Amgen Inc. (NASDAQ: AMGN) Cut to Perform at Oppenheimer; named as Bull of the Day at Zacks.
AU Optronics Corporation (NYSE: AUO) targets raised by Nomura and also by Credit Suisse.
A123 Systems, Inc. (NASDAQ: AONE) Cut to Sell at Wunderlich.
Elan Corp. (NYSE: ELN) Cut to Neutral at Credit Suisse.
Expedia Inc. (NASDAQ: EXPE) Cut to Hold at S&P Capital IQ.
Ingersoll-Rand plc (NYSE: IR) Raised to Outperform at Wells Fargo.
3M Co. (NYSE: MMM) Cut to Hold at Deutsche Bank.
Montpelier Re Holdings (NYSE: MRH) named as Bear of the Day at Zacks.
NYSE Euronext (NYSE: NYX) Resumed as Hold at Deutsche Bank.
Post Holdings Inc. (NYSE: POST) Started as Overweight at Barclays.
Research In Motion Ltd. (NASDAQ: RIMM) Reiterated Hold with $15 target at Canaccord Genuity.
Sohu.com Inc. (NASDAQ: SOHU) Cut to Hold at Deutsche Bank.

See the new high $665 price target on Apple Inc. (NASDAQ: AAPL) from this morning.

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JON C. OGG

The surprise winner so far in 2012 after the first month is USG Corporation (NYSE: USG). then there are stocks like Bank of America Corporation (NYSE: BAC), Ingersoll-Rand plc (NYSE: IR), Moody’s Corporation (NYSE: MCO), Intel Corporation (NASDAQ: INTC), Wells Fargo & Co. (NYSE: WFC), and American Express Co. (NYSE: AXP).  Yep, the other winners of these seven holdings are mostly tied to finance.

We have evaluated the performance to date (from FinViz.com) and added in some color on each.  We have also shown how the price compares to the 52-week highs or to the consensus price target as well, and included in some cases whether the position is substantial or not.

USG Corporation (NYSE: USG) is up 32.8% year-to-date and is actually Berkshire Hathaway’s top performing stock.  With so much interest in the bottoming out of housing at some point in 2012, it may not be that ridiculous even if the fundamentals have not changed all that much yet.  The concern here is that at $13.50 it now trades above the consensus $13.30 price target.  Buffett holds over 17 million USG shares.

Bank of America Corporation (NYSE: BAC) is up 32.4% year-to-date and the new large preferred position is back to where Warren Buffett doesn’t look foolish for dreaming up his investment in BofA while in the bath.  At $7.36 there is still plenty of upside to the $8.90 price target and this remains (and is expected to remain) well under book value.

Ingersoll-Rand plc (NYSE: IR) is up 15.5% year-to-date, not bad for what is usually a slower-moving company with a portfolio of industrial and commercial products.  At $35.18, it does not have much upside left to the consensus price target of $37.94 but it is still way off the 52-week high of $52.33.  Buffett’s position is way down from prior periods and is only 636,600 shares as of the last report.  This position just can’t move the entire Berkshire Hathaway Barometer too much.

Moody’s Corporation (NYSE: MCO) is up 11.6% year-to-date.  The credit rating agency has been a controversial position that Buffett has lightened up on through time.  At $37.60, it is close to the consensus price target of $39.60 and under the 52-week high of $41.93.  Buffett did lighten up a bit on this position but still holds roughly 28.4 million shares.

Intel Corporation (NASDAQ: INTC) is up 9.5% year-to-date and is one of the news 2011 investments that Mr. Buffett hid.  It was also his first technology pick as far as pure hardware is concerned.  At $26.55, Intel is very close to its 52-week high of $27.00 and close to its consensus analyst price target of $27.17.

Wells Fargo & Co. (NYSE: WFC) is up 8.9% year-to-date and is up the least of the big money-center banks.  It is also the only one of the money-center banks trading above book value because the restructuring regulatory climate over future earnings will create the least amount of change at Wells Fargo. Buffett keeps adding here and now holds over 361 million shares as one of his biggest positions ever.

American Express Co. (NYSE: AXP) is up 7.7% year-to-date, which is lower than many financials. The recent earnings report showed improvement but perhaps a trend towards peaking of the improving credit metrics of AmEx customers.  Buffett’s position is roughly 151.6 million shares.

Berkshire Hathaway’s most recent holdings in entirety can be found here.

