJ MDLZ KFT UPS 2014Q4 ($116.4B) $IBM +9% QoQ (~1042M) $XOM -100% (~$3868M) Restaurant Brands International ($QSR, 5th after Subway, McDonald's, Yum! Brands and Starbucks) is formed\n through the merger of the 3G controlled Burger King (est 1953) of Florida and Tim Hortons (est 1964) of Canada WFC ($24.0B = 20.8%) KO ($17.1B = 14.8%) IBM ($13.4B = 11.6%) AXP ($13.3B = 11.5%) PG ($4.4B = 3.8%) MUV2.DE ($4.0B = 3.5%) USB ($3.4B = 2.9%) DVA ($2.8B = 2.4%) MCO ($2.3B = 2.0%) GM BK CHTR VRSN L PSX V MA COP JNJ MDLZ KFT UPS 2014Q3 ($115.5B) $DTV +27% QoQ (~565M) WFC ($24.4B = 21.2%) KO ($16.9B = 14.8%) AXP ($14.4B = 12.5%) IBM ($12.7B = 11.1%) PG ($4.1B = 3.6%) MUV2.DE ($4.0B = 3.5%) USB ($3.5B = 3.0%) DVA ($2.7B = 2.4%) MCO GM BK VRSN L PSX V CHTR MA COP JNJ MDLZ KFT UPS 2014Q2 ($114.6B) $DTV -32% QoQ (939M) WFC ($23.1B = 20.4%) KO ($15.5B = 13.7%) AXP ($13.6B = 12.1%) IBM ($13.2B = 11.7%) PG ($4.3B = 3.8%) MUV2.DE ($4.0B = 3.6%) USB ($3.4B = 3.0%) DVA ($2.6B = 2.3%) MCO GM BK COP PSX L VRSN V MA JNJ MDLZ KFT UPS 2014Q1 ($112.8B) $DTV -5% QoQ (153M) $WMT +17% QoQ (~655M) $BRK (Lubrizol) acquires Phillips 66 division in stock swap WFC ($21.0B = 18.3%) KO ($16.5B = 14.3%) AXP ($13.8B = 11.9%) IBM ($12.8B = 11.1%) MUV2.DE ($4.4B = 3.8%) PG ($4.3B = 3.7%) USB ($3.2B = 2.8%) DVA ($2.3B = 2.0%) PSX MCO GM BK COP L VRSN V MA JNJ MDLZ KFT UPS 2013Q4 ($115.3B) $DVA +15% QoQ (~318M) $TSCO.L -27% YoY (631M) Berkshire and 3G acquire Heinz (announced February 14, 2013) Hormel Foods acquires Skippy peanut butter from Unilever Jeff Bezos (Nash Holdings LLC) buys the Washington Post from the Graham family for $250M WFC ($19.1B = 18.7%) KO ($15.2B = 14.8%) IBM ($12.6B = 12.3%) AXP ($11.4B = 11.2%) MUV2.DE ($4.4B = 4.3%) PG ($4.0B = 3.9%) USB ($2.9B = 2.8%) DVA MCO PSX GM WPO COP L BK VRSN V MA JNJ MDLZ KFT UPS 2013Q3 ($102.5B) $XOM +28% QoQ (~761M) WFC ($19.1B = 18.7%) KO ($16.0B = 15.7%) IBM ($13.0B = 12.7%) AXP ($11.3B = 11.1%) MUV2.DE ($4.4B = 4.3%) PG ($4.1B = 4.0%) USB ($2.8B = 2.8%) DVA PSX MCO COP GM WPO L BK VRSN V MA JNJ MDLZ KFT UPS 2013Q2 ($102.3B) $COST -73% QoQ (1361M) $USB +27% QoQ (~608M) $AXP -13% QoQ (1816M) $XOM new to portfolio (~$2822.9M) WFC ($16.9B = 17.9%) KO ($16.1B = 17.0%) IBM ($14.5B = 15.3%) AXP ($11.1B = 11.7%) MUV2.DE ($4.4B = 4.7%) PG ($4.1B = 4.3%) USB ($2.1B = 2.2%) PSX ($1.9B = 2.0%) MCO COP WPO GM L VRSN V MA MDLZ KFT UPS 2013Q1 ($94.8B) $COST >+100% QoQ (~1419M) $DTV +9% QoQ (~183M) $AXP +16% QoQ (~1528M) $BRK converts $GS warrants to common stock. WFC ($15.0B = 17.5%) KO ($14.5B = 16.9%) IBM ($13.0B = 15.2%) AXP ($8.7B = 10.1%) MUV2.DE ($3.6B = 4.2%) PG ($3.6B = 4.2%) USB ($2.0B = 2.3%) DVA PSX MCO COP GM L WPO BK MDLZ V MA VRSN KFT JNJ UPS 2012Q4 ($85.9B) $TSCO.L +42% YoY (~676M) AmBev of InBev (est 2004) acquires Cervecería Nacional Dominicana (est 1929) of the Dominican Republic Grupo Modelo (est 1922, Corona) of Mexico (1st) is acquired by AB InBev KO ($15.2B = 17.7%) WFC ($14.6B = 17.0%) IBM ($14.0B = 16.3%) AXP ($8.6B = 10.0%) PG ($3.7B = 4.3%) MUV2.DE ($3.6B = 4.2%) USB ($2.1B = 2.4%) COP KFT PSX MCO DVA WPO L BK GM V MA JNJ UPS 2012Q3 ($85.9B) $USB -7% QoQ (162M) $KFT -48% QoQ (1173M) $PG -11% QoQ (472M) Kraft spins off Mondelez KO ($15.6B = 18.4%) WFC ($13.7B = 16.2%) IBM ($13.0B = 15.3%) AXP ($8.8B = 10.4%) PG ($3.7B = 4.3%) MUV2.DE ($3.6B = 4.2%) KFT ($2.3B = 2.7%) USB ($2.1B = 2.5%) COP MCO DVA PSX JNJ WPO L BK V GM MA UPS 2012Q2 ($84.9B) $JNJ -64% QoQ (1262M) $KFT -24% QoQ (741M) $PG -18% QoQ (836M) ConocoPhillips spins off Phillips 66 (announced July 2011) KO ($14.8B = 17.2%) WFC ($13.5B = 15.7%) IBM ($13.4B = 15.6%) AXP ($8.8B = 10.2%) PG ($4.9B = 5.7%) MUV2.DE ($3.6B = 4.2%) KFT ($3.0B = 3.5%) COP ($2.2B = 2.6%) USB ($2.2B = 2.5%) JNJ ($1.9B = 2.2%) MCO WPO DVA V L GM MA BK UPS 2012Q1 ($85.9B) $WMT +19% QoQ (~469M) $KFT -10% QoQ (343M) KO ($14.0B = 18.7%) IBM ($11.8B = 15.7%) WFC ($10.6B = 14.2%) AXP ($7.2B = 9.6%) PG ($5.1B = 6.9%) KFT ($3.3B = 4.4%) MUV2.DE ($2.5B = 3.3%) COP ($2.1B = 2.8%) JNJ ($1.9B = 2.5%) USB ($1.9B = 2.5%) MCO WPO V DVA MA L UPS BK 2011Q4 ($74.6B) $JNJ -22% QoQ (553M) $TSCO.L +20% YoY (~310M) $WFC +6% QoQ (~616M) $IBM +11% QoQ (~1206M) ''SABMiller acquires