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The Complete Berkshire Hathaway Portfolio

To invest like Warren Buffett, start with these stocks.

Famed investor and Berkshire Hathaway (BRK.A, BRK.B) CEO Warren Buffett has become a living legend on Wall Street for his practical value investing style and his tremendously consistent track record throughout the decades. Generations of investors have emulated the "Oracle of Omaha." Buffett bought his first stock at age 11, making a $114 investment in Cities Services in 1930. Today, Buffett has bought and sold his way to becoming the third-wealthiest person in the world with a net worth of more than $80 billion. Here's a look at every stock Warren Buffett owned as of Dec. 31, 2019, according to Berkshire's February filing with the U.S. Securities and Exchange Commission.

American Airlines Group (AAL)

American Airlines Group has shrunk to become Buffett's smallest airline investment after AAL shares lost about 10% in 2019. American operates roughly 6,700 flights to 350 airports in more than 50 countries worldwide. Hubs include Charlotte, Chicago, Dallas and Los Angeles. AAL aggressively bought back stock last year, snapping up double the amount some analysts anticipated for the whole year in just the first quarter. Unfortunately, that investment hasn't proven wise just yet. That said, American has the lowest forward earnings multiple of any of the "big four" airlines at just 4.9, so as long as the company can hit its earnings targets it's hard to imagine shares cratering.

Holdings: 42.5 million shares
Value: $1.22 billion

Amazon.com (AMZN)

By the time Berkshire invested in Amazon for the first time in 2019, the e-commerce and cloud computing giant was nearly 25 years old and valued at almost $1 trillion. The company generated 49% of all U.S. e-commerce sales in 2018, capturing 5% of market share in the U.S. retail sector along the way. Amazon is also the parent company of video game streaming platform Twitch, cloud services platform Amazon Web Services and grocery chain Whole Foods. Its Alexa-enabled smart speakers and TVs are becoming ubiquitous as well. AMZN stock is up about 450% in the past five years.

Holdings: 537,300 shares
Value: $992.8 million

Apple (AAPL)

Best known for its popular MacBooks and iPhones, Apple is one of the largest publicly traded stocks on Wall Street with a market cap of $1.4 trillion after the successful rollout of its iPhone 11. Apple is also a powerhouse in software, digital media and services in support of its popular devices. The California company has a global iPhone installed user base of more than 900 million customers. Despite gaining more than 150% over the past five years, Apple still has a decent forward earnings multiple around 20 -- although at its size, skeptics may wonder if it can justify that.

Holdings: 245.2 million shares
Value: $71.99 billion

American Express Co. (AXP)

American Express is a global credit card, payments and travel company headquartered in New York. Founded in 1850, American Express has been a Buffett holding since 1991. AXP stock is up more than 150% in the past four years, but Buffett isn't looking to sell anytime soon. In his annual letter to Berkshire shareholders, Buffett has said American Express is one of Berkshire's core holdings for the long haul. AXP stock trades at a low forward earnings multiple of 13.5.

Holdings: 151.6 million shares
Value: $18.9 billion

Axalta Coating Systems (AXTA)

Axalta Coating Systems is the global leader in auto and industrial coatings, generating nearly $5 billion in annual revenue. Axalta is also the fourth-largest producer of coatings in the world. Although headquartered in Philadelphia, Axalta's roots go back to Germany in 1866, when Herberts Gmbh began coating carriages before transitioning to automobiles. AXTA stock is up 4% from a year ago but still has a reasonable forward earnings multiple around 14.

Holdings: 24.2 million shares
Value: $737.6 million

Bank of America Corp. (BAC)

With a market cap around $300 billion, Bank of America is the second-largest U.S. bank and is also Buffett's second-largest public stockholding. Buffett acquired his stake in Bank of America in 2011 when he took a $5 billion stake in preferred BAC stock when the bank was struggling with liquidity. After teetering on the brink of collapse during the Great Recession, Bank of America is now a much lower-risk investment given its strong capital base. From a value perspective, it's easy to see why the stock's 10.4 forward earnings multiple appeals to Buffett.

