GURUFOLIO REPORT

BERKSHIRE HATHAWAY

WARREN BUFFETT PORTFOLIO

Portfolio Date: 2011-09-12 Updated on 2011-10-30

Portfolio Overview
Portfolio: Fund Type: Portfolio Date: 13D/13G Date: Number of Stocks: Equity Value: Q/Q Turnover: Berkshire Hathaway Investment Company 2011-06-30 2011-09-12 27 $52.36 Billion 7%

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 V. Equity, Cash, Bond Asset Allocations VI. Historical Equity, Cash, Bond Asset Allocations VII. Industry/Sector Shift in Past 12 Months VIII. Top Holdings (Up to 25) IX. Top Purchases of Warren Buffett X. Top Sales of Warren Buffett XI. Overview of Sector/Industry Trend of Warren Buffett's Trades XII. No. 1 Bought Industry - Banks XIII. No. 2 Bought Industry - Financial Services XIV. No. 3 Bought Industry - Retail XV. 13D/13G/Form 4 Filings After 2011-06-30 XVI. Undervalued Stocks Based on Discounted Cash Flow Model XVII. Top Yield Stocks XVIII. Top Growth Companies XIX. Stocks with Heavy Insider Buys XX. International Stocks About GuruFocus Disclaimer 2 3 4 5 5 6 6 7 8 8 8 9 9 9 9 10 10 11 11 11 12 12

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I. Portfolio Overview, Profile

Portfolio Overview Portfolio: Firm Type: Portfolio Date: 13D/13G 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 2011-06-30 2011-09-12 27 $52.36 Billion 2 7%

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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

V. Equity, Cash, Bond Asset Allocations

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VI. Historical Equity, Cash, Bond Asset Allocations

VII. Industry/Sector Shift in Past 12 Months

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VIII. Top Holdings (Up to 25)

These are the top holdings of Warren Buffett as of 2011-06-30 in the order of significance.
Ticker Company CocaCola Co. Wells Fargo & Co. American Express Co. Procter & Gamble Co. Kraft Foods Inc. Cl A Johnson & Johnson ConocoPhillips WalMart Stores U.S. Bancorp Moodys Corp. Washington Post Co. Cl B M&T Bank Corp. Costco Wholesale Corp. USG Corp. Torchmark Corp. SanofiAventis ADS General Electric Co. MasterCard Cl A United Parcel Service, Inc. Verisk Analytics Inc. GlaxoSmithKline PLC ADS Dollar General Bank of New York Mellon Exxon Mobil Corp. IngersollRand Shares (1000) Value ($Mil) Weighting (%) Share # Change from Last Period Current Price ($) Price Change Since Quarter End (%)

KO WFC AXP PG KFT JNJ COP WMT USB MCO WPO MTB COST USG TMK SNY GE MA UPS VRSK GSK DG BK XOM IR

200,000 13,458 25.7% 352,328 151,611 76,766 99,468 42,625 29,102 39,037 69,039 28,415 1,728 5,364 4,333 17,072 4,236 4,064 7,778 405 1,429 2,101 1,511 1,498 1,794 422 637 9,886 18.88% 7,838 14.97% 4,880 9.32% 3,504 6.69% 2,835 5.42% 2,188 4.18% 2,074 3.96% 1,761 3.36% 1,090 2.08% 724 1.38% 472 0.9% -5.46% +2.83%

68.93 27.08 52.1 64.73 35.4 65.6 71.74 57.15 26.03 35.89 361.1 78.3 84.93 10.13 41.57 37.24 17.25 +87.50% 354.58 71.49 New Buy 34.96 44.93 New Buy 38.97 22.41 81.48 32.34

2.4% -3.5% 0.8% 1.8% 0.5% -1.4% -4.6% 7.5% 2.0% -6.4% -13.8% -11.0% 4.5% -29.4% -2.8% -7.3% -8.5% 17.7% -2.0% 1.0% 4.7% 15.0% -12.5% 0.1% -28.7%

