Berkshire Hathaway Look Through Earnings & Holdings
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Enter your portfolio's native Currency symbol & Berkshire Hathaway holdings in blue cellsSymbolNo. units held(Market Value) Unit priceUnit curr- encyTrade Date/Time (Local Time)Currency :USD exchangeUnit price USDMarket Value Holding USD% of Total curr-entLow End Holding Valu'n USD% of Total Low EndLow End Unit Valu'n USDLow End Unit Valu'n in Unit CurrTypical Unit Valu'n in Unit CurrHigh End Unit Valu'n Unit CurrValueAttribNameValue Attrib DateValue Attrib AmountVal Attrib Curr- encyDivide ByValue Attrib after divideCurrent Inverse MultiplierCurrent MultiplierLow End MultiplierTypical MultiplierHigh End MultiplierHolding NameNo. of Shares OutstandingEPSEPS excl-udes errorEPS excluding error into USDEquity portfolio dividends per share (last FY)EPS less portfolio dividend income per share
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Portfolio Owner's Currency
USD01USD15/02/2016 16:04:00110.000.00%0.000.00%1111None1USD1111111Portfolio Owner's Currency31/12/2017
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Berkshire Hathaway Class A
BRK.A0.734527323700.06USD14/11/2018 16:00:441323700237,766.4344.60%191,867.5644.65%261212.40261212.40348283.20435354.00
Book Value/A-share (usu filed about 5 weeks after end of calendar quarter)
30/06/2018217,677USD1217677.000.67251.48711.21.62Berkshire Hathaway Class A734,52726/07/201837648.8237648.8237,648.822,183.4735,465.35
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Berkshire Hathaway Class B
BRK.B1365.840748216.0300USD14/11/2018 16:04:431216.0300295,062.5855.35%237,849.6955.35%174.14174.14232.19290.24
Book Value/A-share (usu filed about 5 weeks after end of calendar quarter)
30/06/2018217,677USD1,500145.1180.67171.48871.21.62Berkshire Hathaway Class B1,365,840,74826/07/201825.09925.09925.099211.4556523.64357
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Equivalent Holding Class B
BRK.B2467.631248216.0300USD14/11/2018 16:04:431216.0300533,082.38100.00%429,717.25100.00%174.14174.14232.19290.24
Book Value/A-share (usu filed about 5 weeks after end of calendar quarter)
30/06/2018217,677USD1,500145.1180.67171.48871.21.62Equivalent Holding Class B2,467,631,248
Class B equivalent outstanding
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Look Through Holdings below
Total Berkshire Hathaway Valuation:
533,082.38100.00%429,717.25100.00%
Portfolio:
429717.251145912.681432390.85
Latest chge: 2018-08-14 Updated 13-Fs. 2018-08-09 Upd share counts & BV/A-share. Prev removed KHC from L-T EPS - double counting
Link: CNBC BRK Portfolio Tracker1,645,087.50
Class A equivalent outstanding
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Lk-Thru holdings per BRK.B
BH.Portf
2467.63124873.1440USD14/11/2018 16:00:44173180,492.4533.86%120,859.3914.97%48.9848.9874.94124.89
Portfolio Lk-Thru EPS
15/11/20184.1631USD14.1631212080.056917.569511.764705881830Lk-Thru holdings per BRK.B2,467,631,248
Class B equivalent outstanding
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BRK.B operating Co only
BH.Own
2467.631248142.8860USD14/11/2018 16:04:431142.8860352,589.9366.14%686,395.3385.03%278.16278.16425.58709.31
EPS less dividends
15/11/201823.6436USD123.643566340.16556.043311.764705881830BRK.B operating Co only2,467,631,248
