Buffett's Fourth Quarter 2004 Holdings

[HenryTo]

Comcast rises after Buffett doubles stake
By MarketWatch
Last Update: 4:35 PM ET Feb. 15, 2005
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SAN FRANCISCO (MarketWatch) - Comcast Communications closed higher Tuesday after Berkshire Hathaway Inc. doubled its stake in the cable operator to 10 million shares in the fourth quarter.

Philadelphia-based Comcast (CMCSK: news, chart, profile) (CMCSA: news, chart, profile) rose 3.4 percent to $31.76 after Berkshire, controlled by billionaire investor Warren Buffett, raised its stake to 10 million shares in the fourth quarter from 5 million shares in the third quarter, according to a Monday fourth-quarter filing with the U.S. Securities and Exchange Commission.

Comcast is the largest U.S. cable operator, with about 22 million subscribers.

Berkshire's stake in Nike (NKE: news, chart, profile) dropped to 2.5 million shares from 6 million. Nike shares rose 8 cents to $85.29.

Berkshire (BRK.B: news, chart, profile) (BRK.A: news, chart, profile) said it omitted confidential information in its filing.

The company's stake in retail giant Gap Inc. (GPS: news, chart, profile) rose to 15.4 million shares from 15 million and its shares in Torchmark Corp. (TMK: news, chart, profile) , an insurance holding company, rose by 9,600 to 2.03 million shares in the fourth quarter. Gap shares were up 15 cents at $21.55, while Torchmark rose 55 cents to $54.78.

Berkshire eliminated its stake in HCA Inc. (HCA: news, chart, profile) , after holding 13.5 million shares in the third quarter. That stock was down 54 cents at $45.88.

The firm decreased its holdings in Iron Mountain Inc. to 5 million shares from 6.9 million shares in the third quarter.

Berkshire also disclosed significant holdings in American Express Co. (AXP: news, chart, profile) , Coca Cola Co. (KO: news, chart, profile) and Gillette Co. (G: news, chart, profile) .

American Express declined 10 cents to $54.50; Coca Cola was off 21 cents at $42.65, and Gillette was up 84 cents at $50.72.

[HenryTo]

Warren Buffett's lates buy: BUD
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Buffett's Befitting Bud Buy
By Richard Gibbons
April 22, 2005

Yesterday, brewer Anheuser-Busch (NYSE: BUD) jumped nearly 6.5% when it announced that Berkshire Hathaway (NYSE: BRKa)(NYSE: BRKb) had acquired a significant position in the company. Why would anybody care? Warren Buffett, arguably the best and indisputably the richest investor in the world, runs Berkshire. Historically, where he goes, outstanding profits frequently follow.

When you look at Anheuser, you can see why Berkshire decided that the company was attractive. It's similar to other Buffett purchases like Procter & Gamble (NYSE: PG) and Gillette (NYSE: G). The company is a consumer powerhouse; it owns nearly 50% of the U.S. beer market. Its moat against competition is huge, its return on equity has been a massive 30% to 80% for the past five years, and it pumps out $2 billion in free cash flow a year.

But there are three interesting things about this purchase. First, it has the potential to turn Berkshire's annual meetings, generally a festive atmosphere anyway, into a riot. Buffett has frequently guzzled Cherry Coke (NYSE: KO), one of Berkshire's other large holdings, at the annual meetings. If he trades that Coke for a six-pack of Budweiser, the 2005 annual meeting could be one that we'll never forget.

The second interesting thing is that the purchase was disclosed in a press release. Buffett's quite willing to promote the products of the companies that he buys. However, he's generally more circumspect about companies he's purchasing, and has even gone as far as requesting special exceptions to defer filing statements that disclose his holding. This makes sense, particularly in light of the jump Anheuser Busch took yesterday; Buffett doesn't want news of his purchases to push up the price of a stock he's buying.

So, the fact that this purchase was revealed is interesting. Perhaps it means that Berkshire has bought as much as Buffett wants. But, considering the piles of cash that Berkshire holds, and Buffett's willingness to buy entire companies, I would have expected that Berkshire would be happy to buy as much of the company as people are willing to sell. Consequently, the revelation of the position at this point is curious.

The third interesting thing is that Buffett's purchase comes soon after Philip Durell recommended Anheuser-Busch in Motley Fool Inside Value. In fact, it seems likely to me that Berkshire was picking up shares at the same time as Inside Value subscribers. Really, this isn't that surprising. It's not because Philip had any idea what Buffett was doing. Rather, it's because great value investors recognize a bargain when they see one. So, they frequently independently come to the same conclusions about a company's potential as an investment.

If you're interested in finding out what other stocks Philip sees as attractive now, you can find out with a free 30-day trial to Inside Value. Or, for a limited time, you can purchase a subscription at a 25% discount to the regular price.

Fool contributor Richard Gibbons, a member of the Inside Value team, yearned for a Coke while writing this article but does not own shares in any of the companies mentioned in it.

[HenryTo]

A more detailed view of Berkshire Hathaway's portfolio:

http://moneycentral.msn.com/content/CNBCTV/Articles/Dispatches/P109600.asp