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JON C. OGG

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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JON C. OGG

Air Products & Chemicals Inc. (NYSE: APD) Reiterated Buy and $108 target at Argus.
Altria Group Inc. (NYSE: MO) Cut to Hold at Argus.
ARM Holdings plc (NASDAQ: ARMH) Raised target and estimates at Citigroup.
Athenahealth, Inc. (NASDAQ: ATHN) Started as Underperform at Oppenheimer.
Brocade Communications Systems, Inc. (NASDAQ: BRCD) Raised to Outperform at Baird.
Corn Products International Inc. (NYSE: CPO) Cut to Hold at S&P Equity Research (late-Monday call).
General Electric Co. (NYSE: GE) Reiterated Buy with $26 target at Argus.
Honeywell International Inc. (NYSE: HON) Reiterated Buy and Raised target to $70 at Argus.
Ingersoll-Rand Plc (NYSE: IR) Raised to Buy at BofA/ML.
MGM Resorts International (NYSE: MGM) Cut to Underperform with $11 target at Credit Suisse.
Morgan Stanley (NYSE: MS) maintained Underperform as Bear of the Day at Zacks.
Netflix, Inc. (NASDAQ: NFLX) Cut to Sell with $170 target at Janney; reiterated Outperform at Credit Suisse.
Occidental Petroleum Corporation (NYSE: OXY) Raised to Buy at Deutsche Bank.
Pan American Silver Corp. (NASDAQ: PAAS) Raised to Buy at Jefferies.
Spansion Inc. (NASDAQ: CODE) Reiterated Buy and $28 target at Gleacher & Co.
Vical Inc. (NASDAQ: VICL) Started as Buy at Canaccord.
Wynn Resorts, Ltd. (NASDAQ: WYNN) maintained Outperform as Bull of the Day at Zacks.
YUM! Brands Inc. (NYSE: YUM) Reiterated Outperform and raised target to $61 at Credit Suisse.

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JON C. OGG

Ingersoll-Rand Plc (NYSE: IR) had a  huge payout hike and a buyback to boot.  The industrial and commercial products maker is hiking its quarterly payout by more than 70% (yes, seventy) to $0.12 per quarter from $0.07 per quarter.  This takes the yield of 0.6% to 1% with shares up around $49.00.  The company also authorized $2 billion for buybacks against what is only a $16 billion market cap.

A key gold dividend announcement came from Newmont Mining Corporation (NYSE: NEM) as the company said that it plans to boost its output and more importantly that it would peg its annual dividend to the price of gold.  The firm sees about $1.00 being paid per year where gold prices are currently. The current dividend is about $0.60, or a 1.1% yield,  and the new dividend based on adjusted prices is about 1.7% if it remains static.   Shares have risen over 3% to $58.45 today and that makes Newmont the dividend king in the gold sector by far.

PNC Financial Services Group Inc. (NYSE: PNC) is one we had expected to see after the Federal Reserve picked which companies could hike their payouts to shareholders.  The hike is a monster one, up 250% to $0.35 per quarter from a current rate of only $0.10 per quarter.  The prior 0.6% yield will jump to about 2.2% based on today’s share price nearing $64.00.  PNC now also plans to begin repurchasing shares under a 25 million share buyback plan and that was noted as about $500 million for the rest of 2011.  The market cap is just over $33 billion.

QUALCOMM Incorporated (NASDAQ: QCOM) may not seem like a traditional dividend player but that just is proving to not be the case. The new payout is going to $0.215 per quarter from $0.19 per quarter before.  The company has hiked its payout since at least 2004 and the new yield will be about 1.6%.  With its margins it seems like the dividend hikes can continue.  For a reference, Thomson Reuters has its non-GAAP earnings estimate at $3.04 for Fiscal September 2011.

JON C. OGG

Ingersoll-Rand (NYSE: IR) 636,600 shares, WAY DOWN YET AGAIN… was over 5.6 million before and was 7.78 million over a year ago.
Johnson & Johnson (NYSE: JNJ) is a HIGHER POSITION listed as over 42.62 million shares; that is another increase in J&J even though well under the 62 million at the peak.
Kraft Foods (NYSE: KFT) is 105.21 million, SAME AS BEFORE after having been cut and down from the 138+ million before he was critical of the Cadbury deal.
Lowe’s Companies (NYSE: LOW) 6.5 million shares, SAME AS BEFORE.
M&T Bank Corp. (NYSE: MTB) is 5.363 million, SAME AS BEFORE after having been cut before then.
Moody’s Corp. (NYSE: MCO) is a LOWER POSITION AGAIN at 28.87+ million shares; down from 30.783 million before after several prior decreased positions.
Nalco Holding (NYSE: NLC) 6,142,300 shares; DOWN FROM PRIOR 9.15 million shares.
Nestle ADR is 3.4 million shares, SAME AS BEFORE.
Nike Inc. (NYSE: NKE) is a DECREASED POSITION of 3,642,929 shares; down from 7.641 million.
Procter & Gamble (NYSE: PG) is an DECREASED POSITION at over 76.7 million shares; versus just over 78 million the quarter before.  That is still well under the peak in recent times of 96.3 million shares.