Holdings: 925 million shares
Value: $32.6 billion

Bank of New York Mellon Corp. (BK)

Bank of New York Mellon operates in more than 100 global markets. The New York-based bank has $35.8 trillion in assets under custody and $1.9 trillion in assets under management. With its two primary business lines as investment services and investment management, the company's stock is down 15% in the past year and the stock trades at a forward earnings multiple of just 10. Like most of the other bank stocks Buffett owns, BK stock also pays a respectable dividend, at 2.7%.

Holdings: 79.8 million shares
Value: $4 billion

Biogen (BIIB)

One of just two totally new positions in Berkshire Hathaway's portfolio, Biogen is a Cambridge, Massachusetts-based biotech. It's not exactly an industry Buffett is known for. Although it's a relatively small part of the Berkshire pie, this is likely a starter position that will be prone to grow over time. To be sure, Biogen isn't expected to post blockbuster growth in the coming years, but it does trade at just more than 10 times earnings and boasts an enviable pipeline, with data from 11 midstage to late-stage trial readings expected by the end of next year. Biosimilars have been a bright spot at BIIB, and should continue to exhibit strength going forward.

Holdings: 648,447
Value: $192.4 million

Charter Communications (CHTR)

Charter Communications is the second-largest cable TV provider in the U.S. and is the best pure-play option for investors who still see value in the traditional TV model. Facing stiff competition from streaming leaders such as Netflix (NFLX), Charter has a customer base of 16 million video subscribers, 26 million internet subscribers and 10.5 million phone subscribers. Charter primarily operates in New York, California, the Carolinas, Florida, Ohio and Texas. Despite fears over cord-cutting, CHTR shares are up 200% in the past five years.

Holdings: 5.4 million shares
Value: $2.6 billion

Coca-Cola Co. (KO)

Coca-Cola is the largest and most valuable soda brand in the world, capturing half of the global carbonated soft drink market and 43% of the U.S. market. Coca-Cola is a truly global company, generating more than 70% of its profits outside the U.S. Top brands include Coca-Cola Classic, Sprite, Fanta and Minute Maid. Buffett has been a longtime fan of Coca-Cola, first investing in the stock in 1987. Since that time, KO stock is up nearly 2,000%. Today, KO stock pays a 2.7% dividend yield.

Holdings: 400 million shares
Value: $22.1 billion

Costco Wholesale Corp. (COST)

Costco is a global retailer that operates about 785 stores on a membership-based model. The stock's 46% gain in 2019 and subsequent early 2020 gains have driven its forward earnings multiple above 34. However, Costco is adding more than 20 new stores per year, its membership is consistently growing and its store traffic is on the rise, with same-store sales up more than 6% year-over-year in January. In the international market, Costco opened its first location in China last year.

Holdings: 4.3 million shares
Value: $1.3 billion

Delta Air Lines (DAL)

Buffett is a big fan of airline stocks, and he hasn't limited himself to just one or two. Delta is Berkshire's largest airline holding. Delta is headquartered in Atlanta, and its 90,000 global employees manage and operate flights to more than 300 destinations on more than 800 aircraft. In addition to Atlanta, Delta's key hubs include Amsterdam, Boston, Detroit, Los Angeles and New York. Like other airline stocks, it's easy to see why Buffett is attracted to the valuation. DAL stock trades at a forward earnings multiple of 7.2 and pays a 2.8% dividend.

Holdings: 70.9 million shares
Value: $4.1 billion

DaVita (DVA)

DaVita is the U.S. leader in dialysis, operating more than 2,600 clinics and serving 201,000 patients domestically. In 2019, DaVita completed the sale of its DaVita Medical Group subsidiary to UnitedHealth Group (UNH) for $4.3 billion. DaVita has used the proceeds to pay down debt and aggressively increase share buybacks, leading to an impressive market-beating performance in the last year. Despite that, DVA stock trades at a forward earnings multiple under 13 and a price-earnings growth multiple below 1.

Holdings: 38.6 million shares
Value: $2.9 billion

General Motors Co. (GM)

General Motors is one of the world's largest automakers, selling nearly 8 million vehicles per year. GM has a rocky past, and signs suggest the current U.S. auto boom may have peaked. Fortunately, GM's last restructuring in 2009 eliminated many of its legacy balance sheet issues, and the company is now profitable. GM is refocusing its business on trucks and SUVs and is also investing heavily in electric and autonomous vehicle technology. GM stock trades at an attractive forward earnings multiple of 5.9.