Foster's (est 1888) of Australia (Victoria Bitter no. 1)'' KO ($13.5B = 20.0%) IBM ($10.0B = 14.8%) WFC ($8.7B = 12.9%) AXP ($6.8B = 10.1%) PG ($4.9B = 7.2%) KFT ($3.0B = 4.5%) MUV2.DE ($2.5B = 3.6%) JNJ ($2.4B = 3.5%) COP ($1.8B = 2.7%) USB ($1.6B = 2.4%) MCO WPO V MA UPS BK 2011Q3 ($67.5B) $JNJ -12% QoQ (330M) $IBM >+100% QoQ (~5682M) $KFT -9% QoQ (326M) KO ($13.5B = 20.7%) WFC ($9.9B = 15.2%) AXP ($7.8B = 12.0%) PG ($4.9B = 7.5%) IBM ($4.3B = 6.5%) KFT ($3.5B = 5.4%) JNJ ($2.8B = 4.4%) MUV2.DE ($2.5B = 3.8%) COP ($2.2B = 3.4%) USB ($1.8B = 2.7%) MCO WPO MA UPS BK 2011Q2 ($65.1B) $IBM >+100% QoQ (~3489M) $KFT -5% QoQ (202M) Wesco Financial becomes a subsidiary of Berkshire KO ($13.3B = 21.1%) WFC ($10.9B = 17.3%) AXP ($6.9B = 10.9%) PG ($4.7B = 7.5%) KFT ($3.3B = 5.3%) JNJ ($2.5B = 4.0%) MUV2.DE ($2.5B = 3.9%) COP ($2.3B = 3.7%) WSC ($2.2B = 3.5%) USB ($1.8B = 2.9%) MCO WPO IBM UPS MA BK 2011Q1 ($62.8B) $BRK acquires Lubrizol ($LZ) for $9.7B KO ($13.2B = 21.3%) WFC ($10.6B = 17.2%) AXP ($6.5B = 10.6%) PG ($4.9B = 8.0%) KFT ($3.3B = 5.4%) MUV2.DE ($2.9B = 4.7%) JNJ ($2.6B = 4.3%) WSC ($2.1B = 3.4%) COP ($2.0B = 3.2%) USB ($1.9B = 3.0%) WPO MCO UPS BK 2010Q4 ($61.6B) Heineken (est 1864) acquires FEMSA Cerveza (e.g. Cuauhtémoc Moctezuma Brewery est 1890 Sol) in a 20% stock swap 3G acquires a majority stake in Burger King (est 1953) of Florida Nestlé acquires Kraft Foods’ frozen pizza business. Cadbury is acquired by Kraft Foods CPI acquires National Starch from AkzoNobel for $1.3B and is renamed to Ingredion in 2012 KO ($11.7B = 20.3%) WFC ($8.4B = 14.7%) AXP ($6.4B = 11.1%) PG ($4.6B = 8.0%) KFT ($3.2B = 5.6%) MUV2.DE ($2.9B = 5.1%) JNJ ($2.6B = 4.6%) WSC ($2.0B = 3.5%) COP ($1.7B = 2.9%) USB ($1.5B = 2.6%) MCO WPO UPS BAC BK 2010Q3 ($57.6B) $WFC +5% QoQ (~410M) KO ($10.0B = 18.1%) WFC ($8.2B = 14.8%) AXP ($6.0B = 10.8%) PG ($4.7B = 8.4%) KFT ($2.9B = 5.3%) MUV2.DE ($2.9B = 5.3%) JNJ ($2.4B = 4.4%) WSC ($1.8B = 3.3%) USB ($1.5B = 2.8%) COP ($1.4B = 2.6%) WPO MCO UPS BAC 2010Q2 ($55.5B) $COP -14% QoQ (249M) $JNJ +72% QoQ (~1029M) KO ($11.0B = 18.3%) WFC ($10.0B = 16.6%) AXP ($6.3B = 10.4%) PG ($5.0B = 8.3%) KFT ($3.2B = 5.4%) MUV2.DE ($2.9B = 4.9%) WSC ($2.2B = 3.7%) USB ($1.8B = 3.0%) COP ($1.7B = 2.9%) JNJ ($1.6B = 2.6%) MCO WPO UPS BAC 2010Q1 ($60.0B) $PG -9% QoQ (532M) $COP -9% QoQ (181M) $JNJ -11% QoQ (211M) $MUV2.DE new to portfolio (~$2924.0M) $KFT -22% QoQ (954M) BNSF becomes a subsidiary of Berkshire (Feb12) $BRK acquires BNSF KO ($11.4B = 17.2%) WFC ($8.6B = 13.1%) BNI ($7.6B = 11.4%) AXP ($6.1B = 9.3%) PG ($5.3B = 8.0%) KFT ($3.8B = 5.7%) WSC ($2.0B = 3.0%) COP ($1.9B = 2.9%) JNJ ($1.7B = 2.6%) USB ($1.6B = 2.3%) MCO WPO UPS BAC 2009Q4 ($66.1B) $PG -9% QoQ (534M) $COP -34% QoQ (1007M) $JNJ -26% QoQ (630M) AOL is spun off from Time Warner Pfizer acquires Wyeth for $68B KO ($10.7B = 16.6%) WFC ($8.8B = 13.6%) BNI ($6.1B = 9.5%) PG ($5.6B = 8.6%) AXP ($5.1B = 7.9%) KFT ($3.6B = 5.6%) COP ($2.6B = 4.0%) JNJ ($2.2B = 3.5%) WSC ($1.9B = 2.9%) USB ($1.5B = 2.3%) WPO MCO BAC UPS 2009Q3 ($64.8B) $MCO -18% QoQ (180M) $COP -10% QoQ (319M) $WMT +89% QoQ (~878M) KO ($9.6B = 16.8%) WFC ($7.3B = 12.8%) BNI ($5.6B = 9.9%) PG ($4.9B = 8.6%) AXP ($3.5B = 6.2%) KFT ($3.5B = 6.1%) COP ($2.7B = 4.7%) JNJ ($2.1B = 3.7%) WSC ($1.7B = 2.9%) MCO ($1.3B = 2.2%) USB ($1.2B = 2.2%) WPO UPS BAC 2009Q2 ($57.2B) $COP -9% QoQ (284M) $JNJ +13% QoQ (~250M) KO ($8.8B = 17.9%) BNI ($4.6B = 9.4%) PG ($4.5B = 9.2%) WFC ($4.3B = 8.8%) KFT ($3.1B = 6.3%) COP ($2.8B = 5.7%) AXP ($2.1B = 4.2%) JNJ ($1.7B = 3.5%) WSC ($1.6B = 3.2%) MCO ($1.1B = 2.2%) USB ($1.0B = 2.1%) WPO UPS BAC 2009Q1 ($49.1B) $COP -10% QoQ (339M) $JNJ +13% QoQ (~205M) $1211.HK new to portfolio (~$1986.0M) $BNI +9% QoQ (~402M) Schering-Plough acquires Merck ($41B) in a reverse merger Roche acquires remaining shares of Genentech ($46.8B) KO ($9.1B = 16.1%) WFC ($8.6B = 15.2%) PG ($6.0B = 10.6%) BNI ($5.3B = 9.4%) COP ($4.1B = 7.4%) KFT ($3.7B = 6.6%) AXP ($2.8B = 5.0%) JNJ ($1.7B = 3.0%) USB ($1.7B = 3.0%) WSC ($1.6B = 2.9%) MCO WPO UPS BAC 2008Q4 ($56.2B) $PG -9% QoQ (589M) $JNJ -53% QoQ (1983M) $SAN.PA +28% YoY (~314M) $USB -7% QoQ (135M) $BNI +9% QoQ (~477M) Mars