Class B equivalent outstanding
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Total Look-Through Class B
BRK.B-LT
2467.631248216.0300USD14/11/2018 16:04:431216.0300533,082.38100.00%807,254.72100.00%174.14327.14500.52834.20
Total Look-Thr EPS
15/11/201827.8067USD127.806687550.12877.769011.764705881830Total Look-Through Class B2,467,631,248
Class B equivalent outstanding
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Click here to access CoBF forum thread Holding LinkSymbolEffec-tive units heldUnit priceUnit curr- encyTrade Date/Time (Local Time)Currency :USD exchangeUnit price USDHolding USD% of Total curr-entLow End Holding Valu'n USD% of Total Low EndLow End Unit Valu'n USDLow End Unit Valu'n in Unit CurrTypical Unit Valu'n in Unit CurrHigh End Unit Valu'n Unit CurrValueAttribNameValue Attrib DateValue Attrib AmountVal Attrib Curr- encyDivide ByValue Attrib after divideCurrent Inverse MultiplierCurrent MultiplierLow End MultiplierTypical MultiplierHigh End MultiplierHolding NameShares held by Berkshire HathawayShares per BRK.B shareEPS incl KHC though consolidated (excluding error)EPS excl. Kraft Heinz as consolidat-edEPS excl error & KHC into USDLook-through Earnings per BRK.B share (in USD) excl KHCCurrent Market value held per BRK.B share in USD excl KHCLook-through Earnings per BRK.B share (in USD) incl KHCCurrent Market value held per BRK.B share in USD incl KHC
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Apple Inc.AAPL254.829124186.8000USD14/11/2018 16:00:011186.800047,602.0824.09%35,586.1422.13%139.65139.65213.66356.10EPS TTM in USD
GoogleFinance
11.87USD111.870.063515.737211.764705881830Apple Inc.254,829,1240.103268721511.8711.8711.871.22579972419.290597171.22579972419.29059717
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Wells Fargo & CoWFC478.53042552.1500USD14/11/2018 16:00:24152.150024,955.3612.63%23,982.8214.91%50.1250.1276.68127.80EPS TTM in USD
GoogleFinance
4.26USD14.260.081712.241811.764705881830Wells Fargo & Co478,530,4250.1939229884.264.264.260.826111929110.113083830.826111929110.11308383
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Bank of America Corporation
BAC70027.2100USD14/11/2018 16:02:09127.210019,047.009.64%17,458.8210.86%24.9424.9438.1663.60EPS TTM in USD
GoogleFinance
2.12USD12.120.077912.834911.764705881830Bank of America Corporation700,000,0000.28367285452.122.122.120.60138645167.7187383710.60138645167.718738371
14
Kraft Heinz CoKHC325.44215252.6400USD14/11/2018 16:00:03152.640017,131.278.67%32,429.3520.16%99.6599.65152.46254.10EPS TTM in USD
GoogleFinance
8.47USD18.470.16096.214911.764705881830Kraft Heinz Co325,442,1520.13188443468.4700001.1170611616.942396639
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Coca-Cola CoKO40049.7600USD14/11/2018 16:00:31149.760019,904.0010.07%3,058.821.90%7.657.6511.7019.50EPS TTM in USD
GoogleFinance
0.65USD10.650.013176.553811.764705881830Coca-Cola Co400,000,0000.1620987740.650.650.650.10536420318.0660349950.10536420318.066034995
16
American Express CoAXP151.6107107.7700USD14/11/2018 16:00:591107.770016,339.098.27%7,473.524.65%49.2949.2975.42125.70EPS TTM in USD
GoogleFinance
4.19USD14.190.038925.720811.764705881830American Express Co151,610,7000.061439771494.194.194.190.25743264256.6213641740.25743264256.621364174
17
