GURUFOLIO REPORT

BERKSHIRE HATHAWAY

WARREN BUFFETT PORTFOLIO

Portfolio Date: 2011-12-31 Updated on 2012-02-24

Portfolio Overview
Portfolio: Fund Type: Portfolio Date: Number of Stocks: Equity Value: Q/Q Turnover: Berkshire Hathaway Investment Company 2011-12-31 34 $66.15 Billion 6%

Number of New Buys: 2

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Table of Content Table of Content I. Portfolio Overview, Profile II. Performance of Berkshire Hathaway Book Value III. Historical Total Value ($Billion) of Filings IV. Industry/Sector Overview V. Industry/Sector Shift in Past 12 Months VI. Top Holdings (Up to 25) VII. Top Purchases of Warren Buffett VIII. Top Sales of Warren Buffett IX. Consensus Picks of Warren Buffett and Other Gurus X. Overview of Sector/Industry Trend of Warren Buffett's Trades XI. No. 1 Bought Industry - Software & Computer Services XII. No. 2 Bought Industry - Media XIII. No. 3 Bought Industry - Banks XIV. No. 1 Sold Industry - Pharmaceuticals & Biotechnology XV. Undervalued Stocks Based on Discounted Cash Flow Model XVI. Top Yield Stocks XVII. Top Growth Companies XVIII. Stocks with Heavy Insider Buys XIX. Stocks that Warren Buffett Keeps Buying XX. Stocks that Warren Buffett Keeps Selling XXI. International Stocks About GuruFocus Disclaimer 2 3 4 5 6 6 7 8 8 8 9 9 9 10 10 10 11 11 12 13 14 14 15 15

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I. Portfolio Overview, Profile

Portfolio Overview Portfolio: Firm Type: Portfolio Date: Number of Stocks: Equity Value: Number of New Buys: Q/Q Turnover: Profile Warren Buffett is the most respected and successful investor in history. Buffett has been called "The Oracle of Omaha" for his impressive investing prowess. As of September 2007, he was the third richest person in the world. Buffett studied under the legendary Benjamin Graham at Columbia University. Graham had a major impact on Buffett's life and investment strategies. Buffett is Chairman of the miraculous Berkshire Hathaway, which he built from a textile company into a major corporation with a market cap in excess of $200 billion. Under Buffett's leadership, Berkshire shares averaged a 21.4% compounded annual gain in per-share book value from 1965-2006. Investing Philosophy Warren Buffett follows a value investing strategy that is an adaptation of Benjamin Graham's approach. His investment strategy of discipline, patience and value consistently outperforms the market and his moves are followed by thousands of investors worldwide. Buffett seeks to acquire great companies trading at a discount to their intrinsic value, and to hold them for a long time. He will only invest in businesses that he understands, and always insists on a margin of safety. Regarding the types of businesses Berkshire likes to purchase, Buffett stated, "We want businesses to be one (a) that we can understand; (b) with favorable long-term prospects; (c) operated by honest and competent people; and (d) available at a very attractive price." Berkshire Hathaway Investment Company 2011-12-31 34 $66.15 Billion 2 6%

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II. Performance of Berkshire Hathaway Book Value

Year Return (%) S&P 500 (%) Excess Gain (%)

2010 2009 2008 2007 2006 5-Year Cumulative (Average) 2005 2004 2003 2002 2001 10-Year Cumulative (Average) 2000 1999 1998 1997 1996 15-Year Cumulative (Average) 1995 1994 1993 1992 1991 20-Year Cumulative (Average) 1990 1989 1988 1987 1986 25-Year Cumulative (Average) 1985 1984 1983 1982 1981 30-Year Cumulative (Average)
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13 19.8 -9.6 11 18.4 60.8 (10%/year) 6.4 10.5 21 10 -6.2 136.1 (9%/year) 6.5 0.5 48.3 34.1 31.8 562.3 (13.4%/year) 43.1 13.9 14.3 20.3 39.6 1972.2 (16.4%/year) 7.4 44.4 20.1 19.5 26.1 5716 (17.6%/year) 48.2 13.6 32.3 40 31.4 23730.4 (20%/year)

15.1 26.5 -37 5.61 15.79 12.2 (2.3%/year) 4.91 12 28.7 -22.1 -11.9 16.4 (1.5%/year) -9.1 21 28.6 33.4 23 170.2 (6.9%/year) 37.6 1.3 10.1 7.6 30.5 482.2 (9.2%/year) -3.1 31.7 16.6 5.1 18.6 979.9 (10%/year) 31.6 6.1 22.4 21.4 -5 2028.6 (10.7%/year)