acquires Wrigley for $22B AB InBev (no. 1) is formed through the merger of\n 3G controlled Belgian/Brazilian InBev and Anheuser-Busch (est 1852/1876, Budweiser) of the USA (no. 1) MillerCoors is formed as a joint venture between SABMiller and Molson Coors and later divested by SABMiller in 2016 Carlsberg (est 1847) acquires Baltika Breweries (est 1990) of Russia Carlsberg (est 1847) along with Heineken acquires parts of Scottish and Newcastle (e.g. Kronenburg Brewery (est 1664) of France (no. 1), Mythos Brewery (est 1968) of Greece (no. 2) and the S&N joint venture Baltic Beverages Holding including Aldaris Brewery (est 1865) of Latvia) Heineken (est 1864) along with Carlsberg acquires parts of Scottish and Newcastle and becomes 3rd largest brewery in the world $BRK buys $3B of preferred shares of $GE yielding 10%, which $GE pays back in 2011. Cadbury Schweppes spins off Dr Pepper Snapple WFC ($10.9B = 14.7%) KO ($10.6B = 14.3%) PG ($7.4B = 9.9%) COP ($6.1B = 8.3%) BNI ($5.9B = 7.9%) AXP ($5.4B = 7.2%) KFT ($4.5B = 6.1%) JNJ ($4.3B = 5.8%) USB ($2.6B = 3.5%) WSC ($2.0B = 2.7%) MCO ($1.6B = 2.2%) WPO BUD BAC UPS 2008Q3 ($74.2B) $COP +40% QoQ (~1778M) $USB +6% QoQ (~155M) Dow Chemical acquires Rohm and Haas for $15B and $BRK makes a $3B investment in preferred shares yielding 8.5%, which are not converted to common shares until 2017. $BRK makes a $5B investment in preferred shares of $GS yielding 10% and warrants that are traded in 2013. KO ($10.4B = 15.3%) WFC ($6.9B = 10.2%) PG ($6.4B = 9.5%) BNI ($6.4B = 9.4%) AXP ($5.7B = 8.4%) COP ($5.6B = 8.3%) JNJ ($4.0B = 5.9%) KFT ($3.9B = 5.8%) WSC ($2.2B = 3.2%) USB ($1.9B = 2.8%) MCO ($1.7B = 2.4%) WPO BUD BAC UPS 2008Q2 ($67.8B) $COP >+100% QoQ (~3981M) $BUD -61% QoQ (1349M) InBev makes $52B bid for Annheuser-Busch and later forms Annheuser-Busch InBev KO ($12.2B = 17.2%) WFC ($8.5B = 11.9%) PG ($7.4B = 10.5%) AXP ($6.6B = 9.4%) BNI ($5.9B = 8.3%) KFT ($4.3B = 6.1%) JNJ ($4.0B = 5.7%) WSC ($2.3B = 3.3%) USB ($2.2B = 3.1%) BUD ($1.7B = 2.4%) MCO ($1.7B = 2.4%) COP WPO BAC UPS 2008Q1 ($70.8B) KO ($12.3B = 16.3%) WFC ($8.7B = 11.6%) AXP ($7.9B = 10.4%) PG ($7.8B = 10.3%) BNI ($5.1B = 6.7%) KFT ($4.3B = 5.7%) JNJ ($4.1B = 5.5%) WSC ($2.3B = 3.0%) USB ($2.1B = 2.8%) BUD ($1.9B = 2.5%) MCO ($1.7B = 2.3%) COP ($1.5B = 2.0%) WPO BAC UPS 2007Q4 ($75.5B) $SAN.PA new to portfolio (~$1575.0M) $KFT +23% QoQ (~822M) $BNI +14% QoQ (~653M) Philip Morris spins of Kraft Foods $BRK agrees to acquire The Marmon Group ($4.5B for 60%)\n in its biggest purchase ever outside of the insurance industry KKR acquires TXU in the largest leveraged buyout at the time KO ($11.5B = 15.1%) WFC ($10.0B = 13.1%) AXP ($9.0B = 11.8%) PG ($7.4B = 9.8%) BNI ($4.3B = 5.6%) JNJ ($4.0B = 5.3%) KFT ($3.7B = 4.9%) MCO ($2.4B = 3.2%) WSC ($2.3B = 3.0%) USB ($2.1B = 2.8%) BUD ($1.8B = 2.3%) COP ($1.5B = 2.0%) WPO BAC UPS 2007Q3 ($76.3B) $JNJ +15% QoQ (~556M) $WFC +8% QoQ (~783M) $USB +76% QoQ (~924M) $KFT +54% QoQ (~1298M) $BNI +35% QoQ (~1133M) KO ($10.5B = 14.7%) AXP ($9.3B = 13.0%) WFC ($9.1B = 12.7%) PG ($6.4B = 9.0%) BNI ($3.3B = 4.7%) JNJ ($3.3B = 4.6%) MCO ($3.0B = 4.2%) KFT ($2.5B = 3.4%) WSC ($2.2B = 3.1%) BUD ($1.9B = 2.6%) COP WPO USB BAC UPS 2007Q2 ($71.3B) $PG +5% QoQ (~321M) $JNJ +9% QoQ (~276M) $WFC +10% QoQ (~894M) $KFT new to portfolio (~$2452.8M) $BNI +12% QoQ (~373M) Buffett starts accumulating Kraft Foods, which is revealed by the WSJ in July and on the 13F for 2017Q4 KO ($9.6B = 14.9%) AXP ($8.6B = 13.3%) WFC ($8.0B = 12.4%) PG ($6.3B = 9.8%) MCO ($3.0B = 4.6%) JNJ ($2.9B = 4.6%) BNI ($2.8B = 4.3%) WSC ($2.6B = 4.1%) BUD ($1.8B = 2.8%) WPO ($1.3B = 2.1%) COP USB UPS 2007Q1 ($64.3B) $JNJ +97% QoQ (~1451M) $WFC +13% QoQ (~972M) $BNI >+100% QoQ (~1494M) KO ($9.6B = 15.5%) AXP ($9.2B = 14.8%) WFC ($7.3B = 11.7%) PG ($6.4B = 10.3%) MCO ($3.3B = 5.3%) 601857.SS ($3.3B = 5.3%) WSC ($2.6B = 4.2%) BUD ($1.8B = 2.9%) JNJ ($1.6B = 2.6%) COP ($1.3B = 2.1%) WPO ($1.3B = 2.1%) BNI USB UPS 2006Q4 ($62.2B) $TSCO.L new to portfolio (~$1820.0M) $WFC +7% QoQ (~476M) AmBev of InBev (est 2004) acquires Argentinian Cerveza Quilmes (est 1888) $BRK acquires 80% of Israel based ISCAR Metalworking (subsidiary later