Also, keep in mind that portfolio managers Todd Combs and Ted Weschler are still new and those new positions of under $200 million $300 million are likely tied to them.

24/7 Wall St. has gone through line by line of each position to see which stocks have been bought and sold as new positions, as well as having added in whether or not the number of shares grew or shrank on each since the prior quarter. We had added some color in on some of the positions if applicable.

Be advised that the number of subsidiaries that this filing covers is 14 entities rather than 18 entities in the prior quarter. There is also a note in the 13F filing showing that the SEC has granted “Confidential Treatment” on some Berkshire stock holdings and that likely suggests that Buffett is still acquiring a position he does not want the public to know about yet. This filing does not signal the half-dozen or more European shares that Buffett said he bought so that remains an outstanding issue as well.

The value of the stock portfolio was $66,151,587,000 at the end of 2011 and this was listed as $75,300,250,000 at the end of March 2012.

American Express Co. (NYSE: AXP) was over 151.6 million shares, SAME AS last quarter.

Bank of New York Mellon Corp. (NYSE: BK) is now 5.6 million shares, HIGHER THAN the 1,793,915 shares last quarter.

CVS Caremark Corporation (NYSE: CVS) is the SAME SIZE at 7.106 million shares after having been a new holding in a recent quarter and having been raised one quarter ago.

Coca Cola Co. (NYSE: KO) was right at 200 million shares, SAME AS BEFORE.

ConocoPhillips (NYSE: COP) is roughly 29.1 million shares, roughly the SAME AS BEFORE but it is still lower than previous quarters in past reports.

Costco Wholesale (NASDAQ: COST) 4,333,363 Shares, SAME AS last quarter after having lowered it before.

Da Vita Inc. (NYSE: DVA) is now 6 million shares worth $541 million and that LARGER THAN BEFORE after having been a new position of 2.684 million shares.

DirecTV (NASDAQ: DTV) is a LARGER POSITION listed at 22.999 million worth over $1.13 billion. This one had been 20.348 million shares worth $870 million one quarter earlier and it had been a new position just two quarters ago at 4.249 million shares.

American Express Co. (NYSE: AXP) was over 151.6 million shares, SAME AS last quarter.
Bank of New York Mellon Corp. (NYSE: BK) was 1,793,915 shares, SAME AS last quarter.
CVS Caremark Corporation (NYSE: CVS) is LARGER POSITION at 7.106 million shares after having been a new holding in a recent quarter.
Comdisco Holdings (NASDAQ: CDCO) was roughly 1.5 million shares, SAME AS BEFORE.
Coca Cola Co. (NYSE: KO) was right at 200 million shares, SAME AS BEFORE.
ConocoPhillips (NYSE: COP) is roughly 29.1 million shares, roughly the SAME AS BEFORE but it is still lower than previous quarters.
Costco Wholesale (NASDAQ: COST) 4,333,363 Shares, SAME AS last quarter after having lowered it before.
Da Vita Inc. (NYSE: DVA) is a NEW POSITION of 2.684 million shares worth $203 million.
DirecTV (NASDAQ: DTV) is a LARGER POSITION listed as 20.348 million shares worth $870 million; was a new position of 4.249 million shares one quarter earlier.
Dollar General Corporation (NYSE: DG) is that SAME SIZE as before at 4.497 million shares; was a new position and a grown position before.  This one of our Top Stocks for the Next Decade.
Gannett Co. (NYSE: GCI) was 1.74 million, SAME AS BEFORE but decreased in prior quarters.
General Dynamics Corporation (NYSE: GD) is a LARGER POSITION of 3.877 million shares worth $257 million after being a new position before of 3.064 million shares.
General Electric Corp. (NYSE: GE) is 7.777 million shares; SAME AS before.
GlaxoSmithKline (NYSE: GSK) 1.51 million shares, SAME AS last quarter.
Ingersoll-Rand (NYSE: IR) was 636,600; SAME AS last quarter but still way down from prior reports.
Intel Corporation (NASDAQ: INTC) is a LARGER POSITION of 11.495 million shares worth $278 million; this was a new position of 9.333 million shares last quarter.
International Business Machines Corporation (NYSE: IBM) is now 63.905 million shares worth some $11.75 billion now after having been a new position with an average cost of about $170 per share.
Johnson & Johnson (NYSE: JNJ) was a LOWER POSITION of about 29 million shares; lower than 37.4 million last quarter and way under the peak of 62 million shares at one point in prior quarters.
Kraft Foods (NYSE: KFT) was a LOWER POSITION at about 87 million shares, down from 89.7+ million last quarter and this has continued to be lightened up since the Cadbury purchase.

