Inside the Buffett Portfolio: Berkshire Hathaway's Biggest 2019 Holdings

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In his annual letter, Warren Buffett revealed the largest holdings in the Berkshire Hathaway  (BRK.A) - Get Report portfolio.

Warren Buffett’s Berkshire Hathaway on Saturday reported net earnings of $29.2 billion in the fourth quarter as well as cash on hand that remains at near-record levels.

The company on Saturday said it earned net income in the quarter of $29.2 billion, or $17,909 per Class A share equivalent, up from a loss of $25.4 billion, or $15,467 a share, the year before. 

In his letter Buffet revealed the largest holdings by the percentage of the company owned:

American Express  (AXP) - Get Report 18.7% 

Apple  (AAPL) - Get Report 5.7% 

Bank of America  (BAC) - Get Report 10.7% 

Bank of New York Mellon  (BK) - Get Report 9.0% 

Coca-Cola  (KO) - Get Report 9.3% 

Delta Airlines  (DAL) - Get Report 11.0% 

J.P. Morgan Chase JPM 1.9% 

Moody’s  (MCO) - Get Report 13.1% 

U.S. Bancorp  (USB) - Get Report 9.7% 

Wells Fargo  (WFC) - Get Report 8.4% 

Warren Buffett cautions investors against putting too much emphasis on Berkshire Hathaway’s $81.4 billion in net earnings for 2019.

In 2019, the company run by Buffett reported $53.7 billion in unrealized gains on its equity investments.

“That $53.7 billion gain requires comment,” Buffett said.

 “It resulted from a new GAAP rule, imposed in 2018, that requires a company holding equity securities to include in earnings the net change in the unrealized gains and losses of those securities. As we stated in last year's letter, neither Charlie Munger, my partner in managing Berkshire, nor I agree with that rule.”

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