\ Buffett Buffett 13F Cash and cash equivalents $84.8B Fixed maturity securities $24.6B KHC WFC KO IBM AXP PSX USB MCO CHTR DVA SAN.PA GS AAPL GM L LBTYA VRSN USG 1211.HK WMT V BK AAL VZ COST AXTA MTB MA TMK WBC QSR GE DAL UAL FOXA SNY VRSK GHC JNJ PG MDLZ UPS Loans and accounts receivable $40.8B Inventories $15.8B Property, plant and equipment $142.3B Goodwill $79.4B Other $16.4B 2016Q3 WMT -76% YoY PG -99% YoY PSX +31% YoY KHC WFC KO IBM AXP PSX USB DVA WMT MCO CHTR SAN.PA GS AAPL GM VRSN L USG 1211.HK LBTYA VZ BK V COST MTB AXTA MA TMK QSR GE WBC FOXA SNY VRSK GHC JNJ PG MDLZ UPS 2016Q2 WMT -27% YoY KHC WFC KO IBM AXP PSX WMT USB DVA MCO CHTR SAN.PA GS GM VRSN L AAPL 1211.HK USG LBTYA VZ V BK COST AXTA MTB MA WBC TMK GE QSR FOXA SNY VRSK GHC JNJ PG MDLZ UPS 2016Q1 PG -99% YoY PSX +22% YoY Berkshire acquires Precision Castparts Corp. (agreed August 10, 2015) Berkshire acquires Russell Brands Berkshire acquires Duracell from P&G in stock swap (announced November 14, 2014) KHC WFC KO IBM AXP PSX PG USB WMT DVA MCO SAN.PA GS CHTR GM VRSN 1211.HK USG L LBTYA BK V COST VZ MTB AXTA MA TMK WBC GE QSR FOXA SNY VRSK GHC JNJ MDLZ UPS 2015Q4 IBM +5% YoY KHC new to portfolio PSX >+100% YoY KHC WFC KO IBM AXP PSX PG WMT USB DVA MCO SAN.PA GS CHTR GM USG 1211.HK VRSN LBTYA L BK V MTB VZ COST AXTA MA WBC TMK QSR GE FOXA SNY VRSK GHC JNJ MDLZ UPS 2015Q3 AT&T acquires DirectTV KHC WFC KO IBM AXP WMT PG USB DVA MCO GS PSX SAN.PA CHTR GM USG 1211.HK LBTYA BK VRSN VZ MTB V AXTA COST MA WBC L TMK QSR GE FOXA SNY GHC VRSK JNJ MDLZ KFT UPS 2015Q2 KHC WFC KO IBM AXP WMT PG USB DVA MCO GS SAN.PA GM CHTR USG 1211.HK LBTYA VRSN BK VZ MTB COST V PSX WBC L MA TMK QSR GE FOXA SNY GHC VRSK JNJ MDLZ KFT UPS 2015Q1 Kraft, Berkshire and 3G acquire Heinz (announced February 14, 2013) WFC KO AXP IBM WMT PG MUV2.DE USB DVA GS MCO SAN.PA GM USG CHTR 1211.HK LBTYA BK VRSN VZ MTB V COST PSX MA WBC L TMK QSR GE FOXA SNY VRSK GHC JNJ MDLZ KFT UPS 2014Q4 WMT +22% YoY IBM +12% YoY XOM -100% WFC KO IBM AXP WMT PG MUV2.DE USB DVA MCO GS SAN.PA GM USG 1211.HK BK VZ CHTR LBTYA VRSN MTB L COST PSX V WBC MA TMK GE SNY VRSK GHC COP JNJ MDLZ KFT UPS 2014Q3 WFC KO AXP IBM WMT PG MUV2.DE USB DVA MCO GS SAN.PA GM USG 1211.HK BK LBTYA VZ MTB VRSN L PSX COST WBC V CHTR TMK MA GE SNY COP VRSK GHC JNJ MDLZ KFT UPS 2014Q2 WFC KO AXP IBM WMT PG MUV2.DE USB DVA GS SAN.PA MCO GHC USG GM 1211.HK BK COP PSX L MTB VRSN LBTYA VZ COST WBC V TMK MA GE SNY VRSK JNJ MDLZ KFT UPS 2014Q1 Berkshire (Lubrizol) acquires Phillips 66 division in stock swap WFC KO AXP IBM MUV2.DE PG WMT USB SAN.PA DVA GS PSX MCO GM GHC 1211.HK USG BK COP L VRSN MTB COST WBC V MA TMK GE LBTYA SNY VRSK JNJ MDLZ KFT UPS 2013Q4 TSCO.L -27% YoY DVA >+100% YoY XOM new to portfolio WFC +5% YoY USB +29% YoY WFC KO IBM AXP MUV2.DE PG WMT USB SAN.PA DVA MCO PSX GM WPO 1211.HK COP L BK MTB VRSN COST USG WBC TMK V MA SNY VRSK JNJ MDLZ GE KFT UPS 2013Q3 WFC KO IBM AXP MUV2.DE PG WMT USB SAN.PA DVA PSX MCO COP GM 1211.HK WPO L BK MTB VRSN COST USG WBC V TMK MA