U.S. BancorpUSB118.91738554.0000USD14/11/2018 16:01:58154.00006,421.543.25%5,610.103.49%47.1847.1872.18120.30EPS TTM in USD
GoogleFinance
4.01USD14.010.074313.466311.764705881830U.S. Bancorp118,917,3850.048190905794.014.014.010.19324553222.6023089130.19324553222.602308913
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Phillips 66PSX22.18638495.6000USD14/11/2018 16:02:37195.60002,121.021.07%3,476.742.16%156.71156.71239.76399.60EPS TTM in USD
GoogleFinance
13.32USD113.320.13937.177211.764705881830Phillips 6622,186,3840.00899096411513.3213.3213.320.1197596420.85953616940.1197596420.8595361694
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Pre-tax proceeds
PSXsaleproceeds
12.54313117.0000USD31.08/20181117.00001,467.550.74%1,455.000.90%116.00116.00117.00118.00Pre-tax proceeds12,543,1300.00508306498800000.594718603600.5947186036
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Moody's CorporationMCO24.669778146.3600USD14/11/2018 16:03:351146.36003,610.671.83%1,619.501.01%65.6565.65100.44167.40EPS TTM in USD
GoogleFinance
5.58USD15.580.038126.229411.764705881830Moody's Corporation24,669,7780.0099973519225.585.585.580.055785223721.4632124270.055785223721.463212427
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Bank of New York Mellon Corp
BK57.28912748.2300USD14/11/2018 16:02:35148.23002,763.051.40%2,891.421.80%50.4750.4777.22128.70EPS TTM in USD
GoogleFinance
4.29USD14.290.088911.242411.764705881830Bank of New York Mellon Corp57,289,1270.023216243134.294.294.290.099597683011.1197194060.099597683011.119719406
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Delta Air Lines, IncDAL63.6658456.4300USD14/11/2018 16:01:30156.43003,592.661.82%3,715.092.31%58.3558.3589.28148.80EPS TTM in USD
GoogleFinance
4.96USD14.960.087911.377011.764705881830Delta Air Lines, Inc63,665,8400.025800386534.964.964.960.12796991721.4559158120.12796991721.455915812
23
Goldman Sachs Group Inc
GS13.685553202.4900USD14/11/2018 16:01:351202.49002,771.191.40%2,209.011.37%161.41161.41246.96411.60EPS TTM in USD
GoogleFinance
13.72USD113.720.067814.758711.764705881830Goldman Sachs Group Inc13,685,5530.00554602840713.7213.7213.720.076091509751.1230152920.076091509751.123015292
24
Southwest Airls CoLUV56.54739952.4800USD14/11/2018 16:02:59152.48002,967.611.50%4,197.812.61%74.2474.24113.58189.30EPS TTM in USD
GoogleFinance
6.31USD16.310.12028.317011.764705881830Southwest Airls Co56,547,3990.022915660136.316.316.310.14459781541.2026138440.14459781541.202613844
25
Monsanto Co NewMON0125.5600USD
Takeover price/share less estimated 21% tax on estimate $11.72 per share gain (=$2.44 tax per share)
1125.56000.000.00%0.000.00%125.56125.56126.78128.00EPS TTM in USD
GoogleFinance
1.00E-18USD10.000.0000125560000000000000000.000011.764705881830Monsanto Co New001.00E-181.00E-181.00E-180.00E+0000.00E+000
26
General Motors CoGM45.92075835.2300USD14/11/2018 16:01:40135.23001,617.790.82%253.910.16%5.535.538.4614.10EPS TTM in USD
GoogleFinance
0.47USD10.470.013374.957411.764705881830General Motors Co45,920,7580.018609246430.470.470.470.0087463458240.65560375180.0087463458240.6556037518
27
United Continental Holdings Inc
UAL25.09316391.7900USD14/11/2018 16:00:01191.79002,303.301.17%2,373.521.48%94.5994.59144.72241.20EPS TTM in USD
GoogleFinance
8.04USD18.040.087611.416711.764705881830
United Continental Holdings Inc
25,093,1630.01016892748.048.048.040.081758176260.93340584560.081758176260.9334058456