Harley-Davidson, Inc. (NYSE: HOG) is not listed but was a not common stock so is not included in these filings; Buffett still likely holds the preferred shares and warrants.

Home Depot Inc. (NYSE: HD) HAS BEEEN ELIMINATED; previous holdings showed 2.757 million.

Republic Services Inc. (NYSE: RSG) HAS BEEN ELIMINATED after having been 10.827 million.

NRG Energy Inc. (NYSE: NRG) HAS BEEN ELIMINATED as it was 6 million shares before.

Iron Mountain (NYSE: IRM) had been increasing in the prior quarters but IT IS GONE and not listed as a holding any longer versus 8 million before.

BUFFETT HOLDINGS A to G

BUFFETT HOLDINGS S to Z

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JON C. OGG

Harley-Davidson, Inc. (NYSE: HOG) is not listed but was a not common stock so is not included in these filings; Buffett still likely holds the preferred shares and warrants.
Home Depot Inc. (NYSE: HD) 2.757 million, SAME AS last quarter.
Ingersoll-Rand (NYSE: IR) 5.636 million shares, SAME AS last quarter but way down from the 7.78 million a year ago.
Iron Mountain (NYSE: IRM) is 8 Million shares, A HIGHER POSITION versus 7,794,800 shares last quarter, and above 7 million shares and versus 3.3722 million shares in the quarters before then.
Johnson & Johnson (NYSE: JNJ) is almost41.1.3 million shares, AN INCREASED POSITION from last quarter’s 27 million shares.  This gets J&J back above the 36.91 million shares before that and on the way back up to the 62 million shares at one point in 2008.
Kraft Foods (NYSE: KFT) is 105.21 million, which is DOWN SLIGHTLY from the 106.7+ million a quarter before and down from the 138+ million before he was critical of the Cadbury deal.
Lowe’s Companies (NYSE: LOW) 6.5 million shares, SAME AS BEFORE.
M&T Bank Corp. (NYSE: MTB) is 5.363 million, A DECREASE from 5.563 million shares before that and down from 6.71 million shares before that.
Moody’s Corp. (NYSE: MCO) 30.783 million, which appears to be a decrease from what we listed as 30.83 million last quarter.  This is way down from the 48 million originally before two more quarters of decreases.
NRG Energy Inc. (NYSE: NRG) was 6 million shares.
Nalco Holding (NYSE: NLC) 9.15 million shares, UP SLIGHTLY from the 9.0 million a quarter earlier.
Nestle ADR is 3.4 million shares, SAME AS BEFORE.
Nike Inc. (NYSE: NKE) 7.641 million shares, SAME AS BEFORE.
Procter & Gamble (NYSE: PG) is 70.071 million shares; DOWN SLIGHTLY from over 78.317 million a quarter before and from approximately 87.5 million and 96.3 million in the quarters before that.
Republic Services Inc. (NYSE: RSG) is 10.827 million shares; SAME AS BEFORE but still above the prior quarter.

BUFFETT HOLDINGS A to G

BUFFETT HOLDINGS S to Z

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JON C. OGG

Harley-Davidson, Inc. (NYSE: HOG) is not listed but was a not common stock so is not included in these filings; Buffett still likely holds the preferred shares and warrants.
Home Depot Inc. (NYSE: HD) 2.757 million, SAME as last quarter.
Ingersoll-Rand (NYSE: IR) 636,600 shares; SAME as last quarter but way down from the 7.78 million three quarters ago.
Iron Mountain (NYSE: IRM) is 7,794,800 shares, an INCREASED POSITION from 7 million shares last quarter and versus 3.3722 million shares before then.
Johnson & Johnson (NYSE: JNJ) is almost 23.9 million shares; a DECREASED POSITION from just over 27 million shares before.  This was 36.91 million shares before that and the size is still well under the 62 million shares at one point in 2008.
Kraft Foods (NYSE: KFT) 106.7+ million; DOWN from over 138 million before as he has been critical of the Cadbury deal.
Lowe’s Companies (NYSE: LOW) 6.5 million shares, SAME as before.
M&T Bank Corp. (NYSE: MTB) 5.563 million, a DECREASE from 6.71 million shares before.
Moody’s Corp. (NYSE: MCO) is 30.83 million shares; a DECREASED POSITION again: down from 31.8 million shares; down from 39.2 million shares before that and well under the 48 million the quarter before that.
Nalco Holding (NYSE: NLC) 9.0 million shares, SAME as last quarter.
Nestle ADR is 3.4 million shares, same as before.
Nike Inc. (NYSE: NKE) 7.641 million shares, SAME as before.
Procter & Gamble (NYSE: PG) is over 78.317 million shares; ANOTHER DECREASE from approximately 87.5 million before and from 96.3 million before that.
Republic Services Inc. (NYSE: RSG) is 10.827 million shares; we show this as an INCREASED stake versus 8.29 million shares a quarter ago after Buffett started accumulating this with (or behind) Bill Gates.  DJNews was saying this was a lower stake, so our data or their data is wrong.