Holdings: 75 million shares
Value: $2.7 billion

Globe Life (GL)

Globe Life, which was known as Torchmark until it rebranded on Aug. 8, is a life and supplemental health insurance company that focuses primarily on the low- to middle-income market. Globe Life is headquartered in McKinney, Texas, and has about 3,100 employees. While total life insurance sales were down slightly in 2018, revenue grew 5% in 2019, and steady growth is expected in 2020 as well. Buffett likely appreciates the company's stable earnings, its solid balance sheet and its free cash flow. In addition, its forward earnings multiple is just 14.5.

Holdings: 6.3 million shares
Value: $668.7 million

Goldman Sachs Group (GS)

Goldman Sachs Group is the second-largest full-service U.S. investment bank, behind only J.P. Morgan. Goldman is a market leader in mergers and acquisitions, equity underwriting and equity trading. Goldman has a market cap of around $80 billion, and shares of GS are up about 17% over the last year. GS stock trades at a forward earnings multiple of just 8.5, but apparently that's not good enough for Buffett: Berkshire trimmed its exposure to the bank in a big way last quarter, selling 34% of its stake.

Holdings: 12 million shares
Value: $2.8 billion

Johnson & Johnson (JNJ)

Johnson & Johnson is a global health care company that develops and markets pharmaceutical products, medical devices and consumer health products. The company's leading brands include Band-Aid, Neutrogena, Splenda and Tylenol. JNJ stock was pressured in 2018 amid several lawsuits alleging that the company's popular baby powder causes cancer. JNJ settled one of those lawsuits in March 2019, paying $29 million and admitting no wrongdoing. JNJ stock trades at a reasonable 15.6 forward earnings multiple. Why Berkshire's exposure to a stock as stable and cash-rich as JNJ is so small is a mystery, but it is: This position makes up 0.01% of the financial giant's stock portfolio.

Holdings: 327,100 shares
Value: $47.7 million

JPMorgan Chase & Co. (JPM)

Buffett isn't shy about his love for bank stocks and J.P. Morgan is the biggest bank stock of all, boasting a market cap above $400 billion. JPM was formed via a merger between Chase Manhattan and J.P. Morgan in 2000. The company is a leader in investment and corporate banking, as well as asset and wealth management. Even after gaining about 60% in the past three years, JPM stock still trades at just an 11.4 forward earnings multiple with a 2.7% dividend yield.

Holdings: 59.5 million shares
Value: $8.3 billion

Kraft Heinz Co. (KHC)

Buffett still expresses support for Kraft Heinz, even though the stock's putrid performance has helped push BRK stock below the S&P 500 this year. Last February, Kraft Heinz acknowledged an SEC accounting investigation. The company cut its dividend and took a $15.4 billion writedown for its Kraft and Oscar Meyer brands. Buffett says the company's core operations are still strong. "You can turn any investment into a bad deal by paying too much," he says. KHC stock is down 24% so far this year, hovering within shouting range of all-time lows.

Holdings: 325.6 million shares
Value: $10.5 billion

Kroger (KR)

Apart from Biogen, Kroger is the only new stock in the Berkshire Hathaway portfolio. Unlike the former, Kroger is certainly the type of boring, low-tech company that Buffett might like to buy and hold for the long term. While grocery is indeed an industry experiencing steeper competition and a certain level of disruption, Kroger is well positioned within the industry and does something Buffett and vice chairman Charlie Munger love: It pays a decent, sustainable dividend with room to grow. In fact, Kroger has a track record of boosting its payout, growing its quarterly dividend annually for the last 11 years.

Holdings: 18.9 million shares
Value: $549.1 million

Liberty Global (LBTYA, LBTYK)

Liberty Global has multiple share classes and Buffett is invested in both. Liberty is the largest cable TV operator in Europe, operating primarily in the U.K., Belgium and eastern Europe. LBTYA A-class shares have voting rights, but LBTYK C-class shares do not. As a result, the A-class shares trade at a slight premium, although both are down more than 8% year-to-date.

