It appears a lot of folks missed this the first time around.
In addition, a certain reader might see another example of where earnings exceed revenues.
At the link:
Without question, this was the most interesting story this quarter; it has been posted previously but it looks like few are following it: link here.
Buffett also owns an under-the-radar stock portfolio worth $5.9 billion through Berkshire Hathaway. The portfolio is managed by New England Asset Management, which provides investment management services that are tailored to insurance companies.
New England Asset Management was acquired by General Re in 1995. Then, in 1998, Berkshire Hathaway acquired General Re for $22 billion, making New England Asset Management a wholly owned subsidiary of Buffett's conglomerate.
While Buffett has no influence over the $6 billion portfolio managed by New England Asset Management, the portfolio does have some striking similarities to Buffett's $300 billion stock portfolio.
For one, it's extremely concentrated, with its top 10 positions making up 92% of the portfolio. The top 10 holdings of Berkshire Hathaway's main stock portfolio make up 87% of its assets.
The top ten:
- Cisco: $9 million
- JP Morgan: $11 million
- Bank of New York Mellon: $12 million
- Microsoft: $13 million
- Diageo: $39 million
- HP: $410 million
- Chevron: $638 million
- US Bancorp: $668 million
- Bank of America: $687 million
- Apple: $2.84 billion
When one looks at that holding, one understands why Buffett sold what he sold from BRK in most recent quarter. It also shows that Buffett owns even more AAPL than most might think.
Although $3 billion AAPL in this portfolio pales in comparison to Buffets overall $140 billion AAPL.
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