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MUTUAL FUND :: Warren Buffett - Berkshire
Hathaway: |
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Portfolio - Key Facts: |
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As of date: |
June 30, 2009 |
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Proper name of fund: |
Berkshire Hathaway Inc. |
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Trading symbol: |
BRK-A |
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Fees: |
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Management Fees: |
n/a % |
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Distribution (12b-1)
Fees: |
n/a % |
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Other Expenses: |
n/a % |
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Total Fund Operating
Expenses: |
n/a % |
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# of Stocks in Portfolio: |
41 |
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Portfolio Value: |
$ 48.95 billion |
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# of New Buys: |
1 |
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# of New Sells: |
1 |
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About The Portfolio Manager: |
Warren Buffett
America's most beloved investor is now the
world's richest man. Shares of Berkshire
Hathaway climbed 25% since the middle of
last July.
Son of Nebraska politician, Warren Buffett
delivered newspapers as a boy. He filed
first tax return at age 13, claiming $35
deduction for bicycle.
Buffett studied under value investing guru,
Benjamin Graham, at Columbia.
The Oracle of Omaha issued a challenge to
members of The Forbes 400 in October; said
he would donate $1 million to charity if the
collective group of richest Americans would
admit they pay less taxes, as a percentage
of income, than their secretaries.
Buffett has long promised to give away his
fortune posthumously. Irrevocably earmarked
the majority of his Berkshire shares to
charity in 2006, mostly to
the Bill & Melinda Gates Foundation.
Gift was valued at $31 billion on day of
announcement; donation will far exceed that
sum so long as Berkshire shares continue to
rise. |
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Excerpt from prospectus/fund overview: |
Excerpt from "Owner's Manual" from
Warren Buffett:
In June 1996, Berkshire’s Chairman, Warren
E. Buffett, issued a booklet entitled “An
Owner’s Manual*” to Berkshire’s Class A and
Class B shareholders. The purpose of the
manual was to explain Berkshire’s broad
economic principles of operation. An updated
version is reproduced on this and the
following pages.
OWNER-RELATED BUSINESS PRINCIPLES
At the time of the Blue Chip merger in 1983,
I set down 13 owner-related business
principles that I thought would help new
shareholders understand our managerial
approach. As is appropriate for
“principles,” all 13 remain alive and well
today, and they are stated here in italics.
1. Although our form is corporate, our
attitude is partnership. Charlie Munger and
I think of our shareholders as
owner-partners, and of ourselves as managing
partners. (Because of the size of our
shareholdings we are also, for better or
worse, controlling partners.) We do not view
the company itself as the ultimate owner of
our business assets but instead view the
company as a conduit through which our
shareholders own the assets.
Charlie and I hope that you do not think of
yourself as merely owning a piece of paper
whose price wiggles around daily and that is
a candidate for sale when some economic or
political event makes you nervous. We hope
you instead visualize yourself as a part
owner of a business that you expect to stay
with indefinitely, much as you might if you
owned a farm or apartment house in
partnership with members of your family. For
our part, we do not view Berkshire
shareholders as faceless members of an
ever-shifting crowd, but rather as co-venturers
who have entrusted their funds to us for
what may well turn out to be the remainder
of their lives.
The evidence suggests that most Berkshire
shareholders have indeed embraced this
long-term partnership concept. The annual
percentage turnover in Berkshire’s shares is
a small fraction of that occurring in the
stocks of other major American corporations,
even when the shares I own are excluded from
the calculation.
In effect, our shareholders behave in
respect to their Berkshire stock much as
Berkshire itself behaves in respect to
companies in which it has an investment. As
owners of, say, Coca-Cola or American
Express shares, we think of Berkshire as
being a non-managing partner in two
extraordinary businesses, in which we
measure our success by the long-term
progress of the companies rather than by the
month-to-month movements of their stocks. In
fact, we would not care in the least if
several years went by in which there was no
trading, or quotation of prices, in the
stocks of those companies. If we have good
long-term expectations, short-term price
changes are meaningless for us except to the
extent they offer us an opportunity to
increase our ownership at an attractive
price.
2. In line with Berkshire’s
owner-orientation, most of our directors
have a major portion of their net worth
invested in the company. We eat our own
cooking.
Charlie’s family has 90% or more of its net
worth in Berkshire shares; I have about 99%.
In addition, many of my relatives—my sisters
and cousins, for example—keep a huge portion
of their net worth in Berkshire stock.
Charlie and I feel totally comfortable with
this eggs-in-one-basket situation because
Berkshire itself owns a wide variety of
truly extraordinary businesses. Indeed, we
believe that Berkshire is close to being
unique in the quality and diversity of the
businesses in which it owns either a
controlling interest or a minority interest
of significance.
Charlie and I cannot promise you results.
But we can guarantee that your financial
fortunes will move in lockstep with ours for
whatever period of time you elect to be our
partner.
Read more... |
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Official website for more information: |
http://www.berkshirehathaway.com/reports.html |
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Current Portfolio - Specific Stocks: |
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As of date: |
June 30, 2009 |
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Current Portfolio:
(41) |
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Coca-Cola (KO) |
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Wells Fargo (WFC*) |
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Burlington Northern Santa Fe (BNI) |
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Procter & Gamble (PG*) |
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American Express (AXP) |
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Kraft Foods Inc. (KFT) |
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ConocoPhillips (COP) |
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Johnson & Johnson (JNJ) |
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Wesco
Financial
Corp. (WSC) |
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Moody's Corp. (MCO) |
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US Bancorp (USB) |
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Wal-Mart (WMT) |
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Washington
Post Co.
(WPO) |
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Union Pacific Corp. (UNP) |
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Nike Inc. (NKE) |
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M&T Bank Corp. (MTB) |
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Costco (COST) |
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NRG Energy, Inc. (NRG) |
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WellPoint Inc. (WLP) |
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USG Corp. (USG) |
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Comcast (CMCSK) |
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Ingersoll-Rand (IR) |
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Nalco Holding Co. (NLC) |
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CarMax
Inc. (KMX) |
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Lowe's (LOW) |
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Sanofi-Aventis (SNY) |
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Torchmark
Corp. (TMK) |
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Iron
Mountain
Inc. (IRM) |
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General Electric (GE) |
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Eaton Corp. (ETN) |
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Becton Dickinson & Co. (BDX) |
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Unitedhealth Group, Inc.
(UNH) |
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Norfolk Southern Corp. (NSC) |
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United Parcel Service, Inc.
(UPS) |
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Bank of America (BAC*) |
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Home Depot (HD*) |
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GlaxoSmithKline (GSK) |
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SunTrust Banks Inc. (STI) |
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WABCO Holdings Inc. (WBC) |
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Gannett Co., Inc. (GCI) |
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Comdisco Holding Co. Inc.
(CDCO.OB) |
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See all CURRENT stocks in Yahoo! Finance
here >> |
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New Stocks Added:
(1) |
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Becton Dickinson & Co. (BDX) |
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See all NEW stocks in Yahoo! Finance
here >> |
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Stocks Sold Out Of:
(1) |
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Constellation Energy Group,
Inc. (CEG) |
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Back To List of Mutual Funds >> |
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*Also owned for
Jim Cramer's Charitable
Trust Portfolio.
Note that Jim trades
frequently, so check the
site for current
portfolio
here>> |
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Warren Buffett, CEO
Berkshire Hathaway Inc. |
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Related Financial Links |
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