Holdings: 19.8 million shares of LBTYA, 7.3 million shares of LBTYK
Combined value: $610.2 million

Liberty Latin America (LILA, LILAK)

Liberty Latin America is another member of the Liberty Media family with multiple share classes. Liberty Latin America split off from its parent company in 2018 and is a pure-play on the telecommunications business in Latin America and the Caribbean. The spinoff serves 6.4 million homes in the region, has 3.7 million mobile subscribers and generates annual revenue of $3.9 billion. Buffett holds both the A-class voting shares and the C-class nonvoting shares.

Holdings: 2.7 million shares of LILA, 1.3 million shares of LILAK
Combined value: $77.4 million

Liberty Sirius XM Group (LSXMK, LSXMA)

Liberty Sirius XM Group Series C and A are tracking stocks representing Liberty Media's equity stake in Sirius XM Holdings (SIRI). Series A shares have voting rights, whereas Series C shares do not. The tracking stocks represent a 71.2% ownership stake in Sirius XM, but they also hold more than $1 billion in debt of streaming leader Pandora Media and terrestrial radio leader iHeart Media (IHRT). The tracking stocks trade at a deep discount to the value of their underlying assets, and Sirius XM has been aggressively buying back shares of its stock.

Holdings: 31.1 million shares of LSXMK, 14.9 million shares of LSXMA
Combined value: $2.2 billion

Mastercard (MA)

Along with Visa and American Express, Mastercard rounds out Buffett's exposure to the three dominant forces in the global credit card business. The Mastercard network includes billions of customers and millions of merchants in 210 countries. Mastercard operates both the third-largest credit and debit networks by volume, according to Nilson. Mastercard has the highest forward earnings multiple of the three credit card stocks at 30.3. MA stock has gained 194% over the past three years, outperforming Visa and American Express by a wide margin.

Holdings: 4.9 million shares
Value: $1.5 billion

Moody's Corp. (MCO)

Moody's is a major U.S. credit rating agency, providing research, analytical tools and financial recommendations for investors worldwide. Moody's was founded in 1900 and is headquartered in New York. Moody's Investors Services is the company's credit rating agency that rates both the quality of the debt and the credit quality of corporate and government institutions. Moody's Analytics offers a range of services and tools that allow investors to quantify and manage risk in global financial markets. MCO stock is up 54% in the last year, pushing its forward earnings multiple to 26.

Holdings: 24.7 million shares
Value: $5.9 billion

Mondelez International (MDLZ)

Mondelez International is a U.S. food and beverage company headquartered in Deerfield, Illinois. Mondelez is composed of the international snack and food brands that once belonged to Kraft Foods prior to its 2012 spinoff of its North American grocery business. Mondelez has several billion-dollar international food brands, including Belvita, Chips Ahoy, Nabisco, Oreo and Ritz. Developing markets account for about 37% of Mondelez's total growth, providing excellent exposure to high-growth international opportunities. MDLZ stock has a 2% dividend and a reasonable forward earnings multiple of 20.

Holdings: 578,000 shares
Value: $31.8 million

M&T Bank Corp. (MTB)

M&T Bank is a U.S. regional bank based in Buffalo, New York, that has $120 billion in total assets. M&T is relatively small compared with some of the other banks Buffett owns, barely cracking the Fortune 500 at 462. M&T primarily focuses on commercial and residential real estate, and was one of only two banks in the S&P 500 not to lower its dividend during the 2008 financial crisis. M&T has just 780 branches and nearly 17,000 employees, but value investors love the stock's 11.1 forward earnings multiple.

Holdings: 5.4 million shares
Value: $913.6 million

Occidental Petroleum (OXY)

Berkshire increased its stake in Occidental in the fourth quarter of 2019 by a higher percentage than any other stock in its portfolio (new positions aside). In terms of shares, Berkshire owns 153% more now than it did in its last disclosure three months ago. Buffett swung a sweetheart deal to finance Occidental's buyout of natural gas giant Anadarko last year, receiving preferred stock with a perpetual 8% coupon as well as OXY stock warrants. Since Occidental shares have been slumping in recent months, it seems Berkshire simply thinks current levels are unjustifiably low.

