Editable Copy of Berkshire Hathaway Look Through Earnings & Holdings
 Share
The version of the browser you are using is no longer supported. Please upgrade to a supported browser.Dismiss

View only
 
 
ABCDEFGHIJKLMNOPQRSTUVWXYZAAABACADAEAFAGAHAIAJAKALAMANAOAP
1
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
2
Portfolio Owner's Currency
USD01USD15/02/2016 16:04:00110.00#N/A0.00#N/A1111None1USD1111111Portfolio Owner's Currency
3
Berkshire Hathaway Class A
BRK.A0.753528306355.00USD17/05/2019 16:02:34#N/A#N/A#N/A#N/A#N/A#N/A#N/A224912.42299883.23374854.04
Book Value/A-share (usu filed about 5 weeks after end of calendar quarter)
30/09/2017187,427USD1187427.020.61181.63451.21.62Berkshire Hathaway Class A753,52826/10/201716164.1116164.11#N/A2,159.55#N/A
4
Berkshire Hathaway Class B
BRK.B1336.892283203.2700USD17/05/2019 16:07:38#N/A#N/A#N/A#N/A#N/A#N/A#N/A149.94199.92249.90
Book Value/A-share (usu filed about 5 weeks after end of calendar quarter)
30/09/2017187,427USD1,500124.95134720.61471.62681.21.62Berkshire Hathaway Class B1,336,892,28326/10/201710.77610.776#N/A1.43970#N/A
5
Equivalent Holding Class B
BRK.B2467.184283203.2700USD17/05/2019 16:07:38#N/A#N/A#N/A#N/A#N/A#N/A#N/A149.94199.92249.90
Book Value/A-share (usu filed about 5 weeks after end of calendar quarter)
30/09/2017187,427USD1,500124.95134720.61471.62681.21.62Equivalent Holding Class B2,467,184,283
Class B equivalent outstanding
6
Look Through Holdings below
Total Berkshire Hathaway Valuation:
#N/A#N/A#N/A#N/A
Portfolio:
#N/A#N/A#N/ALatest chge: 2018-02-14 Latest 13-F. N.B rocketfinancial used 13-G for higher USB stake but also to 2017-12-31Link: CNBC BRK Portfolio Tracker1,644,789.52
Class A equivalent outstanding
7
Lk-Thru holdings per BRK.B
BH.Portf
2467.184283#N/AUSD17/05/2019 16:02:34#N/A#N/A#N/A#N/A#N/A#N/A#N/A#N/A#N/A#N/A17/05/2019#N/AUSD1#N/A#N/A#N/A11.764705881830Lk-Thru holdings per BRK.B2,467,184,283
Class B equivalent outstanding
8
BRK.B operating Co only
BH.Own
2467.184283#N/AUSD17/05/2019 16:07:38#N/A#N/A#N/A#N/A#N/A#N/A#N/A#N/A#N/A#N/A
EPS less dividends
31/12/2016#N/AUSD1#N/A#N/A#N/A11.764705881830BRK.B operating Co only2,467,184,283
Class B equivalent outstanding
9
Total Look-Through Class B
BRK.B-LT
2467.184283203.2700USD17/05/2019 16:07:38#N/A#N/A#N/A#N/A#N/A#N/A#N/A#N/A#N/A#N/A
Total Look-Thr EPS
31/12/2016#N/AUSD1#N/A#N/A#N/A11.764705881830Total Look-Through Class B2,467,184,283
Class B equivalent outstanding
10
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 shareEPSEPS excl-udes errorEPS excluding error into USDLook-through Earnings per BRK.B share (in USD)Current Market value held per BRK.B share USD
11
Apple Inc.AAPL166.713209189.0000USD17/05/2019 16:00:01#N/A#N/A#N/A#N/A#N/A#N/A#N/A139.88214.02356.70EPS TTM in USD
GoogleFinance