renamed IMC International Metalworking Companies) for $4B (materials and construction) $BRK acquires Business Wire (media) Fruit of the Loom acquires Russell Corporation (clothing) $BRK acquires TTI (electronic retail) from the founder Paul Andrews MidAmerican acquires PacifiCorp (utilities, energy) AT&T acquires BellSouth for $73B KO ($8.9B = 15.4%) AXP ($8.5B = 14.6%) WFC ($6.9B = 11.8%) PG ($6.2B = 10.6%) 601857.SS ($3.3B = 5.7%) MCO ($3.1B = 5.4%) WSC ($2.5B = 4.3%) BUD ($1.7B = 3.0%) JNJ ($1.6B = 2.7%) WPO ($1.3B = 2.2%) COP USB UPS BNI 2006Q3 ($58.2B) $BUD -16% QoQ (338M) Buffett starts secretly accumulating the rail roads $BNI, $UNP and $NSC, which is revealed on a S-3/4 and the 2017Q1 13F KO ($8.6B = 15.7%) AXP ($8.1B = 14.7%) WFC ($6.4B = 11.6%) PG ($5.6B = 10.1%) 601857.SS ($3.3B = 6.0%) MCO ($2.6B = 4.8%) WSC ($2.2B = 4.0%) BUD ($2.0B = 3.6%) JNJ ($1.5B = 2.7%) WPO ($1.3B = 2.5%) COP ($1.2B = 2.1%) USB UPS 2006Q2 ($54.9B) $JNJ >+100% QoQ (~1355M) KO ($8.4B = 15.7%) AXP ($8.0B = 14.9%) WFC ($5.9B = 11.1%) PG ($5.8B = 10.8%) MCO ($3.4B = 6.4%) 601857.SS ($3.3B = 6.2%) WSC ($2.3B = 4.3%) BUD ($1.9B = 3.5%) WPO ($1.3B = 2.5%) COP ($1.1B = 2.1%) USB JNJ UPS 2006Q1 ($53.4B) $AMP -21% QoQ (288M) $COP +86% QoQ (~526M) $WFC +8% QoQ (~478M) Buffett starts secretly accumulating $USB, which is revealed on the 2016Q4 13F KO ($8.1B = 17.5%) AXP ($7.8B = 16.9%) PG ($5.8B = 12.6%) WFC ($5.3B = 11.6%) MCO ($2.9B = 6.4%) WSC ($2.2B = 4.8%) 601857.SS ($1.9B = 4.2%) BUD ($1.9B = 4.1%) WPO ($1.3B = 2.9%) COP 2005Q4 ($46.1B) P&G acquires Gillette $WFC +18% QoQ (~828M) Bavaria Brewery of Colombia (est 1889) is acquired by SABMiller (est 1895) Molson Coors Brewing Company is formed through the merger of Molson Brewery (est 1786, Carling est 1840) of Canada and Coors Brewing Company (est 1873) of Colorado $BRK acquires Medical Protective for $825M (insurance) $BRK acquires Forest River from the founder Peter Liegl (transportation) KO ($8.6B = 19.5%) AXP ($7.6B = 17.2%) G ($5.9B = 13.3%) WFC ($4.2B = 9.5%) MCO ($2.5B = 5.5%) WSC ($2.0B = 4.4%) BUD ($1.9B = 4.4%) 601857.SS ($1.9B = 4.3%) WPO ($1.4B = 3.1%) PG 2005Q3 ($44.2B) $AMP new to portfolio (~$1085.5M) $WFC +27% QoQ (~906M) KO ($8.3B = 20.0%) AXP ($8.1B = 19.3%) G ($5.1B = 12.2%) WFC ($3.5B = 8.3%) MCO ($2.2B = 5.2%) BUD ($2.1B = 5.1%) WSC ($2.1B = 4.9%) 601857.SS ($1.9B = 4.6%) WPO ($1.4B = 3.4%) PG 2005Q2 ($41.8B) $BUD +14% QoQ (~275M) KO ($8.3B = 20.7%) AXP ($7.8B = 19.3%) G ($5.1B = 12.7%) WFC ($3.4B = 8.4%) WSC ($2.2B = 5.5%) MCO ($1.9B = 4.8%) BUD ($1.9B = 4.8%) 601857.SS ($1.9B = 4.8%) WPO ($1.5B = 3.8%) PG 2005Q1 ($40.3B) $BUD >+100% QoQ (~1471M) $G +5% QoQ (~251M) AXP ($8.5B = 22.0%) KO ($8.3B = 21.4%) G ($4.3B = 11.1%) WFC ($3.5B = 9.0%) WSC ($2.2B = 5.8%) MCO ($2.1B = 5.4%) WPO ($1.7B = 4.4%) 601857.SS ($1.2B = 3.2%) BUD 2004Q4 ($38.8B) $WTM new to portfolio (~$1114.0M) InBev (no. 1) is formed through the merger of 3G controlled AmBev (est 1999, no. 5) of Brazil and Interbrew (est 1988, no. 3) of Belgium (no. 1 in Belgium, Canada and Germany) Harbin Brewery (est 1900) of China (no. 3) is acquired by Anheuser-Busch Carlsberg (est 1847) acquires ownership of the Orkla brewing activities (e.g. Pripps, no. 1 in Sweden) Russell Corporation acquires Brooks Sports (clothing) Royal Dutch Petroleum merges with Shell ($75B) to form Royal Dutch Shell KO ($8.0B = 21.9%) AXP ($7.8B = 21.3%) G ($4.0B = 11.0%) WFC ($3.4B = 9.2%) WSC ($2.0B = 5.5%) MCO ($1.8B = 4.8%) WPO ($1.6B = 4.3%) 601857.SS ($1.2B = 3.4%) 2004Q3 ($36.6B) KO ($10.1B = 26.2%) AXP ($7.8B = 20.2%) G ($4.1B = 10.6%) WFC ($3.2B = 8.4%) WSC ($2.1B = 5.4%) WPO ($1.6B = 4.2%) MCO ($1.6B = 4.0%) 601857.SS ($1.2B = 3.2%) 2004Q2 ($38.6B) KO ($10.1B = 26.3%) AXP ($7.9B = 20.6%) G ($3.8B = 9.8%) WFC ($3.2B = 8.4%) WSC ($2.2B = 5.8%) MCO ($1.7B = 4.4%) WPO ($1.5B = 4.0%) 601857.SS ($1.2B = 3.3%) 2004Q1 ($38.2B) KO ($10.1B = 28.0%) AXP ($7.3B = 20.2%) G ($3.5B = 9.7%) WFC ($3.3B = 9.2%) WSC ($2.0B = 5.5%) MCO ($1.5B = 4.0%) WPO ($1.4B = 3.8%) 601857.SS ($1.3B = 3.7%) 2003Q4 ($36.2B) $HCA -13% QoQ (104M) $601857.SS new to portfolio (~$1340.0M) $HRB -8% QoQ (77M) $BRK acquires Clayton Homes from the Clayton family for $1.7B (manufactured housing, materials and construction) $BRK acquires McLane Company from Wal-Mart for $1.45B (logistics) KO ($8.6B = 26.5%) AXP ($6.8B = 21.1%) G ($3.1B = 9.5%) WFC ($2.9B = 9.0%) WSC ($1.9B = 6.0%) 601857.SS ($1.3B = 4.1%) MCO ($1.3B = 4.1%) WPO ($1.1B = 3.5%) 2003Q3 ($32.4B) $HCA +7% QoQ (~48M) $WFC +5% QoQ (~147M) KO ($9.3B = 28.4%) AXP ($6.3B = 19.4%) G ($3.1B = 9.4%) WFC ($2.7B = 8.3%) WSC ($1.8B = 5.5%) 601857.SS ($1.3B = 4.1%) WPO ($1.3B = 3.9%) MCO ($1.3B = 3.9%) 2003Q2 ($32.6B) KO ($8.1B = 28.2%) AXP ($5.0B = 17.6%) G ($3.0B = 10.4%) WFC ($2.4B = 8.4%) WSC ($1.7B = 5.9%) 601857.SS ($1.3B = 4.7%) WPO ($1.2B = 4.1%) MCO ($1.1B = 3.9%) 2003Q1 ($28.7B) KO ($8.8B = 31.0%) AXP ($5.4B = 19.0%) G ($2.9B = 10.3%) WFC ($2.5B = 8.8%) WSC ($1.8B = 6.3%) WPO ($1.3B = 4.5%) MCO ($1.0B = 3.5%) 2002Q4 ($28.3B) Conoco and Phillips petroleum merge SABMiller (no. 2) is formed through the merger of South African Breweries (est 1895, Castle Lager) and Miller Brewing of Wisconsin (est 1855) $BRK acquires The Pampered Chef (food, home kitchen equipment) $BRK acquires Fruit of the Loom from bankruptcy for $835M in cash (clothing, underwear) H.H. Brown Shoe Group acquires Acme Boots from Texas Boot (clothing) KO ($9.6B = 34.4%) AXP ($4.7B = 17.0%) G ($2.8B = 10.2%) WFC ($2.6B = 9.2%) WSC ($1.8B = 6.3%) MCO ($1.2B = 4.2%) WPO ($1.1B = 4.0%) 2002Q3 ($27.9B) KO ($11.2B = 36.0%) AXP ($5.5B = 17.7%) G ($3.3B = 10.4%) WFC ($2.7B = 8.6%) WSC ($1.7B = 5.5%) MCO ($1.2B = 3.8%) WPO ($0.9B = 3.0%) 2002Q2 ($31.1B) Nestle and Dreyer's Grand Ice Cream merge in a $2.4 billion deal KO ($10.5B = 34.2%) AXP ($6.2B = 20.3%) G ($3.3B = 10.7%) WFC ($2.6B = 8.6%) WSC ($1.8B = 5.8%) WPO ($1.0B = 3.4%) MCO ($1.0B = 3.2%) 2002Q1 ($30.5B) KO ($9.4B = 32.5%) AXP ($5.4B = 18.6%) G ($3.2B = 11.0%) WFC ($2.3B = 8.0%) WSC ($1.8B = 6.2%) MCO ($1.0B = 3.3%) WPO ($0.9B = 3.2%) 2001Q4 ($29.1B) ''Interbrew of Belgium (no. 1) acquires Brauerei Beck (est 1873) of Germany (no. 4)'' Nestlé buys US pet food business Ralston Purina, and merges it with Nestlé Friskies Petcare Nestle acquires the rights to Häagen-Dazs from their joint venture with Pillsbury after the latter is acquired by General Mills $BRK acquires MiTeK (materials and construction) $BRK acquires Johns-Manville (insulation, roofing materials, materials and construction) $BRK acquires XTRA Lease (logistics) KO ($9.4B = 34.1%) AXP ($4.4B = 16.0%) G ($2.9B = 10.4%) WFC ($2.4B = 8.6%) WSC ($1.7B = 6.0%) WPO ($0.9B = 3.3%) MCO ($0.9B = 3.2%) C 2001Q3 ($27.5B) KO ($9.0B = 30.4%) AXP ($5.9B = 19.8%) G ($2.8B = 9.4%) WFC ($2.5B = 8.3%) WSC ($2.0B = 6.7%) WPO ($1.0B = 3.3%) MCO ($0.8B = 2.7%) C USB 2001Q2 ($29.6B) $COST -33% QoQ (233M) KO ($9.0B = 29.5%) AXP ($6.3B = 20.5%) G ($3.0B = 9.8%) WFC ($2.7B = 8.9%) WSC ($1.8B = 5.7%) WPO ($1.0B = 3.3%) MCO ($0.7B = 2.2%) USB C 2001Q1 ($30.6B) $COST -23% QoQ (200M) KO ($12.2B = 32.4%) AXP ($8.3B = 22.2%) G ($3.5B = 9.2%) WFC ($3.1B = 8.2%) WSC ($1.6B = 4.3%) WPO ($1.1B = 2.8%) MCO USB C FRE DIS 2000Q4 ($37.6B) $COST -8% QoQ (84M) $FRE -92% QoQ (1883M) $WFC -5% QoQ (189M) $DNB -75% QoQ (932M) Philip Morris acquires Nabisco Holdings and merges it with Kraft Scottish & Newcastle acquires Kronenburg (est 1664, no. 1 in France) from Danone $BRK acquires Benjamin Moore & Co. (paint, materials and construction) $BRK acquires Acme Brick (bricks and masonry products, materials and construction) $BRK acquires Shaw Industries (flooring, materials and construction) TTI acquires Mouser Electronics (electronic retail) Unilever acquires Bestfoods Corporation (Hellmann's) AOL acquires Time Warner for $165B Glaxo Wellcome merges with SmithKline Beecham ($76B) to form GSK KO ($11.0B = 30.4%) AXP ($9.2B = 25.4%) G ($3.0B = 8.2%) WFC ($2.7B = 7.4%) FRE ($1.6B = 4.4%) WSC ($1.4B = 3.9%) WPO ($0.9B = 2.5%) USB C DIS 2000Q3 ($36.3B) $COST +12% QoQ (~91M) $FRE +10% QoQ (~146M) KO ($11.5B = 33.8%) AXP ($7.9B = 23.2%) G ($3.4B = 9.9%) WFC ($2.3B = 6.7%) WSC ($1.2B = 3.4%) FRE ($1.1B = 3.2%) WPO ($0.8B = 2.4%) USB C DIS 2000Q2 ($34.0B) $COST >+100% QoQ (~686M) $FRE -53% QoQ (1227M) KO ($9.4B = 27.6%) AXP ($7.5B = 22.1%) G ($3.6B = 10.6%) FRE ($2.5B = 7.4%) WFC ($2.4B = 