Holdings: 18.9 million shares
Value: $780.2 million

Procter & Gamble Co. (PG)

Procter & Gamble is a blue-chip U.S. consumer products company that produces beauty, grooming, health and home care and baby and family care products. Leading brands include Pampers, Tide, Bounty, Charmin and Gillette. PG stock's forward earnings multiple of 23 isn't particularly impressive, but its 2.4% dividend and relatively recession-proof business make it a popular defensive play. As recently as 2016, Buffett had a $4.3 billion stake in PG stock.

Holdings: 315,400 shares
Value: $39.4 million

PNC Financial Services Group (PNC)

PNC Financial Services is a U.S. regional bank headquartered in Pittsburgh. PNC has $393 billion in assets and is the sixth-largest U.S. bank by deposits. In addition to retail and business banking, the company also offers wealth and asset management services. Like the other bank stocks Buffett loves, PNC has an attractive forward earnings multiple of 11.7 and a generous 3.1% dividend. If the U.S. economy remains strong, bank stocks like PNC should continue to grind higher in the long term with a limited downside.

Holdings: 8.7 million shares
Value: $1.4 billion

Phillips 66 (PSX)

Phillips 66 is an integrated oil refiner with 2.2 million barrels per day of capacity, more than 80% of which is located inside the U.S. Despite the stock's attractive 8.7 forward earnings multiple and 4.2% dividend yield, Buffett has been scaling down his position aggressively. As of early 2018, Buffett held more than 45 million shares of PSX stock, but he's down to just 227,000 this year and could be down to zero by the time Berkshire files its next 13-F disclosure form.

Holdings: 227,436 shares
Value: $25.3 million

Restaurant Brands International (QSR)

Restaurant Brands International is based in Ontario, Canada, and is the third-largest restaurant company in the world by total sales. The company's franchises, including Burger King, Tim Hortons and Popeye's, have more than 26,000 global restaurant locations, of which more than 99% are franchised. Burger King is the second-largest quick-serve hamburger chain in the world. The restaurant space has been difficult for investors in recent quarters; QSR stock is up about 1% in the last year.

Holdings: 8.4 million shares
Value: $538.1 million

RH (RH)

Berkshire upped its stake in RH, the home furnishings retailer formerly known as Restoration Hardware. One can certainly tell why a wise investor might find the stock attractive: Despite being up about 70% over the past year, RH is trading at a price-earnings growth ratio of 1.1, an extremely low level in today's markets indicating attractive valuation given expected earnings growth. Analysts expect explosive earnings growth from RH over the next five years, with consensus estimates calling for 29% annualized earnings per share growth over that time. To give an idea of Berkshire's size, it owns 9.1% of RH's entire company, but that position accounts for just 0.15% of Berkshire's portfolio.

Holdings: 1.7 million shares
Value: $364.7 million

Sirius XM Holdings (SIRI)

In addition to his stake in the Liberty Media Sirius XM tracking stock, Buffett also has a direct investment in Sirius XM. Sirius XM is a satellite radio operator that offers more than 140 channels of music and talk radio throughout the U.S. In early 2019, Sirius XM completed a $3 billion buyout of streaming radio leader Pandora Media, giving the company a large stake in both the streaming and satellite radio markets. Pandora has 70 million monthly active users, and Sirius XM has 36 million paid subscribers. SIRI stock is up about 42% in the past three years.

Holdings: 136.3 million shares
Value: $974.4 million

Southwest Airlines Co. (LUV)

Southwest Airlines is the fourth-largest U.S. airline, targeting customers looking for low-cost flights and minimal fees. The company serves more total originating passengers than any other U.S. airline. Southwest's hubs include Dallas, Chicago, Las Vegas, Baltimore, Phoenix and Houston. Like Delta, Southwest's stock is an attractive value at a forward earnings multiple of just 9.9. Analysts have speculated Buffett could eventually acquire 100% ownership of one of the "big four" U.S. airlines and Southwest's relatively small market cap could make it the ideal buyout candidate.

Holdings: 53.6 million shares
Value: $2.9 billion

StoneCo (STNE)

StoneCo is a Brazilian financial technology company founded in 2012 that specializes in electronic payments. StoneCo claims it already has 5.5% market share in Brazil. StoneCo had an initial public offering in late 2018 and has already nearly doubled from its $24 IPO price in October 2018. STNE's 9.9 forward earnings multiple is certainly within Buffett's ideal range, especially for a company whose sales are expected to jump more than 40% in 2020. It's one of the few growth stocks to grab Buffett's attention.