28
USG CorpUSG43.3879842.6800USD14/11/2018 16:04:31142.68001,851.800.94%306.270.19%7.067.0610.8018.00EPS TTM in USD
GoogleFinance
0.6USD10.600.014171.133311.764705881830USG Corp43,387,9800.017582845910.60.60.60.010549707550.75043586350.010549707550.7504358635
29
Charter Communications Inc
CHTR5.803848320.8000USD14/11/2018 16:00:031320.80001,861.870.94%2,507.951.56%432.12432.12661.141101.90EPS TTM in USD
GoogleFinance
36.73USD136.730.11458.734011.764705881830Charter Communications Inc5,803,8480.00235199161336.7336.7336.730.086388651960.75451890950.086388651960.7545189095
30
Sanofi (incl EuroNext equiv shares)
SNY44.13499745.0800USD14/11/2018 16:01:51145.08001,989.611.01%976.160.61%22.1222.1233.8456.40EPS TTM in USD
GoogleFinance
1.88USD11.880.041723.978711.764705881830
Sanofi (incl EuroNext equiv shares)
44,134,9970.017885572261.881.881.880.033624875850.80628159750.033624875850.8062815975
31
BYD Company Limited
SHE:002594
22552.2000CNY15/11/2018 09:56:540.144037.51841,691.630.86%377.440.23%1.6811.6517.8229.70EPS TTM in USD
GoogleFinance
0.99CNY10.990.019052.727311.764705881830BYD Company Limited225,000,0000.091180560380.990.990.14258970.013001408750.6855288250.013001408750.685528825
32
Visa IncV10.56246139.4900USD14/11/2018 16:03:311139.49001,473.360.75%508.240.32%48.1248.1273.62122.70EPS TTM in USD
GoogleFinance
4.09USD14.090.029334.105111.764705881830Visa Inc10,562,4600.0042804045414.094.094.090.017506854570.59707362950.017506854570.5970736295
33
DaVita HealthCare Partners Inc
DVA18.51348264.3500USD14/11/2018 16:02:50164.35001,191.340.60%747.070.46%40.3540.3561.74102.90EPS TTM in USD
GoogleFinance
3.43USD13.430.053318.760911.764705881830
DaVita HealthCare Partners Inc
18,513,4820.0075025318373.433.433.430.02573368420.48278792370.02573368420.4827879237
34
American Airlines Group Inc
AAL23.95838.1100USD14/11/2018 16:00:02138.1100913.040.46%814.570.51%34.0034.0052.0286.70EPS TTM in USD
GoogleFinance
2.89USD12.890.075813.186911.764705881830American Airlines Group Inc23,958,0000.0097089060692.892.892.890.028058738540.37000641030.028058738540.3700064103
35
Liberty Sirius XM Group Series C
LSXMK23.94295840.7100USD14/11/2018 16:00:03140.7100974.720.49%940.820.58%39.2939.2960.12100.20EPS TTM in USD
GoogleFinance
3.34USD13.340.082012.188611.764705881830
Liberty Sirius XM Group Series C
23,942,9580.0097028103453.343.343.340.032407386550.39500140910.032407386550.3950014091
36
VeriSign IncVRSN7.905481151.3100USD14/11/2018 16:00:021151.31001,196.180.61%379.460.24%48.0048.0073.44122.40EPS TTM in USD
GoogleFinance
4.08USD14.080.027037.085811.764705881830VeriSign Inc7,905,4810.0032036719454.084.084.080.013070981540.4847476020.013070981540.484747602
37
Sirius XM Hldgs IncSIRI137.9157296.2500USD14/11/2018 16:00:0116.2500861.970.44%324.510.20%2.352.353.606.00EPS TTM in USD
GoogleFinance
0.2USD10.200.032031.250011.764705881830Sirius XM Hldgs Inc137,915,7290.055889926470.20.20.20.011177985290.34931204040.011177985290.3493120404
38
MasterCard IncMA4.934756197.5800USD14/11/2018 16:02:091197.5800975.010.49%286.800.18%58.1258.1288.92148.20EPS TTM in USD
GoogleFinance
4.94USD14.940.025039.996011.764705881830MasterCard Inc4,934,7560.0019997947444.944.944.940.0098789860360.39511944550.0098789860360.3951194455
39
M&T Bank CorpMTB5.38204165.2900USD14/11/2018 16:02:041165.2900889.600.45%158.300.10%29.4129.4145.0075.00