11.89USD111.890.062915.895711.764705881830Apple Inc.166,713,2090.0675722564211.8911.89#N/A#N/A#N/A
12
Wells Fargo & CoWFC482.54446845.7000USD17/05/2019 16:00:37#N/A#N/A#N/A#N/A#N/A#N/A#N/A53.2981.54135.90EPS TTM in USD
GoogleFinance
4.53USD14.530.099110.088311.764705881830Wells Fargo & Co482,544,4680.19558509324.534.53#N/A#N/A#N/A
13
Kraft Heinz CoKHC325.44215232.5300USD17/05/2019 16:00:01#N/A#N/A#N/A#N/A#N/A#N/A#N/A-97.88-149.76-249.60EPS TTM in USD
GoogleFinance
-8.32USD1-8.32-0.2558-3.909911.764705881830Kraft Heinz Co325,442,1520.1319083273-8.32-8.32#N/A#N/A#N/A
14
Bank of America Corporation
BAC70028.4000USD17/05/2019 16:02:07#N/A#N/A#N/A#N/A#N/A#N/A#N/A31.6548.4280.70EPS TTM in USD
GoogleFinance
2.69USD12.690.094710.557611.764705881830Bank of America Corporation700,000,0000.28372424582.692.69#N/A#N/A#N/A
15
Coca-Cola CoKO40049.2000USD17/05/2019 16:00:32#N/A#N/A#N/A#N/A#N/A#N/A#N/A18.4728.2647.10EPS TTM in USD
GoogleFinance
1.57USD11.570.031931.337611.764705881830Coca-Cola Co400,000,0000.16212814051.571.57#N/A#N/A#N/A
16
American Express CoAXP151.6107119.0700USD17/05/2019 16:01:19#N/A#N/A#N/A#N/A#N/A#N/A#N/A92.35141.30235.50EPS TTM in USD
GoogleFinance
7.85USD17.850.065915.168211.764705881830American Express Co151,610,7000.061450902177.857.85#N/A#N/A#N/A
17
Phillips 66PSX39.58789284.8100USD17/05/2019 16:02:07#N/A#N/A#N/A#N/A#N/A#N/A#N/A132.59202.86338.10EPS TTM in USD
GoogleFinance
11.27USD111.270.13297.525311.764705881830Phillips 6639,587,8920.0160457782911.2711.27#N/A#N/A#N/A
18
U.S. BancorpUSB103.85504551.5600USD17/05/2019 16:00:50#N/A#N/A#N/A#N/A#N/A#N/A#N/A49.1875.24125.40EPS TTM in USD
GoogleFinance
4.18USD14.180.081112.334911.764705881830U.S. Bancorp103,855,0450.042094563314.184.18#N/A#N/A#N/A
19
Moody's CorporationMCO24.669778185.9300USD17/05/2019 16:03:57#N/A#N/A#N/A#N/A#N/A#N/A#N/A79.41121.50202.50EPS TTM in USD
GoogleFinance
6.75USD16.750.036327.545211.764705881830Moody's Corporation24,669,7780.0099991630826.756.75#N/A#N/A#N/A
20
Charter Communications Inc
CHTR6.789054386.4100USD17/05/2019 16:00:01#N/A#N/A#N/A#N/A#N/A#N/A#N/A66.59101.88169.80EPS TTM in USD
GoogleFinance
5.66USD15.660.014668.270311.764705881830Charter Communications Inc6,789,0540.0027517417515.665.66#N/A#N/A#N/A
21
Goldman Sachs Group Inc
GS11.390582197.4300USD17/05/2019 16:00:40#N/A#N/A#N/A#N/A#N/A#N/A#N/A282.71432.54720.90EPS TTM in USD
GoogleFinance
24.03USD124.030.12178.216011.764705881830Goldman Sachs Group Inc11,390,5820.00461683469624.0324.03#N/A#N/A#N/A
22
DaVita HealthCare Partners Inc
DVA38.5655749.2300USD17/05/2019 16:01:57#N/A#N/A#N/A#N/A#N/A#N/A#N/A8.3512.7821.30EPS TTM in USD
GoogleFinance
0.71USD10.710.014469.338011.764705881830
DaVita HealthCare Partners Inc
38,565,5700.015631410380.710.71#N/A#N/A#N/A
23
Delta Air Lines, IncDAL53.11039554.8900USD17/05/2019 16:01:37#N/A#N/A#N/A#N/A#N/A#N/A#N/A70.47107.82179.70EPS TTM in USD