352 0.67% 245 0.47% 181 0.35% 163 0.31% 147 0.28% 122 0.23% 104 0.2%

73 0.14% 65 0.12% 51 0.1%

46 0.09% 34 0.07% 29 0.06%

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IX. Top Purchases of Warren Buffett

These are the top purchases of Warren Buffett as of 2011-06-30 in the order of significance.
Ticker Company Wells Fargo & Co. Verisk Analytics Inc. Mastercard Cl A Dollar General Current Shares (1000) Value ($Mil) Impact to Portfolio (%) Share # Change from Last Period Add 2.83% New holding Add 87.5% New holding Average Cost Current Price ($) Price Change(%)

WFC VRSK MA DG

352,328 2,101 405 1,498

9,541 73 144 58

0.52% 0.14% 0.11% 0.1%

$28.41 $33.71 $274.05 $32.81

$27.08 $34.96 $354.58 $38.97

-4.7% 3.7% 29.4% 18.8%

X. Top Sales of Warren Buffett

These are the top sales of Warren Buffett as of 2011-06-30 in the order of significance.
Ticker Company Current Shares (1000) Value ($Mil) Impact to Portfolio (%) Share # Change from Last Period Average Cost Current Price ($) Price Change(%)

XI. 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 2011-06-30.
Industry Impact to Portfolio due to Sales (%) Impact to Portfolio due to Buys (%)

Banks Financial Services Retail Media Pharmaceuticals & Biotechnology Insurance Personal & Household Goods Industrial Goods & Services Oil & Gas Producers Construction & Materials Food & Beverage
0.34%

0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0.11% 0.1%

0.52%

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XII. No. 1 Bought Industry - Banks

Banks is the No. 1 indutrsty that Warren Buffett purchased in the quarter ended on 2011-06-30. These are the companies.
Ticker Company Wells Fargo & Co. Current Shares (1000) Value ($Mil) Impact to Portfolio (%) Share # Change from Last Period Add 2.83% Average Cost Current Price ($) Price Change(%)

WFC

352,328

9,541

0.52%

$28.41

$27.08

-4.7%

XIII. No. 2 Bought Industry - Financial Services

Financial Services is the No. 1 indutrsty that Warren Buffett purchased in the quarter ended on 2011-06-30. These are the companies.
Ticker Company Mastercard Cl A Current Shares (1000) Value ($Mil) Impact to Portfolio (%) Share # Change from Last Period Add 87.5% Average Cost Current Price ($) Price Change(%)

MA

405

144

0.11%

$274.05

$354.58

29.4%

XIV. No. 3 Bought Industry - Retail

Retail is the No. 1 indutrsty that Warren Buffett purchased in the quarter ended on 2011-06-30. These are the companies.
Ticker Company Dollar General Current Shares (1000) Value ($Mil) Impact to Portfolio (%) Share # Change from Last Period New holding Average Cost Current Price ($) Price Change(%)

DG

1,498

58

0.1%

$32.81

$38.97

18.8%

XV. 13D/13G/Form 4 Filings After 2011-06-30

These are the trades of Warren Buffett after 2011-06-30. These are from 13D/13G/Form 4 filings.
Ticker Shares (1000) Date Share # Change from Last Period % of the company Filing Type

BAC

700,000

2011-09-01

New Buy

6.5%

13G

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XVI. 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 Co. Cl B WalMart Stores Costco Wholesale Corp. Johnson & Johnson Price ($) Margin of Safety (%) Shares (1000) Value ($Mil) Weighting (%) Share # Change

