Tuesday, March 10, 2015

Warren Buffett Releases Monster 43-Page Half-Century Letter To Berkshire Faithful

Berkshire increased its ownership interest last year in each of its “Big Four” investments – American Express (AXP), Coca-Cola (KO), IBM and Wells Fargo (WFC). We purchased additional shares of IBM (increasing our ownership to 7.8% versus 6.3% at yearend 2013). Meanwhile, stock repurchases at Coca-Cola, American Express and Wells Fargo raised our percentage ownership of each. Our equity in Coca-Cola grew from 9.1% to 9.2%, our interest in American Express increased from 14.2% to 14.8% and our ownership of Wells Fargo grew from 9.2% to 9.4%. And, if you think tenths of a percent aren’t important, ponder this math: For the four companies in aggregate, each increase of one-tenth of a percent in our ownership raises Berkshire’s portion of their annual earnings by $50 million...


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