GoogleFinance
5.99USD15.990.10919.163611.764705881830Delta Air Lines, Inc53,110,3950.021526723955.995.99#N/A#N/A#N/A
24
Southwest Airls CoLUV47.65945652.2400USD17/05/2019 16:01:51#N/A#N/A#N/A#N/A#N/A#N/A#N/A49.6575.96126.60EPS TTM in USD
GoogleFinance
4.22USD14.220.080812.379111.764705881830Southwest Airls Co47,659,4560.019317347444.224.22#N/A#N/A#N/A
25
American Airlines Group Inc
AAL4631.7400USD17/05/2019 16:00:01#N/A#N/A#N/A#N/A#N/A#N/A#N/A35.8854.9091.50EPS TTM in USD
GoogleFinance
3.05USD13.050.096110.406611.764705881830American Airlines Group Inc46,000,0000.018644736153.053.05#N/A#N/A#N/A
26
BYD Company Limited
SHE:002594
22550.2200CNY17/05/2019 16:29:030.144537917.25871,633.21#N/A482.08#N/A2.1414.8222.6837.80EPS TTM in USD
GoogleFinance
1.26CNY11.260.025139.857111.764705881830BYD Company Limited225,000,0000.091197079011.261.260.18211776660.016608608350.6619716757
27
General Motors CoGM44.52714737.0000USD17/05/2019 16:00:42#N/A#N/A#N/A#N/A#N/A#N/A#N/A74.00113.22188.70EPS TTM in USD
GoogleFinance
6.29USD16.290.17005.882411.764705881830General Motors Co44,527,1470.018047758866.296.29#N/A#N/A#N/A
28
United Continental Holdings Inc
UAL28.21156381.5000USD17/05/2019 16:00:01#N/A#N/A#N/A#N/A#N/A#N/A#N/A97.88149.76249.60EPS TTM in USD
GoogleFinance
8.32USD18.320.10219.795711.764705881830
United Continental Holdings Inc
28,211,5630.011434720628.328.32#N/A#N/A#N/A
29
Sanofi (incl EuroNext equiv shares)
SNY44.31250941.9000USD17/05/2019 16:00:01#N/A#N/A#N/A#N/A#N/A#N/A#N/A23.1835.4659.10EPS TTM in USD
GoogleFinance
1.97USD11.970.047021.269011.764705881830
Sanofi (incl EuroNext equiv shares)
44,312,5090.017960761711.971.97#N/A#N/A#N/A
30
VeriSign IncVRSN12.952745195.3000USD17/05/2019 16:00:01#N/A#N/A#N/A#N/A#N/A#N/A#N/A59.0690.36150.60EPS TTM in USD
GoogleFinance
5.02USD15.020.025738.904411.764705881830VeriSign Inc12,952,7450.0052500111525.025.02#N/A#N/A#N/A
31
USG CorpUSG43.3879814.0000GBX17/05/2019 16:30:00#N/A#N/A#N/A#N/A#N/A#N/A#N/A-0.35-0.54-0.90EPS TTM in USD
GoogleFinance
-0.03GBX1-0.03-0.0021-466.666711.764705881830USG Corp43,387,9800.01758603129-0.03-0.03#N/A#N/A#N/A
32
Monsanto Co NewMON11.7087470.0600CAD17/05/2019 16:00:000.742420.04450.52#N/A-3.07#N/A-0.26-0.35-0.54-0.90EPS TTM in USD
GoogleFinance
-0.03CAD1-0.03-0.5000-2.000011.764705881830Monsanto Co New11,708,7470.004745793446-0.03-0.03-0.0222726-0.00010570115910.0002114023182
33
Liberty Sirius XM Group Series C
LSXMK31.09098538.3600USD17/05/2019 16:00:01#N/A#N/A#N/A#N/A#N/A#N/A#N/A39.2960.12100.20EPS TTM in USD
GoogleFinance
3.34USD13.340.087111.485011.764705881830
Liberty Sirius XM Group Series C
31,090,9850.012601808963.343.34#N/A#N/A#N/A
34
Visa IncV10.56246164.0900USD17/05/2019 16:00:10#N/A#N/A#N/A#N/A#N/A#N/A#N/A54.4783.34138.90EPS TTM in USD
GoogleFinance
