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Quarterly Warren Buffett Contest Begins

- By Holly LaFon

The Warren Buffett contest is on.

How to participate

Guess two stocks that Warren Buffett bought in the first quarter. Post them and their symbols in the "comments" section below.

(Possible stocks include those bought by one of his co-portfolio managers, Ted Weschler and Todd Combs.)

How to win

When Buffett announces the stocks he bought through his company, Berkshire Hathaway (BRK-A)(BRK-B), if two of your guesses match, you win. Buffett's first-quarter portfolio is due to be released on or around May 15.

What you win

Compared to previous contests, we've lowered the number of guesses participants have to get right from three to two. We did this because the new prize is GuruFocus founder Charlie Tian's new book, "Invest Like a Guru," and he wants more people to get to read it.

Invest Like a Guru

If you win, you'll get an email and will have the book shipped to you.

What happened before

In the previous quarter, Buffett's stock shopping resulted in some purchases; he bought Southwest Airlines (LUV), Monsanto (MON) and Sirius XM (SIRI), and added shares to five other positions, like Apple (AAPL). He has shown a special affinity for airlines in recent months, particularly for American Airlines (AAL), Delta (DAL) and the subject of a public relations fiasco involving the manhandling of a passenger that resulted in litigation, United Continental Airlines (UAL).

In all, Buffett's public stock portfolio contains 47 holdings, most extensively weighted in financial services and consumer defensive sectors. As always, he abides by the stock-picking mantra "good companies at fair prices.".

What to do now

Read Buffett's mind to decide what companies would get his approval right now. When you know, enter two in the "comments" section. Then, wait to get an email confirming your Buffett-esque investing skills.

Good luck.

This article first appeared on GuruFocus.