TMK WPO WMT COST JNJ

41.57 361.1 57.15 84.93 65.6

71% 62% 47% 45% 42%

4,235.8 1,727.8 39,037.1 4,333.4 42,624.6

181.1 723.8 2,074.4 352.0 2,835.4

0.35% 1.38% 3.96% 0.67% 5.42%

XVII. Top Yield Stocks

These are the stocks with the highest dividend yield in the portfolio of Warren Buffett.
Ticker Company GlaxoSmithKline PLC ADS ConocoPhillips SanofiAventis ADS M&T Bank Corp. Johnson & Johnson General Electric Co. Kraft Foods Inc. Cl A Procter & Gamble Co. United Parcel Service, Inc. CocaCola Co. Washington Post Co. Cl B Gannett Co. Inc. WalMart Stores Exxon Mobil Corp. Bank of New York Mellon Yield (%) Price ($) Shares (1000) Value ($Mil) Weighting as of 2011-06-30 (%) Share # Change from Last Period

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

4.9% 3.8% 3.7% 3.6% 3.4% 3.4% 3.3% 3.2% 2.9% 2.8% 2.7% 2.6% 2.6% 2.3% 2.2%

44.93 71.74 37.24 78.3 65.6 17.25 35.4 64.73 71.49 68.93 361.1 12.17 57.15 81.48 22.41

1,511 29,102 4,064 5,364 42,625 7,778 99,468 76,766 1,429

64.8 2,188.2 163.2 471.7 2,835.4 146.7 3,504.2 4,880.0 104.2

0.12% 4.18% 0.31% 0.9% 5.42% 0.28% 6.69% 9.32% 0.2% 25.7% 1.38% 0.05% 3.96% 0.07% 0.09% -5.46%

200,000 13,458.0 1,728 1,740 39,037 422 1,794 723.8 24.9 2,074.4 34.3 46.0

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XVIII. 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 WalMart Stores Johnson & Johnson United Parcel Service, Inc. Procter & Gamble Co. Costco Wholesale Corp. CocaCola Co. 10-Year EBITDA Growth Rate Price ($) (%) Shares (1000) Value ($Mil) Weighting as of 201106-30 (%) Share # Change from Last Period

WMT JNJ UPS PG COST KO

11.1% 9.3% 9.2% 8.9% 8.7% 7.3%

57.15 65.6 71.49 64.73 84.93

39,037.1 2,074.4 42,624.6 2,835.4 1,429.2 104.2

3.96% 5.42% 0.2% 9.32% 0.67% 25.7%

76,766.0 4,880.0 4,333.4 352.0

68.93 200,000.0 13,458.0

XIX. Stocks with Heavy Insider Buys

These are the stocks that have the largest unique insider buys over the past 3 months.
Ticker Company M&T Bank Corp. Bank of New York Mellon General Electric Co. USG Corp. Kraft Foods Inc. Cl A Exxon Mobil Corp. Torchmark Corp. Gannett Co. Inc. U.S. Bancorp Johnson & Johnson Wells Fargo & Co. American Express Co. # of Insider buys (3 months) Shares (1000) Value ($Mil) Weighting as of 2011-06-30 (%) Share # Change

MTB BK GE USG KFT XOM TMK GCI USB JNJ WFC AXP

4 4 2 2 2 1 1 1 1 1 1 1

5,363.8 1,793.9 7,777.9 17,072.2 99,467.6 421.8 4,235.8 1,740.2 69,039.4 42,624.6 352,327.6 151,610.7

471.7 46.0 146.7 244.8 3,504.2 34.3 181.1 24.9 1,761.2 2,835.4 9,886.3 7,838.3

0.9% 0.09% 0.28% 0.47% 6.69% 0.07% 0.35% 0.05% 3.36% 5.42% 18.88% 14.97% +2.83% -5.46%

XX. International Stocks

These are the international stocks in the portfolio of Warren Buffett.
Ticker Company SanofiAventis ADS IngersollRand Country/Region Shares (1000) Value ($Mil) Weighting as of 2011-06-30 (%) Share # Change from Last Period

SNY IR

FRANCE IRELAND

4,063.7 636.6

163.2 28.9

0.31% 0.06%

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