4.63USD14.630.028235.440611.764705881830Visa Inc10,562,4600.0042811799964.634.63#N/A#N/A#N/A
35
M&T Bank CorpMTB5.38204163.7800USD17/05/2019 16:02:40#N/A#N/A#N/A#N/A#N/A#N/A#N/A164.00250.92418.20EPS TTM in USD
GoogleFinance
13.94USD113.940.085111.748911.764705881830M&T Bank Corp5,382,0400.00218145034313.9413.94#N/A#N/A#N/A
36
Bank of New York Mellon Corp
BK53.30753446.0800USD17/05/2019 16:00:36#N/A#N/A#N/A#N/A#N/A#N/A#N/A45.5369.66116.10EPS TTM in USD
GoogleFinance
3.87USD13.870.084011.907011.764705881830Bank of New York Mellon Corp53,307,5340.02160662843.873.87#N/A#N/A#N/A
37
MasterCard IncMA4.934756252.5500USD17/05/2019 16:01:12#N/A#N/A#N/A#N/A#N/A#N/A#N/A70.47107.82179.70EPS TTM in USD
GoogleFinance
5.99USD15.990.023742.161911.764705881830MasterCard Inc4,934,7560.0020001570355.995.99#N/A#N/A#N/A
38
Sirius XM Hldgs IncSIRI137.9157295.6600USD17/05/2019 16:00:01#N/A#N/A#N/A#N/A#N/A#N/A#N/A2.714.146.90EPS TTM in USD
GoogleFinance
0.23USD10.230.040624.608711.764705881830Sirius XM Hldgs Inc137,915,7290.055900051710.230.23#N/A#N/A#N/A
39
Costco Wholesale CorpCOST4.333363248.3500USD17/05/2019 16:00:01#N/A#N/A#N/A#N/A#N/A#N/A#N/A91.76140.40234.00EPS TTM in USD
GoogleFinance
7.8USD17.800.031431.839711.764705881830Costco Wholesale Corp4,333,3630.0017564002137.87.8#N/A#N/A#N/A
40
Synchrony Financial SYF20.80334.9100USD17/05/2019 16:02:25#N/A#N/A#N/A#N/A#N/A#N/A#N/A52.5980.46134.10EPS TTM in USD
GoogleFinance
4.47USD14.470.12807.809811.764705881830Synchrony Financial 20,803,0000.0084318792664.474.47#N/A#N/A#N/A
41
Axalta Coating Systems Ltd
AXTA23.32425.6700USD17/05/2019 16:01:26#N/A#N/A#N/A#N/A#N/A#N/A#N/A8.8213.5022.50EPS TTM in USD
GoogleFinance
0.75USD10.750.029234.226711.764705881830Axalta Coating Systems Ltd23,324,0000.0094536918710.750.75#N/A#N/A#N/A
42
Liberty Global plc Class A
LBTYA20.18089725.2300USD17/05/2019 16:00:01#N/A#N/A#N/A#N/A#N/A#N/A#N/A28.1243.0271.70EPS TTM in USD
GoogleFinance
2.39USD12.390.094710.556511.764705881830Liberty Global plc Class A20,180,8970.0081797282592.392.39#N/A#N/A#N/A
43
Liberty Sirius XM Group Series A
LSXMA14.8603638.1400USD17/05/2019 16:00:01#N/A#N/A#N/A#N/A#N/A#N/A#N/A39.2960.12100.20EPS TTM in USD
GoogleFinance
3.34USD13.340.087611.419211.764705881830
Liberty Sirius XM Group Series A
14,860,3600.0060232063343.343.34#N/A#N/A#N/A
44
Torchmark CorpTMK6.35372787.3900USD17/05/2019 16:02:02#N/A#N/A#N/A#N/A#N/A#N/A#N/A73.53112.50187.50EPS TTM in USD
GoogleFinance
6.25USD16.250.071513.982411.764705881830Torchmark Corp6,353,7270.0025752948596.256.25#N/A#N/A#N/A
45
Restaurant Brands International Inc
QSR8.43822567.4700USD17/05/2019 16:02:03#N/A#N/A#N/A#N/A#N/A#N/A#N/A40.8262.46104.10EPS TTM in USD
GoogleFinance
3.47USD13.470.051419.443811.764705881830
Restaurant Brands International Inc
8,438,2250.003420184323.473.47#N/A#N/A#N/A
46