Exxon Mobil Corp. (NYSE: XOM) was ELIMINATED FROM THE PORTFOLIO after having been only 421,800 shares last quarter and lowered earlier.

PAGE TWO…BUFFETT HOLDINGS ‘L to Z’

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American Express Co. (NYSE: AXP) was over 151.6 million shares, SAME AS last quarter.
Bank of New York Mellon Corp. (NYSE: BK) was 1,793,915 shares, SAME AS last quarter.
CVS Caremark Corporation (NYSE: CVS) is a NEW POSITION of 5,661,000 shares worth $190.1 million.
Comdisco Holdings (NASDAQ: CDCO) was roughly 1.5 million shares, SAME AS BEFORE.
Coca Cola Co. (NYSE: KO) was right at 200 million shares, SAME AS BEFORE.
ConocoPhillips (NYSE: COP) is roughly 29.1 million shares, roughly the SAME AS BEFORE but it is still lower than previous quarters.
Costco Wholesale (NASDAQ: COST) 4,333,363 Shares, SAME AS last quarter after having lowered it before.
DirecTV (NASDAQ: DTV) is a NEW POSITION listed as 4,249,400 shares worth $ 179.6 million.
Dollar General Corporation (NYSE: DG) is a LARGER POSITION at 4.497 million shares worth some $169.8 million versus last quarter’s new position of 1,497,800 shares.  This one of our Top Stocks for the Next Decade.
Exxon Mobil Corp. (NYSE: XOM) was 421,800 shares; SAME AS before but lower than the 1.276 million shares originally.
Gannett Co. (NYSE: GCI) was 1.74 million, SAME AS BEFORE but decreased in prior quarters.
General Dynamics Corporation (NYSE: GD) is a NEW POSITION of 3.064 million shares worth $174.3 million.
General Electric Corp. (NYSE: GE) is 7.777 million shares; SAME AS before.  Please note that this does not include the huge preferred shares from late in 2008 that are likely to be called from Buffett later this year.
GlaxoSmithKline (NYSE: GSK) 1.51 million shares, SAME AS last quarter.
Ingersoll-Rand (NYSE: IR) was 636,600; SAME AS last quarter but still way down from prior reports.
Intel Corporation (NASDAQ: INTC) is a NEW POSITION of 9.333 million shares worth $199.6 million. 
International Business Machines Corporation (NYSE: IBM)  is a NEW POSITION and we found out this morning that Buffett’s stake is nearly 64 million shares worth well over $10 billion with an average cost of about $170 per share.
Johnson & Johnson (NYSE: JNJ) was just over 37.4 million, a LOWER POSITION versus the 42.6 million shares the June quarter and way under the peak of 62 million shares at one point in prior quarters.
Kraft Foods (NYSE: KFT) was a LOWER POSITION at 89.7+ million versus 99,467,624 shares at the June quarter and way down from before selling during the Cadbury purchase.

Despite the revelation made this morning and despite the new positions in IBM and Intel, there is still data not represented in Berkshire Hathaway’s full holdings: Confidential information has been omitted from the Form 13F and filed separately with the Commission.  It looks as though Warren Buffett was again given permission to delay or omit some of the new holdings.