-2.1 -6.7 27.4 5.4 2.6 48.6 (7.7%/year) 1.5 -1.5 -7.7 32.1 5.7 119.7 (7.5%/year) 15.6 -20.5 19.7 0.7 8.8 392.1 (6.5%/year) 5.5 12.6 4.2 12.7 9.1 1490 (7.2%/year) 10.5 12.7 3.5 14.4 7.5 4736.1 (7.6%/year) 16.6 7.5 9.9 18.6 36.4 21701.8 (9.3%/year)
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1980

19.3

32.3

-13.0

III. Historical Total Value ($Billion) of Filings

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IV. Industry/Sector Overview

V. Industry/Sector Shift in Past 12 Months

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VI. Top Holdings (Up to 25)

These are the top holdings of Warren Buffett as of 2011-12-31 in the order of significance.
Ticker Company Coca Cola Co Intl Bus Mach Wells Fargo-New Amer Express Co Procter & Gambl Kraft Foods Inc Wal-Mart Stores Conocophillips Johnson & Johns Us Bancorp Moodys Corp Directv Washington Post M&T Bank Corp Costco Whole Cp Visa Inc-A Cvs Caremark Cp Intel Corp Genl Dynamics Davita Inc Dollar General Torchmark Corp Usg Corp Mastercard Inc Sanofi-Aventis Shares (1000) Value ($Mil) Weighting Share # Change from Last Period Current Price ($) Price Change Since Quarter End (%) (%)

KO IBM WFC AXP PG KFT WMT COP JNJ USB MCO DTV WPO MTB COST V CVS INTC GD DVA DG TMK USG MA SNY

200,000 63,906 383,704 151,611 76,766 87,035 39,037 29,101 29,018 69,039 28,415 20,348 1,728 5,382 4,333 2,865 7,107 11,495 3,877 2,685 4,497 4,236 17,072 405 4,064

13,994 21.2% 11,751 17.8% 10,575 16% +11.43% +6.18%

69.18 197.61 30.65 52.67 66.42 -3.02% 37.98 58.54 74.81 -22.51% 65.1 28.99 39.15 +378.85% 45.63 388.81 82.11 84.77 +25.02% +25.53% +23.17% +26.52% New Buy 116.48 44.04 26.66 70.6 85.97 42.14 48.78 13.74 406.1 37.75

-1.1% 7.5% 11.2% 11.7% -0.4% 1.7% -2.0% 2.7% -0.7% 7.2% 16.2% 6.7% 3.2% 7.6% 1.7% 14.7% 8.0% 9.9% 6.3% 13.4% 2.4% 12.4% 35.2% 8.9% 3.3%

7,151 10.8% 5,121 3,252 2,333 2,121 1,903 1,868 957 870 7.7% 4.9% 3.5% 3.2% 2.9% 2.8% 1.4% 1.3%

651 0.98% 411 0.62% 361 0.55% 291 0.44% 290 0.44% 279 0.42% 257 0.39% 204 0.31% 185 0.28% 184 0.28% 173 0.26% 151 0.23% 148 0.22%

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VII. Top Purchases of Warren Buffett

These are the top purchases of Warren Buffett as of 2011-12-31 in the order of significance.
Ticker Company International Business Machines Corp The Directv Group Inc. Wells Fargo & Company Davita Inc. Liberty Media Corp. Liberty Cap Visa Inc Cvs Caremark Corp. General Dynamics Corp. Verisk Analytics Inc. Intel Corp. Current Shares (1000) ($Mil) Value Portfolio (%) Impact to Share # Change from Last Period Add 11.43% Add 378.85% Add 6.18% New holding New holding Add 25.02% Add 25.53% Add 26.52% Add 63.96% Add 23.17% Average Cost Price ($) Current Change(%) Price

IBM DTV WFC DVA LMCA V CVS GD VRSK INTC

63,906 12,628 20,348 928

1.83% 1.03% 0.93% 0.31% 0.2% 0.09% 0.09% 0.08% 0.08% 0.08%

$184.45 $197.61 $45.35 $25.68 $71.05 $46.2 $45.63 $30.65 $85.97 $87.74

7.1% 0.6% 19.4% 21.0% 89.9% 24.2% 18.4% 11.1% 13.6% 11.7%

383,704 11,761 2,685 1,701 2,865 7,107 3,877 3,445 11,495 231 149 334 313 274 144 306

$93.81 $116.48 $37.2 $63.53 $36.75 $23.87 $44.04 $70.6 $41.75 $26.66

VIII. Top Sales of Warren Buffett

These are the top sales of Warren Buffett as of 2011-12-31 in the order of significance.
Ticker Company Johnson & Johnson Exxon Mobil Corp. Current Shares (1000) Value ($Mil) Impact to Portfolio (%) Share # Change from Last Period Reduce -22.51% Sold Out Average Cost Current Price ($) Change(%) Price