Verisk Analytics IncVRSK4.517484141.9700USD17/05/2019 16:00:00#N/A#N/A#N/A#N/A#N/A#N/A#N/A42.1264.44107.40EPS TTM in USD
GoogleFinance
3.58USD13.580.025239.656411.764705881830Verisk Analytics Inc4,517,4840.0018310282013.583.58#N/A#N/A#N/A
47
Store Capital CorpSTOR18.62167434.0800USD17/05/2019 16:01:48#N/A#N/A#N/A#N/A#N/A#N/A#N/A11.8818.1830.30EPS TTM in USD
GoogleFinance
1.01USD11.010.029633.742611.764705881830Store Capital Corp18,621,6740.0075477434451.011.01#N/A#N/A#N/A
48
Teva Pharmaceutical Industries Ltd (ADR)
TEVA18.87572111.6300USD17/05/2019 16:01:30#N/A#N/A#N/A#N/A#N/A#N/A#N/A30.0045.9076.50
2018 EPS estimate
GoogleFinance
2.55USD12.550.21934.560811.764705881830
Teva Pharmaceutical Industries Ltd (ADR)
18,875,7210.007650713864-3.46-3.46#N/A#N/A#N/A
49
International Business Machines Corp
IBM2.048045134.3200USD17/05/2019 16:00:03#N/A#N/A#N/A#N/A#N/A#N/A#N/A111.65170.82284.70EPS TTM in USD
GoogleFinance
9.49USD19.490.070714.153811.764705881830
International Business Machines Corp
2,048,0450.00083011431869.499.49#N/A#N/A#N/A
50
Liberty Global plc Class C
LBTYK7.34696824.6600USD17/05/2019 16:00:01#N/A#N/A#N/A#N/A#N/A#N/A#N/A34.8450.9267.00
2019 OCF estimate
Approx5.36USD15.360.21744.60076.59.512.5Liberty Global plc Class C7,346,9680.002977875652.392.39#N/A#N/A#N/A
51
Società Cattolica di Assicurazione - Società Cooperativa
BIT:CASS
15.777.9200EUR17/05/2019 17:35:461.1167448.8446139.48#N/A134.67#N/A8.547.6511.7019.50EPS TTM in USD
GoogleFinance
0.65EUR10.650.082112.184611.764705881830
Società Cattolica di Assicurazione - Società Cooperativa
15,770,0000.0063919019380.650.650.72588360.004639776790.05653389565
52
Wal-Mart Stores IncWMT1.393513100.8600USD17/05/2019 16:00:15#N/A#N/A#N/A#N/A#N/A#N/A#N/A28.3543.3872.30EPS TTM in USD
GoogleFinance
2.41USD12.410.023941.850611.764705881830Wal-Mart Stores Inc1,393,5130.00056481917852.412.41#N/A#N/A#N/A
53
Graham Holdings CoGHC0.107575689.2700USD17/05/2019 16:02:01#N/A#N/A#N/A#N/A#N/A#N/A#N/A680.351040.941734.90EPS TTM in USD
GoogleFinance
57.83USD157.830.083911.918911.764705881830Graham Holdings Co107,5750.0000436023367857.8357.83#N/A#N/A#N/A
54
Liberty LiLAC Group A
NASDAQ:LILA
2.71485418.0200USD17/05/2019 16:00:01#N/A#N/A#N/A#N/A#N/A#N/A#N/A29.4145.0075.00
Wild guess future EPS
Approx2.5USD12.500.13877.208011.764705881830Liberty LiLAC Group A2,714,8540.001100385577-1.92-1.92#N/A#N/A#N/A
55
Johnson & JohnsonJNJ0.3271138.6100USD17/05/2019 16:00:27#N/A#N/A#N/A#N/A#N/A#N/A#N/A63.5397.20162.00EPS TTM in USD
GoogleFinance
5.4USD15.400.039025.668511.764705881830Johnson & Johnson327,1000.00013258028695.45.4#N/A#N/A#N/A
56
Diageo P L C Spon ADR New
DEO0.22775169.8100USD17/05/2019 16:02:04#N/A#N/A#N/A#N/A#N/A#N/A#N/A64.3598.46164.10EPS TTM in USD
GoogleFinance
5.47USD15.470.032231.043911.764705881830Diageo P L C Spon ADR New227,7500.000092311709985.475.47#N/A#N/A#N/A