PAGE TWO…BUFFETT HOLDINGS ‘L to Z’

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American Express Co. (NYSE: AXP) was over 151.6 million shares, SAME AS last quarter.
Bank of New York Mellon Corp. (NYSE: BK) was 1,793,915 shares, SAME AS last quarter.
Coca Cola Co. (NYSE: KO) was right at 200 million shares, SAME AS BEFORE.
Comdisco Holdings (NASDAQ: CDCO) was roughly 1.5 million shares, SAME AS BEFORE.
ConocoPhillips (NYSE: COP) is roughly 29.1 million shares, SAME AS BEFORE but it is still lower than previous quarters.
Costco Wholesale (NASDAQ: COST) 4,333,363 Shares, SAME AS last quarter after having lowered it before.
Dollar General Corporation (NYSE: DG) is a NEW POSITION of 1,497,800 shares, which is also one of our own Top Stocks for the Next Decade.
Exxon Mobil Corp. (NYSE: XOM) was 421,800 shares; SAME AS before but lower than the 1.276 million shares originally.
Gannett Co. (NYSE: GCI) was 1.74 million, SAME AS BEFORE but decreased in prior quarters.
General Electric Corp. (NYSE: GE) is 7.777 million shares; SAME AS before.  Please note that this does not include the huge preferred shares from late in 2008 that are likely to be called from Buffett later this year.
GlaxoSmithKline (NYSE: GSK) 1.51 million shares, SAME AS last quarter.
Ingersoll-Rand (NYSE: IR) was 636,600; SAME AS last quarter but still way down from prior reports.
Johnson & Johnson (NYSE: JNJ) was just over 42.6 million shares; SAME AS last quarter but well under the peak of 62 million shares at one point in prior quarters.
Kraft Foods (NYSE: KFT) was 99,467,624 shares; DOWN FROM the 105.21 million last quarter but lower than before selling during the Cadbury purchase.
Lubrizol Corporation (NYSE: LZ) was not listed as a formal holding, but Berkshire Hathaway is still in the acquisition process.

What is interesting is that Berkshire Hathaway STILL does not full reflect its full holdings: Confidential information has been omitted from the Form 13F and filed separately with the Commission.  It looks as though Warren Buffett was again given permission to delay or omit some of the new holdings.

PAGE TWO…BUFFETT HOLDINGS ‘M to Z’

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American Express Co. (NYSE: AXP) over 151.6 million shares, SAME AS last quarter.
Bank of New York Mellon Corp. (NYSE: BK) was the same 1,793,915 shares as last quarter. 
Coca Cola Co. (NYSE: KO) was still listed as right at 200 million shares, SAME AS BEFORE.
Comdisco Holdings (NASDAQ: CDCO) was roughly 1.5 million shares, SAME AS BEFORE.
ConocoPhillips (NYSE: COP) is roughly 29.1 million shares, slightly lower.
Costco Wholesale (NASDAQ: COST) 4,333,363 Shares, SAME AS last quarter after having lowered it before.
Exxon Mobil Corp. (NYSE: XOM) is static at 421,800 shares; SAME AS before but lowered from 1.276 million shares originally.
Gannett Co. (NYSE: GCI) 1.74 million, SAME AS BEFORE but decreased from earlier.
General Electric Corp. (NYSE: GE) 7.777 million shares; SAME AS before but this does not include the huge preferred shares from late in 2008 that are likely to be called from Buffett later this year.
GlaxoSmithKline (NYSE: GSK) 1.51 million shares, SAME AS last quarter.
Goldman Sachs Group Inc. (NYSE: GS) is not listed, but Berkshire Hathaway still has all of those warrants from its 10% preferred share investment from the recession.
Ingersoll-Rand (NYSE: IR) was kept at 636,600; SAME as last quarter but way down from prior reports.
Johnson & Johnson (NYSE: JNJ) was static at just over 42.6 million shares; SAME as last quarter but well under the peak of 62 million before.
Kraft Foods (NYSE: KFT) was static at 105.21 million, SAME AS BEFORE but lower than before selling during the Cadbury purchase.
Lubrizol Corporation (NYSE: LZ) was not listed as a formal holding, but Berkshire Hathaway is trying to acquire this company despite the David Sokol issues.