JNJ XOM

29,018 0

1,889 0

-0.91% -0.05%

$63.97 $78.88

$65.1 $87.02

1.8% 10.3%

IX. Consensus Picks of Warren Buffett and Other Gurus

These are the stocks that Warren Buffett bought. They are also bought by other Gurus tracked by GuruFocus.
Ticker Company Liberty Media Corp. Liberty Cap Current Shares (1000) Value ($Mil) Impact to Portfolio (%) Share # Change from Last Period New holding Average Cost Current Price ($) Price Change(%)

LMCA

1,701

149

0.2%

$46.2

$87.74

89.9%

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X. Overview of Sector/Industry Trend of Warren Buffett's Trades

This is the overview of the industries that Warren Buffett was buying into and selling out in the quarter ended on 2011-12-31.
Industry Impact to Portfolio due to Sales (%) Impact to Portfolio due to Buys (%)

Software & Computer Services Media Banks Health Care Equipment & Services Financial Services Retail Insurance Industrial Goods & Services Technology Hardware & Equipment Personal & Household Goods Construction & Materials Oil & Gas Producers Food & Beverage Pharmaceuticals & Biotechnology
0.91%

0% 0% 0% 0% 0% 0% 0% 0% 0% 0.31% 0.09% 0.09% 0.08% 0.08% 0.08% 1.23% 0.93%

1.83%

0% 0% 0% 0% 0.05% 0.15% 0% 0% 0%

XI. No. 1 Bought Industry - Software & Computer Services

Software & Computer Services is the No. 1 indutrsty that Warren Buffett purchased in the quarter ended on 2011-12-31. These are the companies.
Ticker Company International Business Machines Corp Current Shares (1000) Value ($Mil) Impact to Portfolio (%) Share # Change from Last Period Add 11.43% Average Cost Current Price ($) Price Change(%)

IBM

63,906 12,628

1.83%

$184.45 $197.61

7.1%

XII. No. 2 Bought Industry - Media

Media is the No. 1 indutrsty that Warren Buffett purchased in the quarter ended on 2011-12-31. These are the companies.
Ticker Company The Directv Group Inc. Liberty Media Corp. Liberty Cap Current Shares (1000) ($Mil) Value Impact to Portfolio (%) Share # Change from Last Period Add 378.85% New holding Average Cost Current Price ($) Change(%) Price

DTV LMCA

20,348 1,701

928 149

1.03% 0.2%

$45.35 $46.2

$45.63 $87.74

0.6% 89.9%

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XIII. No. 3 Bought Industry - Banks

Banks is the No. 1 indutrsty that Warren Buffett purchased in the quarter ended on 2011-12-31. These are the companies.
Ticker Company Wells Fargo & Company Current Shares (1000) Value ($Mil) Impact to Portfolio (%) Share # Change from Last Period Add 6.18% Average Cost Current Price ($) Price Change(%)

WFC

383,704 11,761

0.93%

$25.68

$30.65

19.4%

XIV. No. 1 Sold Industry - Pharmaceuticals & Biotechnology

Pharmaceuticals & Biotechnology is the No. 1 indutrsty that Warren Buffett sold in the quarter ended on 2011-12-31. These are the companies.
Ticker Company Johnson & Johnson Current Shares (1000) Value ($Mil) Impact to Portfolio (%) Share # Change from Last Period Reduce -22.51% Average Cost Current Price ($) Price Change(%)

JNJ

29,018

1,889

-0.91%

$63.97

$65.1

1.8%

XV. Undervalued Stocks Based on Discounted Cash Flow Model

These are the stocks that appear to be undervalued based on the calculation with Discounted Cash Flow model. The calculation is based on the past business performance of the company. The discount rate is 12%. The terminal growth rate is 4%. The growth rate of the next ten years is assumed to be equal to that of the previous 10 years.
Ticker Company Torchmark Corp Washington Post Genl Dynamics Costco Whole Cp Wal-Mart Stores Johnson & Johns Price ($) Margin of Safety (%) Shares (1000) Value ($Mil) Weighting (%) Share # Change

TMK WPO GD COST WMT JNJ

48.78 388.81 70.6 84.77 58.54 65.1

58% 47% 43% 29% 28% 24%

4,235.8 1,727.8 3,877.1 4,333.4 39,037.1 29,018.1

183.8 651.0 257.5 361.1 2,332.9 1,903.0

0.28% 0.98% 0.39% 0.55% 3.5% 2.9% -22.51% +26.52%

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XVI. Top Yield Stocks

These are the stocks with the highest dividend yield in the portfolio of Warren Buffett.
Ticker Company Glaxosmithkline Sanofi-Aventis Conocophillips Genl Electric Johnson & Johns M&T Bank Corp Procter & Gambl Intel Corp Kraft Foods Inc Utd Parcel Srvc Coca Cola Co Genl Dynamics Washington Post Bank Of Ny Mell Wal-Mart Stores Gannett Inc Yield (%) Price ($) Shares (1000) Value ($Mil) Weighting as of 2011-12-31 (%) Share # Change from Last Period