7.1%) WSC ($1.5B = 4.3%) WPO ($0.9B = 2.7%) USB C DIS 2000Q1 ($34.0B) $FRE -7% QoQ (191M) $DNB +97% QoQ (~340M) KO ($11.6B = 31.0%) AXP ($8.4B = 22.4%) G ($4.0B = 10.5%) FRE ($2.9B = 7.7%) WFC ($2.4B = 6.4%) WSC ($1.4B = 3.7%) WPO ($1.0B = 2.6%) USB C DIS 1999Q4 ($37.5B) Nabisco and R.J. Reynolds Tobacco demerges Brazilian AmBev is formed through the merger of 3G owned Companhia Cervejaria Brahma (est 1888) of Brazil and Companhia Antarctica Paulista of Brazil (no. 1) ''$BRK acquires Jordan's Furniture (furniture/retail)'' ''$BRK initiates the acquisition of MidAmerican Energy'' Vodafone Group acquires Mannesmann for $202B Vodafone Group acquires AirTouch Communications for $60B Pfizer acquires Warner-Lambert for $111.8B Exxon Corporation ($XON) merges with Mobil Corporation ($MBU) to form ExxonMobil ($XOM) KO ($9.7B = 29.3%) AXP ($6.8B = 20.7%) G ($3.3B = 9.9%) FRE ($3.2B = 9.7%) WFC ($2.3B = 7.1%) WSC ($1.5B = 4.7%) WPO ($0.9B = 2.7%) DIS USB C 1999Q3 ($32.9B) $DIS -30% QoQ (228M) KO ($12.4B = 33.1%) AXP ($6.6B = 17.6%) G ($3.9B = 10.5%) FRE ($3.6B = 9.5%) WFC ($2.6B = 7.0%) WSC ($1.8B = 4.7%) WPO ($0.9B = 2.5%) DIS ($0.9B = 2.4%) USB C 1999Q2 ($37.4B) $DIS -15% QoQ (168M) KO ($12.3B = 32.2%) AXP ($6.0B = 15.6%) G ($5.7B = 15.0%) FRE ($3.5B = 9.2%) WFC ($2.2B = 5.8%) WSC ($1.9B = 5.1%) DIS ($1.1B = 2.8%) WPO ($0.9B = 2.4%) USB C 1999Q1 ($38.1B) $DIS -33% QoQ (529M) KO ($13.4B = 35.0%) AXP ($5.2B = 13.5%) G ($4.6B = 12.0%) FRE ($4.0B = 10.4%) WFC ($2.5B = 6.6%) WSC ($2.0B = 5.3%) DIS ($1.5B = 4.0%) WPO ($1.0B = 2.6%) USB C 1998Q4 ($38.3B) $DIS -20% YoY (405M) WFC not disclosed Travelers Group and Citicorp merges April 7th General Re merger Nestlé buys Italian mineral waters business Sanpellegrino Group. $BRK acquires Dairy Queen from the Mooty family (food, ice cream) $BRK acquires NetJets (logistics) Citicorp acquires Travelers Group for $73B BP acquires Amoco for $53B KO ($13.3B = 39.9%) G ($4.8B = 14.4%) AXP ($4.4B = 13.2%) FRE ($2.7B = 8.0%) WFC ($2.2B = 6.6%) DIS ($2.1B = 6.4%) WSC ($1.7B = 5.1%) WPO ($0.8B = 2.5%) 1997Q4 ($33.4B) $DIS -12% YoY (302M) $MCD -100% (~$1368M) WFC not disclosed Travelers Group acquires Salomon Brothers Guinness and Grand Metropolitan merges to form Diageo $BRK acquires Star Furniture from the Wolff family (furniture/retail) Corn Products Refining (CPC) splits into Corn Products International (CPI) and Bestfoods (Maizena, Knorr, Hellmann's, Skippy) KO ($10.5B = 40.0%) G ($3.7B = 14.2%) AXP ($2.8B = 10.6%) WFC ($2.0B = 7.5%) FRE ($1.8B = 6.7%) DIS ($1.7B = 6.5%) MCD ($1.4B = 5.2%) WSC ($1.1B = 4.0%) WPO ($0.6B = 2.2%) 1996Q4 ($26.3B) $FRE >+100% YoY (~1428M) GEICO ($GEC) becomes a subsidiary of Berkshire on January 2nd 1996 $WFC +7% YoY (~135M) $MCD new to portfolio (~$1368.4M) Disney acquires CapCities ($CCB) Carlsberg (est 1847) of Denmark acquires Okocim Brewery (est 1845) of Poland $BRK acquires Flightsafety KO ($7.4B = 34.6%) G ($2.5B = 11.7%) CCB ($2.5B = 11.5%) GEC ($2.4B = 11.1%) AXP ($2.0B = 9.5%) WFC ($1.5B = 6.8%) FRE ($1.0B = 4.9%) WSC ($1.0B = 4.8%) WPO ($0.5B = 2.3%) 1995Q4 ($21.5B) $GCI -100% (~$365M) $PNC Bank Corporation -100% (~$411M) $AXP +78% YoY (~898M) Belgian Interbrew acquires Labatt Brewing Company (est 1847) of Canada (no. 1) $BRK acquires Helzberg Diamonds from Barnett Jr. Helzberg (luxury items) $BRK acquired the family owned R.C. Willey Home Furnishings (furniture/retail) Cadbury Schweppes acquires Dr Pepper KO ($5.1B = 34.0%) G ($1.8B = 11.9%) CCB ($1.7B = 11.2%) GEC ($1.7B = 11.1%) WFC ($1.0B = 6.5%) AXP ($0.8B = 5.4%) WSC ($0.7B = 4.3%) FRE ($0.6B = 4.2%) WPO ($0.4B = 2.8%) 1994Q4 ($15.2B) Viacom acquires Paramount Communications $KO +7% YoY (~340M) $PNC Bank Corporation new to portfolio (~$411.0M) $FRE -6% YoY (45M) $GD -39% YoY (149M) $AXP new to portfolio (~$818.9M) $GCI new to portfolio (~$365.0M) $Guinness PLC -100% (~$271M) KO ($4.2B = 33.8%) GEC ($1.8B = 14.3%) G ($1.4B = 11.6%) CCB ($1.2B = 10.0%) WFC ($0.9B = 7.1%) WSC ($0.7B = 6.0%) FRE ($0.7B = 5.5%) WPO ($0.4B = 3.6%) 1993Q4 ($12.3B) $Paramount Communications new to portfolio (~$247.4M) $FRE -15% YoY (127M) $WFC -46% YoY (767M) $CCB -33% YoY (620M) The $BRK subsidiary H.H. Brown acquires