What is interesting is that Berkshire Hathaway does not full reflect its full holdings.  Buffett is again keeping his cards close to the vest for what he thinks will be copy-cat share buying (most likely on Combs’ new positions).  This filing shows that “only” about $53.6 billion in equities are reflected here, but the most recent earnings report showed an equity value” of about $61.8 billion. It looks as though Warren Buffett was given permission to delay some of the new holdings.

PAGE TWO…BUFFETT HOLDINGS ‘M to Z’

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American Express Co. (NYSE: AXP) over 151.6 million shares, SAME AS last quarter.
Bank of New York Mellon Corp. (NYSE: BK) was previously a new position a quarter ago but this quarter was listed as 1,793,915 shares and is SLIGHTLY SMALLER than the 1,992,759 shares at the last report.
Coca Cola Co. (NYSE: KO) right at 200 million shares, SAME AS BEFORE.
Comdisco Holdings (NASDAQ: CDCO) roughly 1.5 million shares, SAME AS BEFORE.
ConocoPhillips (NYSE: COP) is roughly 29.1 million shares, SAME AS LAST QUARTER but lower than the past.
Costco Wholesale (NASDAQ: COST) 4,333,363 Shares, SAME AS last quarter after having lowered it before.
Exxon Mobil Corp. (NYSE: XOM) is still just 421,800 shares; SAME AS before but lowered from 1.276 million shares originally.
Gannett Co. (NYSE: GCI) 1.74 million, SAME AS BEFORE after having decreased from earlier.
General Electric Corp. (NYSE: GE) 7.777 million shares; SAME AS before but does not include the huge preferred shares from late in 2008.
GlaxoSmithKline (NYSE: GSK) 1.51 million shares, SAME AS before.
Ingersoll-Rand (NYSE: IR) was kept at 636,600 shares as the same as last quarter but this is way down from over 7.78 million more a year ago.

Many Changes…

Bank of America Corp. (NYSE: BAC) used to be 5 million shares, but Buffett SOLD ALL BOFA SHARES.
Becton Dickinson & Co. (NYSE: BDX) used to be 1.889 million shares, but BUFFETT SOLD ALL B&D SHARES.
Comcast Corporation (NASDAQ: CMCSA) was already a lower position at 186,897 shares down from 12 million before, BUT BUFFETT SOLD ALL REMAINING SHARES.
Fiserv, Inc. (NASDAQ: FISV) had already been lowered to 3.91+ million shares, but BUFFETT SOLD ALL FISERV SHARES.

BUFFETT HOLDINGS J to R

BUFFETT HOLDINGS S to Z

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There is always a caveat due to accounting changes.  Buffett’s financial reporting is unlike most firms because the company’s unique composition. With Buffett’s famous investment horizon of ‘forever,’ it is no shock that many of these gains remain unrealized as of today.

This is our list of Buffett’s thirteen greatest investments, listed in no particular order.

1. Coca-Cola (NYSE: KO)

> First Shares Purchased: 1988

> Date Sold: Still Held

> Amount Made: $9.2 Billion (Unrealized)

> % Gain: 766% (Unrealized)

When Buffett began purchasing stock in Coca Cola in 1988, many Wall Street analysts were skeptical because it seemed only a matter of time before other beverage companies would take away its market share. In addition, Coca-Cola had reported earnings down 2% from the previous year, and had an unimpressive P/E ratio of between 14 to 19.  At the time, shares of KO were worth between $35 and $45. The stock has split three times since then, and is now priced in the $60 range.  By 1995, Buffett owned 100,000 shares of the company with a cost basis of roughly $1.2 billion. As of September 2010, Buffett’s unrealized gains on KO were $10.4 billion. This comes out to a 766% increase in value. This is one of Buffett’s greatest investing triumphs.