Wild guess future EPS
Approx2.5USD12.500.015166.116011.764705881830M&T Bank Corp5,382,0400.00218105521411.1311.1311.130.024275144530.36050661630.024275144530.3605066163
40
Teva Pharmaceutical Industries Ltd (ADR)
TEVA43.24929522.6700USD14/11/2018 16:03:20122.6700980.460.50%216.250.13%5.005.0010.0015.00EPS TTM in USD
GoogleFinance
-10.89USD1-10.89-0.4804-2.081711.764705881830
Teva Pharmaceutical Industries Ltd (ADR)
43,249,2950.01752664424-10.89-10.89-10.89-0.19086515580.3973290249-0.19086515580.3973290249
41
Costco Wholesale CorpCOST4.333363233.3100USD14/11/2018 16:00:011233.31001,011.020.51%361.450.22%83.4183.41127.62212.70EPS TTM in USD
GoogleFinance
7.09USD17.090.030432.906911.764705881830Costco Wholesale Corp4,333,3630.0017560820747.097.097.090.012450621910.40971150870.012450621910.4097115087
42
Synchrony Financial SYF20.80326.9200USD14/11/2018 16:02:35126.9200560.020.28%624.090.39%30.0030.0045.9076.50
2018 EPS estimate
GoogleFinance
2.55USD12.550.094710.556911.764705881830Synchrony Financial 20,803,0000.0084303519893.153.153.150.026555608770.22694507550.026555608770.2269450755
43
Axalta Coating Systems Ltd
AXTA21.8825.0100USD14/11/2018 16:01:12125.0100547.220.28%72.080.04%3.293.295.048.40EPS TTM in USD
GoogleFinance
0.28USD10.280.011289.321411.764705881830Axalta Coating Systems Ltd21,880,0000.0088668029380.280.280.280.0024827048230.22175874150.0024827048230.2217587415
44
Torchmark CorpTMK6.35372786.4500USD14/11/2018 16:02:04186.4500549.280.28%997.160.62%156.94156.94240.12400.20EPS TTM in USD
GoogleFinance
13.34USD113.340.15436.480511.764705881830Torchmark Corp6,353,7270.00257482839313.3413.3413.340.034348210760.22259391450.034348210760.2225939145
45
Liberty Global plc Class A
LBTYA19.79124.2700USD14/11/2018 16:00:02124.2700480.330.24%689.520.43%34.8434.8450.9267.00
2019 OCF estimate
Approx5.36USD15.360.22084.52806.59.512.5Liberty Global plc Class A19,791,0000.008020242091-1.76-1.76-1.76-0.014115626080.1946512755-0.014115626080.1946512755
46
Restaurant Brands International Inc
QSR8.43822555.3900USD14/11/2018 16:02:02155.3900467.390.24%344.480.21%40.8240.8262.46104.10EPS TTM in USD
GoogleFinance
3.47USD13.470.062615.962511.764705881830
Restaurant Brands International Inc
8,438,2250.0034195648183.473.473.470.011865889920.18940969530.011865889920.1894096953
47
Store Capital CorpSTOR18.62167429.4300USD14/11/2018 16:02:08129.4300548.040.28%221.270.14%11.8811.8818.1830.30EPS TTM in USD
GoogleFinance
1.01USD11.010.034329.138611.764705881830Store Capital Corp18,621,6740.0075463763131.011.011.010.0076218400760.22208985490.0076218400760.2220898549
48
Liberty Sirius XM Group Series A
LSXMA10.55224340.6300USD14/11/2018 16:00:03140.6300428.740.22%414.640.26%39.2939.2960.12100.20EPS TTM in USD
GoogleFinance
3.34USD13.340.082212.164711.764705881830
Liberty Sirius XM Group Series A
10,552,2430.0042762641333.343.343.340.014282722210.17374461170.014282722210.1737446117
49
Home Capital Group (CANADA)
HCG4017.2900CAD14/11/2018 16:00:000.7550813.0553522.210.26%151.020.09%3.785.0010.0015.00EPS TTM in USD
GoogleFinance
1.59CAD11.590.092010.874211.764705881830Home Capital Group (CANADA)40,000,0000.01620987741.591.591.20057720.019461209220.21162535060.019461209220.2116253506
50
Verisk Analytics IncVRSK2.780136121.0900USD14/11/2018 16:00:031121.0900336.650.17%127.560.08%45.8845.8870.20117.00EPS TTM in USD