Dexter Shoes (clothing) KO ($3.9B = 32.5%) GEC ($2.2B = 18.5%) CCB ($1.5B = 12.7%) G ($1.4B = 11.3%) FRE ($0.8B = 6.5%) WFC ($0.5B = 4.0%) WSC ($0.5B = 3.9%) WPO ($0.4B = 3.3%) 1992Q4 ($12.0B) $G +7% YoY (~91M) $GD new to portfolio (~$450.8M) $FRE >+100% YoY (~663M) $WFC +27% YoY (~104M) $Guinness PLC +22% YoY (~55M) Carlsberg (est 1847) of Denmark acquires Allied Breweries and rights to the beer Skol (est 1959) outside of South America and Africa The $BRK subsidiary H.H. Brown acquires Lowell Shoe (clothing) KO ($3.7B = 39.4%) GEC ($1.4B = 14.3%) G ($1.3B = 14.2%) CCB ($1.3B = 13.7%) WSC ($0.4B = 4.3%) FRE ($0.3B = 3.6%) WPO ($0.3B = 3.5%) WFC ($0.3B = 3.0%) 1991Q4 ($9.5B) $G new to portfolio (~$1347.0M) $Guinness PLC new to portfolio (~$296.8M) KO ($2.2B = 37.7%) CCB ($1.4B = 23.9%) GEC ($1.1B = 19.3%) WPO ($0.3B = 5.9%) WFC ($0.3B = 5.0%) WSC ($0.3B = 4.7%) FRE ($0.1B = 2.0%) 1990Q4 ($5.8B) $WFC new to portfolio (~$289.4M) Time & Warner merges $BRK acquires the family owned H.H. Brown Shoe Group (clothing) Beatrice Foods is acquired by ConAgra Foods from KKR KO ($1.8B = 32.4%) CCB ($1.7B = 30.4%) GEC ($1.0B = 18.8%) WPO ($0.5B = 8.7%) WSC ($0.4B = 6.4%) FRE ($0.2B = 2.9%) 1989Q4 ($5.6B) KKR acquires RJR Nabisco in the largest leveraged buyout at the time ($25B) $KO +64% YoY (~709M) $BRK buys prefered shares of Gillette ($600M, 11%) WPP Group acquires Ogilvy & Mather BRK acquires Borsheim's Fine Jewelry (luxury items) CCB ($1.1B = 29.5%) GEC ($0.8B = 23.1%) KO ($0.6B = 17.2%) WPO ($0.4B = 9.9%) RJR Nabisco Inc. ($0.3B = 8.3%) WSC ($0.2B = 6.4%) FRE ($0.1B = 3.3%) HNH 1988Q4 ($3.7B) $RJR Nabisco Inc. new to portfolio (~$304.5M) $KO new to portfolio (~$632.4M) $Allegis -100% (~$78M) $FRE new to portfolio (~$121.2M) Kraft sells Duracell to Gillette Philip Morris acquires Kraft Foods ($13.1B) Brouwerij Artois acquires 45% of Hoegaarden (est 1445/1965) after a fire and acquires the remainder in 1990 Nestlé buys UK confectionery company Rowntree Mackintosh, adding brands including KitKat, After Eight and Smarties to its portfolio. 7Up merges with Dr Pepper CCB ($1.0B = 41.7%) GEC ($0.8B = 30.5%) WPO ($0.3B = 13.0%) WSC ($0.2B = 7.9%) HNH FL 1987Q4 ($2.5B) $HNH -24% YoY (9M) $Lear Siegler, Inc. -100% (~$45M) $WSC new to portfolio (~$195.3M) $Allegis new to portfolio (~$78.4M) Brouwerij Artois (est 1366, Stella Artois, Leffe) of Belgium merges with Piedboeuf Brewery (est 1812, Jupiler 1st in Belgium) of Belgium to form Interbrew $BRK acquires 12% of Salomon Dairy Queen acquires Orange Julius (food) CCB ($0.8B = 42.8%) GEC ($0.7B = 36.0%) WPO ($0.3B = 14.4%) HNH ($0.0B = 2.5%) Undisclosed 1986Q4 ($1.9B) $Time, Inc. -100% (~$53M) $Lear Siegler, Inc. new to portfolio (~$44.6M) $Affiliated Publications, Inc. -100% (~$56M) $Beatrice Companies, Inc. -100% (~$108M) $American Broadcasting Companies, Inc. -100% (~$109M) $CCB new to portfolio (~$801.7M) Nestle launches Nespresso $BRK acquires Scott & Fetzer (Kirby vacuum cleaners, World Book Encyclopedia) for $400M $BRK acquires The Fechheimer Bros. from the Heldman family (clothing, uniforms) HM Capital Partners (Hicks & Haas) acquires 7Up from Philip Morris KKR acquires Beatrice Foods ($6.2B) GEC ($0.6B = 49.7%) WPO ($0.2B = 17.1%) American Broadcasting Companies, Inc. ($0.1B = 9.1%) Beatrice Companies, Inc. ($0.1B = 9.0%) Time, Inc. ($0.1B = 4.4%) HNH ($0.0B = 3.6%) Undisclosed ($0.0B = 2.3%) 1985Q4 ($1.2B) $Time, Inc. -66% YoY (106M) Philip Morris acquires General Foods for $5.8B $WPO -7% YoY (17M) $Affiliated Publications, Inc. +49% YoY (~19M) $Beatrice Companies, Inc. new to portfolio (~$108.1M) $Northwest Industries -100% (~$27M) $IPG -100% (~$28M) $American Broadcasting Companies, Inc. +21% YoY (~19M) $Exxon Corporation -100% (~$175M) R.J. Reynolds Tobacco merges with Nabisco Brands ($4.9B) to form RJR Nabisco CapCities acquires ABC Nestle enters the pet food business when it buys the Friskies brand. GEC ($0.4B = 31.3%) General Foods Corporation ($0.2B = 17.8%) Exxon Corporation ($0.2B = 13.8%) WPO ($0.1B = 11.8%) Time, Inc. ($0.1B = 8.6%) American Broadcasting Companies, Inc. ($0.0B = 3.7%) HNH ($0.0B = 3.0%) Undisclosed ($0.0B = 2.9%) IPG ($0.0B = 2.2%) 1984Q4 ($1.3B) $Time, Inc. >+100% YoY (~71M) $General Foods Corporation -9% YoY (23M) $R. J. Reynolds Industries, Inc. -100% (~$314M) $Northwest Industries new to portfolio (~$27.2M) $IPG +28% YoY (~6M) $American Broadcasting Companies, Inc. new to portfolio (~$46.7M) $Exxon Corporation new to portfolio (~$175.3M) GEC ($0.4B = 31.1%) R. J. Reynolds Industries, Inc. ($0.3B = 24.6%) General Foods Corporation ($0.2B = 17.9%) WPO ($0.1B = 10.7%) Time, Inc. ($0.1B = 4.4%) HNH ($0.0B = 3.3%) IPG ($0.0B = 2.6%) Undisclosed 1983Q4 ($1.3B) $Time, Inc. -41% YoY (40M) $General Foods Corporation >+100% YoY (~121M) $Crum & Forster -100% (~$49M) $Affiliated Publications, Inc. +50% YoY (~9M) $R. J. Reynolds Industries, Inc. +80% YoY (~140M) $BRK acquires Blue Chip Stamps $BRK acquires Nebraska Furniture Mart from Mrs. Blumkin for $60M (furniture/retail) GEC ($0.3B = 32.7%) R. J. Reynolds Industries, Inc. ($0.2B = 16.8%) WPO ($0.1B = 10.9%) General Foods Corporation ($0.1B = 8.8%) Time, Inc. ($0.1B = 8.4%) Crum & Forster ($0.0B = 5.2%) HNH ($0.0B = 4.9%) IPG ($0.0B = 3.6%) Undisclosed ($0.0B = 3.6%) 1982Q4 ($0.9B) $Time, Inc. new to portfolio (~$79.8M) $HNH +18% YoY (~7M) $SAFECO Corporation -100% (~$31M) $Crum & Forster new to portfolio (~$49.0M) $R. J. Reynolds Industries, Inc. +76% YoY (~69M) $Pinkerton's, Inc. -100% (~$20M) $GMT (GATX Corporation) -100% (~$13M) $Arcata Corporation -100% (~$15M) $CLF (Cleveland-Cliffs Iron Company) -100% (~$15M) $AA -100% (~$18M) GEC ($0.2B = 31.2%) R. J. Reynolds Industries, Inc. ($0.1B = 13.0%) General Foods Corporation ($0.1B = 10.4%) WPO ($0.1B = 9.1%) HNH ($0.0B = 5.7%) SAFECO Corporation ($0.0B = 4.8%) IPG ($0.0B = 3.6%) Undisclosed ($0.0B = 3.6%) AA ($0.0B = 2.8%) 1981Q4 ($0.6B) $R. J. Reynolds Industries, Inc. >+100% YoY (~72M) $GMT (GATX Corporation) new to portfolio (~$13.5M) $General Foods Corporation +5% YoY (~4M) $Arcata Corporation new to portfolio (~$15.1M) $SAFECO Corporation -37% YoY (18M) $FL -100% (~$17M) $AA +51% YoY (~6M) $KALU -100% (~$28M) Green Mountain Coffee Roasters is founded GEC ($0.1B = 19.9%) General Foods Corporation ($0.1B = 11.3%) HNH ($0.1B = 11.0%) SAFECO Corporation ($0.0B = 8.5%) WPO ($0.0B = 8.0%) Undisclosed ($0.0B = 6.1%) AA ($0.0B = 5.2%) KALU ($0.0B = 5.2%) IPG ($0.0B = 4.2%) FL ($0.0B = 3.1%) R. J. Reynolds Industries, Inc. ($0.0B = 2.1%) 1980Q4 ($0.5B) $GEC +25% YoY (~21M) $R. J. Reynolds Industries, Inc. new to portfolio (~$11.2M) $Affiliated Publications, Inc. +60% YoY (~5M) $HNH +100% YoY (~29M) $General Foods Corporation >+100% YoY (~50M) $Pinkerton's, Inc. new to portfolio (~$16.5M) $SAFECO Corporation +31% YoY (~11M) $FL -13% YoY (3M) $AA new to portfolio (~$27.7M) $American Broadcasting Companies, Inc. -100% (~$10M) $CLF (Cleveland-Cliffs Iron Company) new to portfolio (~$15.9M) Brazilian Brahma acquires Caracu (brewer of Skol in Brazil) GEC ($0.1B = 20.2%) WPO ($0.0B = 11.7%) Undisclosed ($0.0B = 11.5%) HNH ($0.0B = 11.4%) SAFECO Corporation ($0.0B = 10.6%) IPG ($0.0B = 7.1%) KALU ($0.0B = 6.9%) FL ($0.0B = 5.8%) General Foods Corporation ($0.0B = 3.3%) American Broadcasting Companies, Inc. ($0.0B = 2.9%) 1979Q4 ($0.3B) $Knight-Ridder Newspapers, Inc. -100% (~$7M) $WPO +95% YoY (~19M) $General Foods Corporation new to portfolio (~$11.1M) $HNH new to portfolio (~$38.5M) $GEC +74% YoY (~29M) $Affiliated Publications, Inc. new to portfolio (~$8.8M) $FL new to portfolio (~$19.4M) $Media General new to portfolio (~$7.3M) $KALU +13% YoY (~3M) $IPG +20% YoY (~4M) $Ogilvy & Mather new to portfolio (~$7.8M) $BRK owns 60% of Blue Chip Stamps, which in turn owns 80% of Wesco Wesco Financial acquires Precision Steel Warehouse Undisclosed ($0.1B = 26.2%) WPO ($0.0B = 19.9%) GEC ($0.0B = 17.1%) SAFECO Corporation ($0.0B = 12.1%) IPG ($0.0B = 8.7%) KALU ($0.0B = 8.6%) American Broadcasting Companies, Inc. ($0.0B = 4.0%) 1978Q4 ($0.2B) $BRK owns 58% of Blue Chip Stamps Philip Morris acquires 7Up from Westinghouse Beatrice Foods acquires Tropicana Products for $490M Unilever acquires National Starch & Chemical for $485M GEC ($0.0B = 24.1%) Undisclosed ($0.0B = 23.2%) WPO ($0.0B = 18.4%) IPG ($0.0B = 9.5%) CCB ($0.0B = 7.3%) KALU ($0.0B = 5.5%) 1977Q4 ($0.2B)