2. American Express (NYSE: AXP)

> First Shares Purchased: 1964

> Date Sold: Still Held

> Amount Made: $3.7 Billion (Unrealized)

> % Gain: 290% (Unrealized)

In 1964, the “salad oil scandal,” where a vegetable oil company obtained massive loans through falsified collateral rocked American Express, which had provided warehouses and vouched for the company’s inventory. This event ended up costing the company approximately $58 million and much of its reputation. In the period after the scandal broke, investors couldn’t sell AXP shares fast enough, and the stock lost 50% of its value in a short time, falling to $35 per share. Buffett, however, saw this moment of panic for just what it was – a drawback for an otherwise very stable company with long-term growth potential. Buffett observed people beginning to use credit cards in their daily transactions, and recognized AXP’s potential to become an American blue chip. The Berkshire Hathaway CEO purchased shares with a cost basis of $1.28 billion. As of December 31, 2009, the company’s 151.6 billion shares are worth more than $5 billion, an unrealized gain of $3.7 billion and an increase of 290%. Berkshire Hathaway currently owns 12.7% of American Express.

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3. Gillette/Proctor & Gamble

> First Shares Purchased: 1989

> Date Sold: Still Held

> Amount Made: $4.32 Billion

> % Gain: n/a

Procter & Gamble (NYSE: PG) does not seem to be a top gainer for Berkshire Hathaway with a $20 million unrealized gain on a $4.321 billion cost basis as of September 30, 2010.  You have to go back to the days of Gillette to see where Buffett got extraordinary gains after P&G first acquired the razor company.  The Gillette Company cost basis was listed as $600 million in 2001 with an equity value of $3.206 billion.  When P&G announced the acquisition, the deal reportedly gave Buffett a one-day paper profit of about $650 million and a total gain of $4.4 billion overall.  Warren Buffett called it “a dream merger” and then decided to increase his P&G holdings.  Buying a big razor blade maker stake turned out to be one of his best bets ever. Team Buffett makes accounting changes from time to time and after acquisitions, and that may contribute to why there was only a $20 million unrealized gain as of September 30, 2010 on what is listed as a cost basis of $4.321 billion.

American Express Co. (NYSE: AXP) over 151.6 million shares, SAME AS last quarter.
Bank of America Corp. (NYSE: BAC) 5 million shares; SAME AS last quarter.
Bank of New York Mellon Corp.n (NYSE: BK) is a NEW POSITION at 1,992,759 shares.
Becton Dickinson & Co. (NYSE: BDX) is 1.889 million shares, SAME AS LAST QUARTER after having seen more than 1 position raise before then.
Coca Cola Co. (NYSE: KO) right at 200 million shares, SAME AS BEFORE.
Comcast Corporation (NASDAQ: CMCSA) is a LOWER POSITION and almost entirely eliminated as the report lists only 186,897 shares down from 12 million before.
Comdisco Holdings (NASDAQ: CDCO) roughly 1.5 million shares, SAME AS before.
ConocoPhillips (NYSE: COP) is roughly 29.1 million shares, SAME AS LAST QUARTER after having cut and cut the stake.
Costco Wholesale (NASDAQ: COST) 4,333,363 Shares, SAME AS last quarter after having lowered it before.
Exxon Mobil Corp. (NYSE: XOM) 421,800 shares; SAME AS before but lowered from 1.276 million shares originally.
Fiserv, Inc. (NASDAQ: FISV) is already a LOWER POSITION at 3.91+ million shares, down from a previously new position of 4.4 million shares.
Gannett Co. (NYSE: GCI) 1.74 million, SAME AS BEFORE after having decreased from earlier.
General Electric Corp. (NYSE: GE) 7.777 million shares; SAME AS before but does not include the huge preferred shares from late in 2008.
GlaxoSmithKline (NYSE: GSK) 1.51 million shares, SAME AS before.

Buffett listed no shares of Carmax Inc. (NYSE: KMX), which had been 7,725,900 shares. Consider Carmax a SOLD POSITION.

Goldman Sachs Group Inc. (NYSE: GS) is NOT LISTED and the word is out that Goldman Sachs has been hung up from being able to pay Buffett back because of the rules governing TARP banks and the debt repayments or dividend payments.