Holdings: 14.2 million shares
Value: $565.1 million

Store Capital Corp. (STOR)

Store Capital is a real estate investment trust that specializes in the acquisition, investment, ownership and management of single-tenant net-lease real estate. As a REIT, Store Capital is an excellent source of dividend income, yielding 3.7%. In addition, Store Capital has avoided disruption to its retail tenants by strategically avoiding businesses threatened by e-commerce disruption. Its long-term leases also provide more financial stability than other REITs. Approximately 99.7% of Store's properties are occupied, and about 75% of its tenants have investment-grade credit quality. STOR shares are up about 16% in the last year.

Holdings: 18.6 million shares
Value: $693.5 million

Suncor Energy (SU)

Suncor is a Canadian oil exploration and production company that produces more than 700,000 barrels of oil equivalent per day. Suncor's production primarily comes from oil sands, but it also has a large conventional oil operation. In addition, Suncor has 461,000 barrels per day in Canadian refining capacity. SU shares are down about 14% in the past year as the global oil market slump drags on. However, the stock's 12.3 forward earnings multiple suggests further downside is limited. Buffett boosted his exposure to Suncor by 39% in the last quarter.

Holdings: 15 million shares
Value: $492.6 million

Synchrony Financial (SYF)

Synchrony Financial is a U.S. online bank based in Stamford, Connecticut, that has $105 billion in total assets. Like M&T, Synchrony is a relatively small bank compared with some of the other banks Buffett owns. Synchrony operates exclusively online with no physical branches. Synchrony specializes in private label credit card partnerships with companies like Amazon and Lowe's (LOW), and it was previously a subsidiary of GE Capital before being spun off in 2014. Synchrony has fewer than 17,000 employees, but the stock's forward earnings multiple of 7 makes it a big winner for value investors.

Holdings: 20.8 million shares
Value: $749.1 million

Teva Pharmaceutical Industries (TEVA)

After acquiring Allergan's generic drug business back in 2015, Teva Pharmaceuticals is now the largest generic drug maker in the world. Teva stock was pounded in August 2017, dropping more than 40% in three days when the company reported a huge earnings miss and cut its guidance and dividend. Since that time, management has been on a cost-cutting spree and has prioritized getting the company's debt levels under control. As a result, Teva's forward earnings multiple is down to just 4.9, and management expects the company to return to modest revenue and operating profit growth in 2020.

Holdings: 43.2 million shares
Value: $423.8 million

Travelers Companies (TRV)

Berkshire Hathaway wholly owns several private insurance companies, including Geico and Gen Re. However, Buffett also holds stakes in public insurance companies like Travelers Companies. Travelers is based in New York and is the second-largest writer of commercial property casualty insurance in the U.S. It is also the third-largest writer of personal insurance via independent agents. The company has field agents in each U.S. state and generated $31.6 billion in revenue in the last year. TRV stock is up about 2% in the last year, and despite trading at a forward earnings multiple under 12, it's been one of Buffett's least favorite stocks in the portfolio of recent. Last quarter, Berkshire sold 94% of its holdings in Travelers.

Holdings: 312,379 shares
Value: $42.8 million

United Airlines Holdings (UAL)

United Airlines Holdings, previously known as United Continental, operates more than 5,000 daily flights to 373 different airports on six different continents. Its primary hubs include Chicago, Denver, Houston and Los Angeles. The airline group has lagged the market in the past year on concerns about how it will perform during the next economic downturn. After a steep dip, UAL stock is down 15% in the last 12 months but is a compelling value, trading at only 5.3 times forward earnings. United reported a 3.8% revenue growth in the most recent quarter.

Holdings: 21.9 million shares
Value: $1.93 billion

United Parcel Service (UPS)

United Parcel Service provides air, sea, ground and rail logistics, freight and customs services. UPS has 444,000 employees in 220 countries. It operates a fleet of 237 airplanes and 110,000 delivery vehicles that deliver an average of 18 million daily packages. UPS has greatly benefited from the rise of e-commerce in the past 20 years, but investors are becoming increasingly concerned that Amazon's in-house delivery business could soon eat into UPS's volume. UPS stock trades at a forward earnings multiple of 11.6 and offers a 4.1% dividend.