GoogleFinance
3.9USD13.900.032231.048711.764705881830Verisk Analytics Inc2,780,1360.0011266415933.93.93.90.0043939022120.13642503050.0043939022120.1364250305
51
Liberty Global plc Class C
LBTYK7.34696823.8000USD14/11/2018 16:00:03123.8000174.860.09%216.090.13%29.4129.4145.0075.00
Wild guess future EPS
Approx2.5USD12.500.10509.520011.764705881830Liberty Global plc Class C7,346,9680.00297733626400000.0708606030800.07086060308
52
Società Cattolica di Assicurazione - Società Cooperativa
BIT:CASS
15.777.0100EUR14/11/2018 17:29:541.1319847.9352125.140.06%52.500.03%3.332.944.507.50EPS TTM in USD
GoogleFinance
0.25EUR10.250.035728.040011.764705881830
Società Cattolica di Assicurazione - Società Cooperativa
15,770,0000.0063907441650.250.250.2829960.0018085550360.05071188320.0018085550360.0507118832
53
Wal-Mart Stores IncWMT1.393513101.5300USD14/11/2018 16:00:201101.5300141.480.07%52.630.03%37.7637.7657.7896.30EPS TTM in USD
GoogleFinance
3.21USD13.210.031631.629311.764705881830Wal-Mart Stores Inc1,393,5130.00056471687223.213.213.210.001812741160.057335704030.001812741160.05733570403
54
Graham Holdings CoGHC0.107575637.4500USD14/11/2018 16:00:231637.450068.570.03%99.200.06%922.12922.121410.842351.40EPS TTM in USD
GoogleFinance
78.38USD178.380.12308.132811.764705881830Graham Holdings Co107,5750.0000435944390378.3878.3878.380.0034169321320.027789275160.0034169321320.02778927516
55
Johnson & JohnsonJNJ0.355482144.2500USD14/11/2018 16:00:251144.250051.280.03%2.470.00%6.946.9410.6217.70EPS TTM in USD
GoogleFinance
0.59USD10.590.0041244.491511.764705881830Johnson & Johnson355,4820.0001440579910.590.590.590.000084994214660.020780365190.000084994214660.02078036519
56
Liberty LiLAC Group A
NASDAQ:LILA
1.62518517.9400USD14/11/2018 16:00:03117.940029.160.01%8.130.01%5.005.0010.0015.00EPS TTM in USD
GoogleFinance
-2.96USD1-2.96-0.1650-6.060811.764705881830Liberty LiLAC Group A1,625,1850.0006586012401-2.96-2.96-2.96-0.0019494596710.01181530625-0.0019494596710.01181530625
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Diageo P L C Spon ADR New
DEO0.22775141.7700USD14/11/2018 16:02:031141.770032.290.02%14.870.01%65.2965.2999.90166.50EPS TTM in USD
GoogleFinance
5.55USD15.550.039125.544111.764705881830Diageo P L C Spon ADR New227,7500.000092294989455.555.555.550.00051223719140.013084660650.00051223719140.01308466065
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Liberty LiLAC Group CLILAK1.2840217.8800USD14/11/2018 16:00:01117.880022.960.01%6.420.00%5.005.0010.0015.00EPS TTM in USD
GoogleFinance
-2.96USD1-2.96-0.1655-6.040511.764705881830Liberty LiLAC Group C1,284,0200.0005203451695-2.96-2.96-2.96-0.0015402217020.009303771631-0.0015402217020.009303771631
59
Proctor and GamblePG0.315493.4900USD14/11/2018 16:00:49193.490029.490.01%14.210.01%45.0645.0668.94114.90EPS TTM in USD
GoogleFinance
3.83USD13.830.041024.409911.764705881830Proctor and Gamble315,4000.00012781488333.833.833.830.00048953100310.011949413440.00048953100310.01194941344
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Mondelez International Inc
MDLZ0.57843.7600USD14/11/2018 16:00:01143.760025.290.01%15.370.01%26.5926.5940.6867.80EPS TTM in USD
GoogleFinance
2.26USD12.260.051619.362811.764705881830Mondelez International Inc578,0000.00023423272842.262.262.260.00052936596630.01025002420.00052936596630.0102500242