BUFFETT HOLDINGS H to R

BUFFETT HOLDINGS S to Z

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American Express Co. (NYSE: AXP) over 151.6 million shares, SAME AS last quarter.
Bank of America Corp. (NYSE: BAC) 5 million shares; SAME AS last quarter.
Becton Dickinson & Co. (NYSE: BDX) is 1.889 million shares, UP FROM 1.744 million shares last quarter and was a raised position last quarter too from 1.5 million shares before and versus 1.2 million before that.
Carmax Inc. (NYSE: KMX) is 7,725,900, SAME AS BEFORE; had been reduced from 8 million shares the prior quarter and versus 9 million shares a quarter before that.
Coca Cola Co. (NYSE: KO) right at 200 million shares, SAME AS BEFORE.
Comcast (NASDAQ: CMCSA) 12 million shares, SAME AS before.
Comdisco Holdings (NASDAQ: CDCO) roughly 1.5 million shares, SAME AS before.
ConocoPhillips (NYSE: COP) is roughly 29.1 million shares, A LOWER STAKE than the prior 34.179 million shares and yet another cut from 37.7 million two quarters ago and 57.43 million and 62.485 million before that.
Costco Wholesale (NASDAQ: COST) 4,333,363 Shares, SAME AS last quarter but that is after it had been lowered from 5.254 million before.
Exxon Mobil Corp. (NYSE: XOM) 421,800 shares; SAME AS before but lowered from 1.276 million shares originally.
Fiserv, Inc. (NASDAQ: FISV) is a NEW POSITION of 4.4 million shares.
Gannett Co. (NYSE: GCI) 1,740,231 SHARES; SAME as before, but a decrease from earlier.
General Electric Corp. (NYSE: GE) 7.777 million shares; SAME AS before but does not include the huge preferred shares from late in 2008.
GlaxoSmithKline (NYSE: GSK) 1.51 million shares, SAME AS before.

BUFFETT HOLDINGS H to R

BUFFETT HOLDINGS S to Z

Goldman Sachs Group Inc. (NYSE: GS) is NOT LISTED but that is because it is a preferred stock with warrants. Buffett says he is holding and still has it.

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American Express Co. (NYSE: AXP) over 151.6 million shares, SAME as last quarter.
Bank of America Corp. (NYSE: BAC) 5 million shares; SAME as last quarter.
Becton Dickinson & Co. (NYSE: BDX) is 1.744 million shares, a RAISED POSITION again versus its raised to 1.5 million shares last quarter; was only 1.2 million before that.
Carmax Inc. (NYSE: KMX) is7.725 million shares, A DECREASED POSITION versus 8 million shares last quarter and versus 9 million shares a quarter before that.
Coca Cola Co. (NYSE: KO) right at 200 million shares, SAME as before.
Comcast (NASDAQ: CMCSA) 12 million shares, SAME as before.
Comdisco Holdings (NASDAQ: CDCO) roughly 1.5 million shares, SAME as before.
ConocoPhillips (NYSE: COP) is 34.179 million shares; that is ANOTHER DECREASE from 37.7 million last quarter, was 57.43 million shares before and down from 62.485 million at the end of June.
Costco Wholesale (NASDAQ: COST) 4,333,363 Shares, a DECREASE from 5.254 million before.
Exxon Mobil Corp. (NYSE: XOM) 421,800 shares; that is the SAME as before but less than  1.276 million shares.
Gannett Co. (NYSE: GCI) 1,740,231 SHARES; this is a DECREASE from 2.202 million shares last quarter and down from 3.447 million before then.
General Electric Corp. (NYSE: GE) 7.777 million shares; SAME as before but does not include the huge preferred shares from late in 2008.
Goldman Sachs Group Inc. (NYSE: GS) is NOT LISTED but that is because it is a preferred stock with warrants. Buffett says he is holding and still has it.
GlaxoSmithKline (NYSE: GSK) 1.51 million shares, SAME as before.

BUFFETT HOLDINGS H to R

BUFFETT HOLDINGS S to Z

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