GSK SNY COP GE JNJ MTB PG INTC KFT UPS KO GD WPO BK WMT GCI

5% 3.7% 3.6% 3.5% 3.5% 3.4% 3.2% 3.1% 3.1% 2.7% 2.7% 2.7% 2.5% 2.4% 2.3% 2.1%

44.69 37.75 74.81 19.31 65.1 82.11 66.42 26.66 37.98 76.64 69.18 70.6 388.81 22.03 58.54 15.42

1,511 4,064 29,101 7,778 29,018 5,382 76,766 11,495 87,035 1,429 200,000 3,877 1,728 1,794 39,037 1,740

68.9 148.5 2,120.6 139.3 1,903.0 410.9 5,121.1 278.8 3,251.6 104.6 13,994.0 257.5 651.0 35.7 2,332.9 23.3

0.1% 0.22% 3.2% 0.21% 2.9% 0.62% 7.7% 0.42% 4.9% 0.16% 21.2% 0.39% 0.98% 0.05% 3.5% 0.04% +26.52% +23.17% -3.02% -22.51%

XVII. Top Growth Companies

These are the stocks with the highest growth rate in the past 5 years among the holdings of Warren Buffett.
Ticker Company Intl Bus Mach Davita Inc Genl Dynamics Wal-Mart Stores Cvs Caremark Cp Johnson & Johns Utd Parcel Srvc Procter & Gambl Costco Whole Cp Coca Cola Co 10-Year EBITDA Growth Rate (%) Price ($) Shares (1000) Value ($Mil) Weighting as of 2011-1231 (%) Share # Change from Last Period

IBM DVA GD WMT CVS JNJ UPS PG COST KO

25.2% 18.4% 13.9% 11.1% 10.9% 9.3% 9.2% 8.9% 8.7% 8.4%

197.61 85.97 70.6 58.54 44.04 65.1 76.64 66.42 84.77

63,905.9 11,751.0 2,684.5 3,877.1 203.5 257.5

17.8% 0.31% 0.39% 3.5% 0.44% 2.9% 0.16% 7.7% 0.55% 21.2%

+11.43% New Buy +26.52%

39,037.1 2,332.9 7,106.5 289.8

+25.53% -22.51%

29,018.1 1,903.0 1,429.2 104.6

76,766.0 5,121.1 4,333.4 361.1

69.18 200,000.0 13,994.0

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XVIII. Stocks with Heavy Insider Buys

These are the stocks that have the largest unique insider buys over the past 3 months.
Ticker Company Gannett Inc Usg Corp Procter & Gambl Kraft Foods Inc Bank Of Ny Mell Genl Electric Amer Express Co Washington Post Wells Fargo-New Cvs Caremark Cp # of Insider buys (3 months) Shares (1000) Value ($Mil) Weighting as of 2011-12-31 (%) Share # Change

GCI USG PG KFT BK GE AXP WPO WFC CVS

2 1 1 1 1 1 1 1 1 1

1,740.2 17,072.2 76,766.0 87,034.7 1,793.9 7,777.9 151,610.7 1,727.8 383,703.6 7,106.5

23.3 173.5 5,121.1 3,251.6 35.7 139.3 7,151.5 651.0 10,574.9 289.8

0.04% 0.26% 7.7% 4.9% 0.05% 0.21% 10.8% 0.98% 16% 0.44% +6.18% +25.53% -3.02%

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XIX. Stocks that Warren Buffett Keeps Buying

These are the stocks that Warren Buffett keeps adding to the existing positions in the past quarters.
Ticker Shares (1000) Value ($Mil) Weighting as of 201112-31 (%) History

IBM

63,905.9 11,751.0

17.8%

WFC 383,703.6 10,574.9

16%

WFC 383,703.6 10,574.9

16%

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XX. Stocks that Warren Buffett Keeps Selling

These are the stocks that Warren Buffett keeps reducing in the past quarters.
Ticker Shares (1000) Value ($Mil) Weighting as of 2011-12-31 (%) History

KFT 87,034.7 3,251.6

4.9%

JNJ 29,018.1 1,903.0

2.9%

KFT 87,034.7 3,251.6

4.9%

XXI. International Stocks

These are the international stocks in the portfolio of Warren Buffett.
Ticker Company Sanofi-Aventis Ingersoll Rand Country/Region Shares (1000) Value ($Mil) Weighting as of 2011-12-31 (%) Share # Change from Last Period

SNY IR

FRANCE IRELAND

4,063.7 636.6

148.5 19.4

0.22% 0.03%

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About GuruFocus
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