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United Parcel Service Inc (UPS)
UPS0.0594109.5000USD14/11/2018 16:01:071109.50006.500.00%4.370.00%73.5373.53112.50187.50EPS TTM in USD
GoogleFinance
6.25USD16.250.057117.520011.764705881830
United Parcel Service Inc (UPS)
59,4000.000024071667946.256.256.250.00015044792460.0026358476390.00015044792460.002635847639
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Verizon Communications Inc
VZ0.00092858.9400USD14/11/2018 16:02:25158.94000.050.00%0.090.00%92.4792.47141.48235.80EPS TTM in USD
GoogleFinance
7.86USD17.860.13347.498711.764705881830Verizon Communications Inc9280.00000037606915577.867.867.860.0000029559035640.000022165516040.0000029559035640.00002216551604
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International Business Machines Corp
IBM0120.2000USD14/11/2018 16:02:571120.20000.000.00%0.000.00%73.2973.29112.14186.90EPS TTM in USD
GoogleFinance
6.23USD16.230.051819.293711.764705881830
International Business Machines Corp
006.236.236.230000
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TOTAL VALUATION:
Look Through Portfolio Valuation:
197,623.72100.00%160,825.00100.00%
Portfolio:
160825.00245435.88407613.114.16312120873.14405.28018236980.0864
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Latest Manual Entry Date:
15/02/2016 16:04:00
at Market Price^
at Low End^
LOWTYPICALHIGH180,492,449,549197,623,724,431
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-1012345678910110510-8,400,624,606
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Colour Scale Example:LOWTYPICALHIGHLOWTYPICALHIGH
Colours chosen dark-bright-dark in adjacent columns to show visible gradations.
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Consider buying
Consider selling to buy attractive opportunity
Consider selling
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The idea of this worksheet is either to analyze the holdings in the Berkshire Hathaway stock portfolio (readily achieve by entering one-millionth of the total shares outstanding in cells C3 and C4). We also use it to calculate the look-through earnings and holdings attributable to us via our personal stake in Berkshire Hathaway by entering our own holdings in cells C3 and C4. As was as our main Portfolio Tracking sheet, showing each of our direct holdings and their market value, we maintain a worksheet called Look-Through Total Portfolio which adds our indirect stakes in Berkshire Hathaway's investees to our directly held stakes, helping us to gauge our overall exposure to companies we hold that are also held by Berkshire. For example, Berkshire Hathaway is likely to be a very large holding of ours most of the time (50-100%). It held a large stake in Apple and in Wells Fargo in 2016-17. The indirect holding might have added 2-5% to our rather large Apple exposure and a further 4-5% to our 4-5% Wells Fargo position. Similarly we held around 1% directly in IBM, and had significant look-through exposure to add (which declined markedly in Q4 2017, acccording to data released the week after we had sold our entire position to buy more BRK.B). Plus it holds Coke (KO), American Express, and many others which we haven't held directly as yet, but might consider holding in future, so we might wish to gauge our effective exposure.