SNY VRSK JNJ MDLZ GE KFT UPS 2013Q2 WFC KO IBM AXP MUV2.DE PG WMT SAN.PA USB COST PSX MCO COP 1211.HK WPO GM L MTB USG VRSN WBC V TMK MA MDLZ SNY VRSK KFT GE UPS 2013Q1 WFC KO IBM AXP MUV2.DE PG WMT SAN.PA USB DVA PSX MCO COP 1211.HK GM L WPO MTB BK USG COST MDLZ WBC V TMK MA SNY VRSN VRSK KFT JNJ GE UPS 2012Q4 TSCO.L +42% YoY WMT +21% YoY IBM +6% YoY PG -31% YoY JNJ -98% YoY WFC +14% YoY KFT -98% YoY KO WFC IBM AXP PG MUV2.DE WMT SAN.PA USB COP KFT PSX MCO DVA 1211.HK WPO L MTB BK COST USG GM TMK V MA SNY WBC VRSK JNJ GE UPS 2012Q3 Kraft spins off Mondelez KO WFC IBM AXP PG MUV2.DE WMT SAN.PA KFT USB COP MCO 1211.HK DVA PSX JNJ WPO L MTB COST BK USG V TMK GM MA SNY GE VRSK UPS 2012Q2 ConocoPhillips spins off Phillips 66 (announced July 2011) KO WFC IBM AXP PG MUV2.DE KFT WMT SAN.PA COP USB JNJ MCO 1211.HK WPO DVA MTB COST V USG L GM TMK MA SNY GE BK UPS VRSK 2012Q1 KO IBM WFC AXP PG KFT MUV2.DE WMT COP JNJ SAN.PA USB 1211.HK MCO WPO MTB COST V DVA TMK USG MA SNY GE VRSK L UPS BK 2011Q4 TSCO.L +20% YoY IBM new to portfolio JNJ -31% YoY WFC +11% YoY KFT -17% YoY KO IBM WFC AXP PG KFT MUV2.DE JNJ WMT SAN.PA COP USB 1211.HK MCO WPO MTB COST V TMK SNY MA GE USG UPS VRSK BK 2011Q3 KO WFC AXP PG IBM KFT JNJ MUV2.DE COP WMT SAN.PA USB MCO 1211.HK WPO MTB COST USG GE TMK SNY MA UPS VRSK BK 2011Q2 KO WFC AXP PG KFT JNJ MUV2.DE COP WSC WMT SAN.PA USB 1211.HK MCO WPO IBM MTB COST USG TMK GE SNY UPS MA BK 2011Q1 Berkshire acquires Lubrizol KO WFC AXP PG KFT MUV2.DE JNJ WMT WSC COP USB SAN.PA 1211.HK WPO MCO MTB COST USG TMK GE SNY UPS BK 2010Q4 COP -22% YoY PG -12% YoY JNJ +57% YoY MUV2.DE new to portfolio WFC +7% YoY KFT -23% YoY KO WFC AXP PG KFT MUV2.DE JNJ WMT WSC COP SAN.PA USB 1211.HK MCO WPO MTB COST USG TMK SNY GE UPS BK 2010Q3 KO WFC AXP PG KFT MUV2.DE JNJ WMT WSC SAN.PA USB COP 1211.HK WPO MCO MTB COST USG TMK SNY GE UPS 2010Q2 KO WFC AXP PG KFT MUV2.DE WSC WMT USB COP SAN.PA JNJ 1211.HK MCO WPO MTB USG COST TMK SNY GE UPS 2010Q1 Berkshire acquires BNSF KO WFC BNI AXP PG KFT WMT 1211.HK SAN.PA WSC COP JNJ USB MCO WPO MTB COST USG SNY TMK GE UPS 2009Q4 COP -52% YoY WMT +95% YoY 1211.HK new to portfolio PG -9% YoY WFC +10% YoY BNI +9% YoY KO WFC BNI PG AXP KFT COP JNJ 1211.HK SAN.PA WMT WSC USB WPO MCO MTB COST USG SNY GE TMK UPS 2009Q3 KO WFC BNI PG AXP KFT COP JNJ 1211.HK SAN.PA WSC MCO USB WMT WPO MTB COST USG SNY TMK GE UPS WBC 2009Q2 KO BNI PG WFC KFT COP AXP 1211.HK SAN.PA JNJ WSC MCO WMT USB WPO MTB COST USG SNY GE TMK UPS WBC 2009Q1 KO WFC PG BNI COP KFT AXP JNJ USB WSC SAN.PA WMT MCO WPO MTB COST USG TMK GE SNY UPS WBC 2008Q4 COP >+100% YoY InBev acquires BUD SAN.PA +28% YoY PG -9% YoY JNJ -53% YoY BNI +15% YoY BRK acquires The Marmon Group WFC KO PG COP BNI AXP KFT JNJ USB WSC MCO SAN.PA WMT WPO MTB USG COST GE TMK SNY WBC UPS 2008Q3 KO WFC PG BNI AXP COP JNJ KFT WSC USB MCO SAN.PA WMT WPO USG MTB COST GE TMK SNY WBC UPS 2008Q2 KO WFC PG AXP BNI KFT JNJ WSC USB MCO SAN.PA COP WPO WMT USG MTB COST GE TMK SNY WBC UPS 2008Q1 KO WFC AXP PG BNI KFT JNJ WSC