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Mystery Berkshire Investment


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The SEC publishes a list on their website every quarter of securities to be included in 13F filings.

 

That does include a number of ADRs for primarily foreign listings, e.g. Diageo ADRs which are still reported as Berkshire Holdings under New England Asset Management's 13F-HR and a few years ago, Sanofi ADRs were in Berkshire's own 13F-HR (and the 2017 10-K disclosed that they then also held the main Paris listing of Sanofi which is not disclosable as it's not US).

 

If the mystery holding was in about the top 15 holdings at year end (e.g. over about 1.5 to 2 billion) I'd suspect it might need to be disclosed in the Investments in Equity Securities part of the Annual Report/10-K, unless there is also permission to withhold the name.

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Anyone say DaVita? Looks like that might be the winner.

 

EDIT: "Might be" -- the amended 13D puts stake at 33%, but cites repurchased shares for increase.

 

Berkshire has recently sold shares of Davita (a Ted Weschler holding) into their tender offer.  So its not Davita.  It won't be a security that was listed on the 13-F.  The mystery security was, by definition, "omitted."  Which I guess means it could technically be Costco, which disappeared from the 13-F and has been presumed sold.

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There was also a smaller position MMC which was not disclosed until just now, but they had a $386mm stake on 9/30.  Of the three, VZ was the only one there were significant additions to in Q4, so I wonder why they bothered to avoid disclosing the other two.  Only bought about 4 million shares of CVX and less than 1 million MMC during the quarter.

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Verizon and Chevron LOL!

 

8.6bb investment in Verizon. $4bb in Chevron.

 

That doesn't seem like as good a use of capital as doing buybacks to me.

 

Exactly my sentiment. If I was told I had to choose between owning BRK or VZ+CVX it is not a hard decision.

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Verizon and Chevron LOL!

 

8.6bb investment in Verizon. $4bb in Chevron.

 

That doesn't seem like as good a use of capital as doing buybacks to me.

 

Exactly my sentiment. If I was told I had to choose between owning BRK or VZ+CVX it is not a hard decision.

 

Question Buffett, easy to do. Proven wrong, many have.

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Verizon and Chevron LOL!

 

8.6bb investment in Verizon. $4bb in Chevron.

 

That doesn't seem like as good a use of capital as doing buybacks to me.

 

Exactly my sentiment. If I was told I had to choose between owning BRK or VZ+CVX it is not a hard decision.

 

+1

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Not getting the hate on VZ. Seems like a good company at a great price given ZIRP. Going through a capex supercycle with 5G, but when built out is done, should begin to pick up market share from cable internet cos. Definitely slipped my radar and will be looking to pick up a tracking position.

 

Feeling meh on CVX though. Previous investments like XOM, PSX, and Flying J I would say were an overall mixed bag (but maybe... this time it's different? Like airlines? :P)

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Verizon and Chevron LOL!

 

8.6bb investment in Verizon. $4bb in Chevron.

 

That doesn't seem like as good a use of capital as doing buybacks to me.

 

Exactly my sentiment. If I was told I had to choose between owning BRK or VZ+CVX it is not a hard decision.

 

Question Buffett, easy to do. Proven wrong, many have.

 

Well, I don’t think these purchases are big mistakes, like I did with his airline purchases and selling of WFC. I just think BRK will return more to me as an investor than VZ or CVX could possibly. That is why I have 80% of my portfolio in BRKB.

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Verizon and Chevron LOL!

 

8.6bb investment in Verizon. $4bb in Chevron.

 

That doesn't seem like as good a use of capital as doing buybacks to me.

 

Exactly my sentiment. If I was told I had to choose between owning BRK or VZ+CVX it is not a hard decision.

 

Question Buffett, easy to do. Proven wrong, many have.

 

👍

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I like these moves. Not sure on Chevron, but oil was cheap in Q4. Things like Verizon, Kroger, BMS all trade around 10x earnings/free cash flow with low-mid digit expected growth. And all three are resilient mofos that shouldn't care too much about the broader economic environment. So it looks like a low-risk way of getting at least a 10 pct. return plus any growth and possible multiple re-rating as a cherry on top. I didn't look closely into Verizon before, but it doesn't look too shabby, and it doesn't seem like one pays too much for the possibility of 4/5G taking some share of home broadband from cable/fiber. I don't live in the states, but I made that shift some time ago as it was both cheaper and faster with mobile broadband, plus I can take it with me to our vacation home, so I don't need two connections.

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Not getting the hate on VZ. Seems like a good company at a great price given ZIRP. Going through a capex supercycle with 5G, but when built out is done, should begin to pick up market share from cable internet cos. Definitely slipped my radar and will be looking to pick up a tracking position.

 

Feeling meh on CVX though. Previous investments like XOM, PSX, and Flying J I would say were an overall mixed bag (but maybe... this time it's different? Like airlines? :P)

 

Flying J has been a great investment. I think Buffett wanted to buy PSX, but got rebuffed, was a good investment. XOM was more of a cash holding idea, according to Munger, and it ended up not working due to the drop in oil.

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Well, I don’t think these purchases are big mistakes, like I did with his airline purchases and selling of WFC. I just think BRK will return more to me as an investor than VZ or CVX could possibly. That is why I have 80% of my portfolio in BRKB.

 

Mike,

 

I like your take on this. To me, it's that plain simple. Based on the VZ and CVX additions, I hope to see some serious & material addition to BRK soon!

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Well, I don’t think these purchases are big mistakes, like I did with his airline purchases and selling of WFC. I just think BRK will return more to me as an investor than VZ or CVX could possibly. That is why I have 80% of my portfolio in BRKB.

 

Mike,

 

I like your take on this. To me, it's that plain simple. Based on the VZ and CVX additions, I hope to see some serious & material addition to BRK soon!

 

Thanks John. I think VZ and CVX will be ok, but I'd be a real happy camper if BRK bought back $15 billion, or more, in the fourth quarter.

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