Holdings: 59,400 shares
Value: $7 million

U.S. Bancorp (USB)

U.S. Bancorp is the fifth-largest commercial bank in the U.S., with $460 billion in assets. U.S. Bancorp was founded in 1929 and is headquartered in Minneapolis. USB stock has been a market laggard over the past two years, shedding about 1% in that time. However, the stock's forward earnings multiple of 11.3 suggests downside is limited and investors can get paid a 3.1% dividend even if the stock continues to trend mostly sideways.

Holdings: 132.4 million shares
Value: $7.9 billion

Visa (V)

Buffett feels no need to pick a winner if he likes an entire industry. In 2018, Buffett said payments are a "huge deal" worldwide, and Berkshire has stakes in all the major credit card operators, as well as several smaller financial technology companies. Visa operates the largest electronic payments network in the world, including the world's largest credit network by volume and the second-largest global debit network. Visa's forward earnings multiple of 27.6 isn't particularly impressive, but the credit card giant reported 7.3% payments volume growth last quarter.

Holdings: 10.6 million shares
Value: $2 billion

VeriSign (VRSN)

VeriSign is a domain-name registration specialist headquartered in Reston, Virginia. VeriSign provides internet security services, such as the denial of service protection, iDefense security intelligence services and managed domain name security. With a gaudy forward earnings multiple of 32.1, VRSN stock isn't the typical Buffett value stock. Buffett has always loved market leaders with strong business execution, two areas in which VeriSign excels. VRSN stock is up 208% overall in the past five years, including a 12% gain in the past year.

Holdings: 13 million shares
Value: $2.5 billion

Wells Fargo & Co. (WFC)

Wells Fargo is one of the four largest U.S. banks. Headquartered in San Francisco, Wells Fargo has more than $1.9 trillion in assets and services one in three U.S. households. The bank has struggled with a series of legal and public relations issues in recent years stemming from overly aggressive marketing practices. Buffett has generally stuck with Wells Fargo through its dark times, although his patience may be starting to wear thin; last quarter, Buffett trimmed his stakes in WFC by 14%.

Holdings: 323.2 million shares
Value: $17.4 billion

Berkshire Hathaway's complete portfolio:

-- American Airlines Group (AAL)

-- Amazon.com (AMZN)

-- Apple (AAPL)

-- American Express Co. (AXP)

-- Axalta Coating Systems (AXTA)

-- Bank of America Corp. (BAC)

-- Biogen (BIIB)

-- Bank of New York Mellon Corp. (BK)

-- Charter Communications (CHTR)

-- Coca-Cola Co. (KO)

-- Costco Wholesale Corp. (COST)

-- Delta Air Lines (DAL)

-- DaVita (DVA)

-- General Motors Co. (GM)

-- Globe Life (GL)

-- Goldman Sachs Group (GS)

-- JPMorgan Chase & Co. (JPM)

-- Johnson & Johnson (JNJ)

-- Kraft Heinz Co. (KHC)

-- Kroger (KR)

-- Liberty Global (LBTYA, LBTYK)

-- Liberty Latin America (LILA, LILAK)

-- Liberty Sirius XM Group (LSXMK, LSXMA)

-- Mastercard (MA)

-- Moody's Corp. (MCO)

-- Mondelez International (MDLZ)

-- M&T Bank Corp. (MTB)

-- Occidental Petroleum (OXY)

-- Procter & Gamble Co. (PG)

-- PNC Financial Services Group (PNC)

-- Phillips 66 (PSX)

-- Restaurant Brands International (QSR)

-- RH (RH)

-- Sirius XM Holdings (SIRI)

-- Southwest Airlines Co. (LUV)

-- StoneCo (STNE)

-- Store Capital Corp. (STOR)

-- Suncor Energy (SU)

-- Synchrony Financial (SYF)

-- Teva Pharmaceutical Industries (TEVA)

-- Travelers Companies (TRV)

-- United Airlines Holdings (UAL)

-- United Parcel Service (UPS)

-- U.S. Bancorp (USB)

-- Visa (V)

-- VeriSign (VRSN)

-- Wells Fargo & Co. (WFC)



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