USB MCO SAN.PA COP WPO WMT USG MTB COST GE TMK SNY WBC UPS 2007Q4 SAN.PA new to portfolio PG +5% YoY JNJ >+100% YoY WFC +41% YoY USB >+100% YoY KFT new to portfolio BNI >+100% YoY Philip Morris spins of Kraft Foods KKR acquires TXU in the largest leveraged buyout at the time KO WFC AXP PG BNI JNJ KFT MCO WSC USB SAN.PA COP WPO WMT MTB USG COST GE TMK SNY WBC UPS 2007Q3 KO AXP WFC PG BNI JNJ MCO KFT WSC SAN.PA COP WPO USB WMT USG MTB COST GE TMK SNY UPS 2007Q2 KO AXP WFC PG MCO JNJ BNI WSC SAN.PA WPO COP WMT USB USG MTB COST GE TMK UPS SNY 2007Q1 KO AXP WFC PG MCO 601857.SS WSC JNJ COP WPO BNI USG WMT USB MTB GE COST TMK UPS SNY 2006Q4 COP +86% YoY TSCO.L new to portfolio AMP -72% YoY JNJ new to portfolio WFC +19% YoY BRK acquires 80% of Isreal based ISCAR Metalworking for $4B (materials and construction) BRK acquires Business Wire (media) Fruit of the Loom acquires Russell Corporation (clothing) BRK acquires TTI (electronic retail) MidAmerican acquires PacifiCorp (utilities, energy) KO AXP WFC PG 601857.SS MCO WSC JNJ WPO COP WMT MTB USG USB GE COST TMK UPS BNI SNY 2006Q3 KO AXP WFC PG 601857.SS MCO WSC JNJ WPO COP WMT MTB USB USG COST GE TMK UPS SNY 2006Q2 KO AXP WFC PG MCO 601857.SS WSC WPO COP WMT MTB USG COST GE USB TMK JNJ UPS 2006Q1 KO AXP PG WFC MidAmerican MCO WSC 601857.SS WPO WMT MTB COP USG COST TMK 2005Q4 BUD >+100% YoY AMP new to portfolio WFC +50% YoY P&G acquires Gillette BRK acquires Medical Protective for $825M (insurance) BRK acquires Forest River (transportation) KO AXP G WFC MidAmerican MCO WSC 601857.SS WPO WMT MTB USG COST TMK PG 2005Q3 KO AXP G MidAmerican WFC MCO WSC 601857.SS WPO WMT MTB USG COST TMK PG 2005Q2 KO AXP G MidAmerican WFC WSC MCO 601857.SS WPO MTB COST USG TMK PG 2005Q1 AXP KO G MidAmerican WFC WSC MCO WPO 601857.SS MTB USG COST TMK 2004Q4 WTM new to portfolio Russell Corporation acquires Brooks Sports (clothing) KO AXP G MidAmerican WFC WSC MCO WPO 601857.SS MTB COST USG TMK 2004Q3 KO AXP G MidAmerican WFC WSC WPO MCO 601857.SS MTB COST USG TMK 2004Q2 KO AXP MidAmerican G WFC WSC MCO WPO 601857.SS MTB COST USG TMK 2004Q1 KO AXP MidAmerican G WFC WSC MCO WPO 601857.SS MTB COST USG TMK 2003Q4 601857.SS new to portfolio WFC +5% YoY BRK acquires Clayton Homes for $1.7B (manufactured housing, materials and construction) BRK acquires McLane Company from Wal-Mart for $1.45B (logistics) KO AXP MidAmerican G WFC WSC 601857.SS MCO WPO MTB COST USG TMK 2003Q3 KO AXP MidAmerican G WFC WSC 601857.SS WPO MCO MTB COST USG TMK 2003Q2 KO AXP MidAmerican G WFC WSC 601857.SS WPO MCO MTB COST TMK USG 2003Q1 KO AXP MidAmerican G WFC WSC WPO MCO MTB COST TMK USG 2002Q4 Conoco and Phillips petroleum merge 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 AXP MidAmerican G WFC WSC MCO WPO MTB COST TMK USG 2002Q3 KO AXP G MidAmerican WFC WSC MCO WPO MTB COST TMK USG 2002Q2 KO AXP G WFC MidAmerican WSC WPO MCO MTB TMK USG 2002Q1 KO AXP G WFC MidAmerican WSC MCO WPO MTB COST TMK USG 2001Q4 COST -73% YoY BRK acquires Johns-Manville (insulation, roofing materials, materials and construction) BRK acquires XTRA Lease (logistics) KO AXP G WFC MidAmerican WSC WPO MCO MTB COST TMK USG 2001Q3 KO AXP G WFC WSC MidAmerican WPO MCO MTB COST USB TMK USG 2001Q2 KO AXP G WFC WSC MidAmerican WPO COST MCO MTB USB USG TMK 2001Q1 KO AXP G WFC MidAmerican WSC WPO COST MCO USB MTB USG FRE TMK DIS 2000Q4 COST >+100% YoY WFC -6% YoY FRE -96% YoY MidAmerican new to portfolio Philip Morris acquires Nabisco Holdings and merges it with Kraft 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) KO AXP G WFC MidAmerican FRE WSC WPO COST USB MTB TMK DIS 2000Q3 KO AXP G WFC WSC FRE WPO COST USB MTB DIS TMK 2000Q2 KO AXP G FRE WFC WSC WPO USB MTB DIS TMK COST 2000Q1 KO AXP G FRE WFC WSC WPO USB DIS MTB COST TMK 1999Q4 WFC -7% YoY DIS -76% YoY Nabisco and R.J. Reynolds Tobacco demerges Exxon Corporation merges with Mobil Corporation BRK acquires Jordan's Furniture (furniture) KO AXP G FRE WFC WSC WPO DIS USB MTB COST TMK 1999Q3 KO AXP G FRE WFC WSC WPO DIS USB MTB COST TMK 1999Q2 KO AXP G FRE WFC WSC DIS WPO USB MTB COST TMK 1999Q1 KO AXP G FRE WFC WSC DIS WPO USB MTB COST WMT TMK 1998Q4 Travelers Group and Citicorp merges April 7th WFC not disclosed DIS -20% YoY General Re merger BRK acquires Dairy Queen (food, ice cream) BRK acquires NetJets (logistics) KO G AXP FRE WFC DIS WSC WPO 1997Q4 MCD -100% WFC not disclosed DIS -12% YoY Travelers Group acquires Salomon Brothers Guinness and Grand Metropolitan merges to form Diageo KO G AXP WFC FRE DIS WSC WPO TMK 1996Q4 GEICO becomes a subsidiary of Berkshire WFC +7% YoY FRE >+100% YoY MCD new to portfolio Disney acquires CapCities KO G CCB GEC AXP WFC FRE WSC WPO TMK 1995Q4 AXP +78% YoY PNC Bank Corporation -100% GCI -100% BRK acquires Helzberg Diamonds (luxury items) KO G CCB GEC WFC AXP WSC FRE WPO TMK 1994Q4 Viaocm acquires Paramount Communications FRE -6% YoY Guinness PLC -100% AXP new to portfolio KO +7% YoY GCI new to portfolio GD -39% YoY PNC Bank Corporation new to portfolio KO GEC G CCB WFC WSC FRE WPO TMK 1993Q4 Paramount Communications new to portfolio WFC -46% YoY FRE -15% YoY CCB -33% YoY KO GEC CCB G FRE WFC WSC WPO TMK 1992Q4 FRE >+100% YoY WFC +27% YoY Guinness PLC +22% YoY GD new to portfolio G +7% YoY KO GEC G CCB WSC FRE WPO WFC TMK 1991Q4 Guinness PLC new to portfolio G new to portfolio KO CCB GEC WPO WFC WSC FRE TMK 1990Q4 WFC new to portfolio Time & Warner merges BRK acquires H.H. Brown Shoe Group (clothing) KO CCB GEC WPO WSC FRE 1989Q4 KKR acquires RJR Nabisco in the largest leveraged buyout at the time KO +64% YoY WPP Group acquires Ogilvy & Mather BRK acquires Borsheim's Fine Jewelry (luxury items) CCB GEC KO WPO RJR Nabisco Inc. WSC FRE HNH 1988Q4 KO new to portfolio RJR Nabisco Inc. new to portfolio Allegis -100% FRE new to portfolio Kraft sells Duracell to Gillette Philip Morris acquires Kraft CCB GEC WPO WSC HNH FL 1987Q4 Lear Siegler, Inc. -100% WSC new to portfolio HNH -24% YoY Allegis new to portfolio Dairy Queen acquires Orange Julius (food)