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Notes: (below)
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Please note that the 13-F filing only indicates holdings roughly 45-135 days in the past and only includes stocks purchased on US markets like NYSE and NASDAQ. Foreign market holdings do not require quarterly reporting to SEC so are assumed based on
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information contained in the Annual Report and other Berkshire Hathaway communications. Likewise the dividends already counted in GAAP EPS and deducted to avoid double-counting are usually updated only once the Annual Report is issued (see cell R8 for date).
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Note also that unlike most reporting of Berkshire's 13-F holdings, these figures are COMBINED HOLDINGS including those Berkshire holdings held via New England Asset Management Inc and shown with code 01 02 in column 7 of their 13-F excluding pension holdings where known
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WARNING: take care when using colour codes to make BUY and SELL decisions. It's not necessarily that simple and they may not be up-to-date.
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The Value Attribute and the associated Low End, Typical, and High End multipliers are an approximation only to something indicicative of Intrinsic Value (IV) and various discounts to that estimated IV. EPS figures are typically based on Google Finance automated data, which may not be in
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agreement with official records. Certain Value Attributes must be entered manually, such as Book Value, which is not available on Google Finance, so may be out of date. These atttributes tend to be historical, and the future of the company is what determines its true present value, so if
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the business changes significantly, the value realised may differ from the projections. In Berkshire Hathaway, the buy-back program is authorised to buy and cancel its own shares at price up to 1.2x Book Value (BV) which is considered a significant discount to Intrinsic Value (IV). This tends
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to put a soft floor below which the stock price rarely falls (but it still might, so if you need the money soon, don't rely on it as an absolute bottom). The A-share's Book Value per share is used (entered manually from the 10K or 10Q report) then divided by 1500 to arrive at the Class-B value.
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Typical and high end valuations are very approximate figures, and what's considered High End for BRK might be nearer Typical for some other companies valued on Earnings Per Share. When new figures are published, the valuation figures may take a step-change. Sometimes one may
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anticipate for example, a modest rise or fall in BV (though note that BRK's holdings of shares is marked-to-market, so if there is a bear market, that part of Book Value will usually decline but may be offset by an increase from profits in the trading businesses. Other elements of Book
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Value for wholly-owned subsidiiaires are carried at historic values fixed many years ago, where the economic value is considerably higher nowadays (which is why Book Value significantly understates Intrinsic Value and 1.2 x BV is still below IV.
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For many companies, I prefer to choose a Free Cash Flow yield, which is often similar to the Earnings Yield if they don't inflate their earnings by underplaying maintenance capital expenditure. FCF yield is defined as annual Free Cash Flow per share divided by share price, expressed as a
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percentage. Earnings yield is Earnings Per Share divided by Share Price. I typically look for around 8.5% FCF yield to buy a company likely to grow earnings significantly over the years or perhaps 10% or more for companies with flatter earnings. The lower the price, the higher the yield
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and this can be compared to other annual interest rates to give a feeling for the extra return being offered in exchange for the risks involved in owning shares. In practice, FCF has to be estimated by hand but EPS is available from Google Finance, so I used that. The more common
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counterpart to Earnings Yield is P/E ratio, which is the inverse of Earnings Yield when not expressed as a percentage. For this reason I used P/E multipliers for Low End, Typical and High End. My Low End may be 1/0.085 = 11.76 and I show the inverse of the current P/E which is earnings
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yield expressed as a decimal - so 0.081 would be 8.1% yield - and this is shown in the column Current Inverse Multiplier. Also, bear in mind that a temporarily low earnings figure may be a buying opportunity at an apparently high P/E ratio (apparently low Earning Yield). It's often better to
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get an idea of 'normal' earnings averaged over 5 or 10 years if you believe that the earnings hit is only temporary. Using that figure for E, the E/P yield of P/E ratio may look very favourable, even though the depressed value of E currently shown in Google Finance makes the stock look
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expensive.
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