57
Liberty LiLAC Group CLILAK1.2840217.8700USD17/05/2019 16:00:01#N/A#N/A#N/A#N/A#N/A#N/A#N/A29.4145.0075.00
Wild guess future EPS
Approx2.5USD12.500.13997.148011.764705881830Liberty LiLAC Group C1,284,0200.0005204394373-1.92-1.92#N/A#N/A#N/A
58
Proctor and GamblePG0.3154107.4500USD17/05/2019 16:00:10#N/A#N/A#N/A#N/A#N/A#N/A#N/A49.4175.60126.00EPS TTM in USD
GoogleFinance
4.2USD14.200.039125.583311.764705881830Proctor and Gamble315,4000.00012783803884.24.2#N/A#N/A#N/A
59
Mondelez International Inc
MDLZ0.57852.2300USD17/05/2019 16:00:01#N/A#N/A#N/A#N/A#N/A#N/A#N/A26.1239.9666.60EPS TTM in USD
GoogleFinance
2.22USD12.220.042523.527011.764705881830Mondelez International Inc578,0000.0002342751632.222.22#N/A#N/A#N/A
60
United Parcel Service Inc (UPS)
UPS0.059499.4000USD17/05/2019 16:03:22#N/A#N/A#N/A#N/A#N/A#N/A#N/A61.6594.32157.20EPS TTM in USD
GoogleFinance
5.24USD15.240.052718.969511.764705881830
United Parcel Service Inc (UPS)
59,4000.000024076028865.245.24#N/A#N/A#N/A
61
Verizon Communications Inc
VZ0.00092858.0900USD17/05/2019 16:02:02#N/A#N/A#N/A#N/A#N/A#N/A#N/A45.5369.66116.10EPS TTM in USD
GoogleFinance
3.87USD13.870.066615.010311.764705881830Verizon Communications Inc9280.00000037613728593.873.87#N/A#N/A#N/A
62
TOTAL VALUATION:
Look Through Portfolio Valuation:
#N/A#N/A#N/A#N/A
Portfolio:
#N/A#N/A#N/A#N/A#N/A
63
Latest Manual Entry Date:
15/02/2016 16:04:00
at Market Price^
at Low End^
LOWTYPICALHIGH
64
-1012345678910110510
65
Colour Scale Example:LOWTYPICALHIGHLOWTYPICALHIGH
Colours chosen dark-bright-dark in adjacent columns to show visible gradations.
66
Consider buying
Consider selling to buy attractive opportunity
Consider selling
67
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.
68
Notes: (below)
69
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
70
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).
71
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
72
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.
73
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
74
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
75
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
76
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.
77
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
78
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
79
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.
80
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
81
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
82
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
83
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
84
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
85
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
86
expensive.
87
88
89
90
91
92
93
94
95
96
97
98
99
100
Loading...