BUFFETT HOLDINGS A to G

BUFFETT HOLDINGS S to Z

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JON C. OGG

The total NYSE short interest rose by 3.78% to 14,002,613,200 shares versus 13,492,652,518 shares in the period ending January 29, 2010.  NASDAQ short interest was up 4.75% to 7,019,657,092 shares versus 6,701,137,021 shares ending January 29, 2010.  It turns out that the best against Warren Buffett’s core holdings were frequently far higher than these short interest averages.

• Berkshire Hathaway Inc. (BRK-A) was 14,752 shares, up 98% from 7,452 shares;
• Berkshire Hathaway Inc. (BRK-B) was 29,538,177 shares, up 101% from 14,698,348 shares.

The bets against Buffet’s Berkshire Hathaway were likely left over arbitrage plays or more importantly were index addition bets that the stock would drop after it was added to the S&P 500 index.  We took a look here at the few first that actually saw a decrease in the short selling.  These are Buffett stocks which saw traders making lower bets against his portfolio stocks as follows:

• Gannett Co. (NYSE: GCI) was a smaller position as he cut the stock holdings but short sellers couldn’t take the gains in the stock.  Short interest was 29,577,885, down by -3.6% vs 30,669,973
• Goldman Sachs Group Inc. (NYSE: GS) is a huge warrant and preferred position but not a common stock.  Turns out that short sellers lightened up the bets against Blankfein and friends.  This was 8,283,268 shares, down by -4.8% vs. 8,696,610
• Ingersoll-Rand (NYSE: IR) 10,222,455, -7.5% vs. 11,046,783
• Lowe’s Companies (NYSE: LOW) 13,467,676, down by -7.8% vs. 14,611,297
• Moody’s (NYSE: MCO) was again decreased by Buffett, but short sellers lightened up here despite its changed model.  This was listed as 31,252,489, down -4.8% vs. 32,815,912
• Nalco Holding (NYSE: NLC) 2,861,748 was down -27% vs. 3,918,130
• Nike Inc. (NYSE: NKE) was down 3% at 8,115,812 vs 8,364,309
• Sanofi Aventis (NYSE: SNY) 1,417,016 down -27.8% vs 1,962,986
• Sun Trust Bank (NYSE: STI) is a decreased position of Buffett’s and that was shorted less at 31,858,590, down -5.5% vs 33,707,880.
• Torchmark Corp. (NYSE: TMK) 4,312,561 was -2.3% vs. 4,414,462
• Wellpoint Inc. (NYSE: WLP) is one that Buffett has steadily been selling, but short sellers lightened up their bets against this stock. This was 6,306,073 shares short, down by -19.2% vs 7,800,022

This is the group where we saw increased bets against Buffett’s stocks.  Some positions were changed by Buffett as well, and some bets were with Buffett’s directional change while others were against it.  This large list is as follows:

• Bank of America Corp. (NYSE: BAC) 344,401,459 was up 5.4% from 326,896,224
• Becton Dickinson & Co. (NYSE: BDX) was one Buffett raised his position in but shorts increased their bets against Buffett’s bet.  This was 3,598,302 shares, up 12.6% from 3,195,720
• Carmax Inc. (NYSE: KMX) was a decreased position for Buffett and short sellers increased their bets against it.  This was 14,238,109 shares short, up 6.6% vs. 13,361,299
• Coca Cola Co. (NYSE: KO) 17,941,700, up 15.9% from 15,469,000
• Comcast (NASDAQ: CMCSA) 48,314,070, up 13.3% from 42,632,950
• ConocoPhillips (NYSE: COP) was cut in Buffett holdings and it saw a rise in short selling to 15,031,200, up 18.2% from 12,714,800  shares.
• Costco Wholesale (NASDAQ: COST) 11,281,400 up 11.14% vs. 10,150,700
• Exxon Mobil Corp. (NYSE: XOM) was slightly cut by Buffett and shorts increased their anti-oil bets to 80,161,907 shares, up 16.7% from 68,697,731
• General Electric Corp. (NYSE: GE) 74,962,422, up 13.2% from 66,249,225
• GlaxoSmithKline (NYSE: GSK) 3,676,415, up 11.2% from 3,306,299
• Home Depot Inc. (NYSE: HD) 33,721,859, up 17.3% from 28,737,051
• Iron Mountain (NYSE: IRM) was a stock Buffett raised his stake in, yet shorts bet against it with 15,134,029 shares short.  That is up 6.7% from 14,180,881 shares.
• Johnson & Johnson (NYSE: JNJ) was another stock Buffett cut his stake in and the shorts increased their bets against it; 18,650,524 shares, up 13.7% from 16,408,634
• Kraft Foods (NYSE: KFT) 52,715,903, up 34.4% from 39,227,946
• M&T Bank Corp. (NYSE: MTB) 14,557,744, up 0.1% from 14,549,915
• Procter & Gamble (NYSE: PG) was a smaller Buffett position, and there was a big short interest gain as a bet against P&G.  This was 29,450,930 shares, up 21.2% from 24,302,413 shares.
• Republic Services Inc. (NYSE: RSG) was a raised holding of Buffett in his chase after Bill Gates, but shorts bet harder against the garbage men here.  This was 1,806,220 shares short, a 8.3% gain versus 1,667,190.
• Travelers Cos (NYSE: TRV) 6,997,575, up 17.6% versus 5,948,204… but just tiny Buffett holding.
• USG Corp. (NYSE: USG) 14,808,631, up 4.9% versus 14,122,777 shares
• United Health Group (NYSE: UNH) was a decreased holding again from Buffett and shorts increased their short selling; 16,939,025 shares, up 39.2% from 12,169,639
• United Parcel Service (NYSE: UPS) 11,663,165, up 4.5% vs. 11,159,600
• Washington Post (NYSE: WPO) 178,636, up 5.9% from 168,638
• Wells Fargo & Co. (NYSE: WFC) was an increased position again for Buffett, but short sellers increased their bets against the company.  It saw 49,549,878 shares short, up 12.5% from 44,048,977

Then there is the group that was effectively unchanged in short sales from the whole market in Buffett holdings.  These are the stock holdings which saw an increase or decrease of 2.0% or less.  These are as follows:

• American Express Co. (NYSE: AXP) 13,443,984, up 1.4% from 13,254,289
• Wal-Mart Stores Inc. (NYSE: WMT) 21,200,285, up 0.4% from 21,119,310
• Wesco Financial Corp. (NYSE: WSC) 5,008,953, down only -0.6% vs. 5,039,052

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JON C. OGG

• Gannett Co. (NYSE: GCI) is a decreased holding of 2.202 million shares, down from 3.447 million last quarter.
• General Electric Corp. (NYSE: GE) 7.777 million shares is the same as before, but does not include the huge preferred investment from late 2008.
• Goldman Sachs Group Inc. (NYSE: GS) is NOT a common stock… but Buffett still holds the preferred shares and warrants.
• GlaxoSmithKline (NYSE: GSK) 1.51 million shares, same as before.
• Harley-Davidson, Inc. (NYSE: HOG) is NOT a common stock… but Buffett still holds the preferred shares and warrants.
• Home Depot Inc. (NYSE: HD) 2.757 million, same as last quarter.
• Ingersoll-Rand (NYSE: IR) 636,600 shares; same as last quarter but way down from the 7.78 million two quarters ago.
• Iron Mountain (NYSE: IRM) is a raised holding of 7 million shares versus 3.3722 million shares a quarter ago.
• Johnson & Johnson (NYSE: JNJ) is a decreased position of just over 27 million shares; this is down from just over 36.91 million shares before and still well under the 62 million shares at one point in 2008.
• Kraft Foods (NYSE: KFT) over 138 million; same as last quarter.
• Lowe’s Companies (NYSE: LOW) 6.5 million shares, same as last quarter.
• M&T Bank Corp. (NYSE: MTB) 6.71 million shares, same as before.
• Moody’s (NYSE: MCO) is decreased again to 31.8 million shares versus 39.2 million shares a quarter before and under the 48 million the quarter before that.
• Nalco Holding (NYSE: NLC) 9.0 million shares, same as last quarter.
• Nestle ADR is 3.4 million shares, same as before.
• Nike Inc. (NYSE: NKE) 7.641 million shares, same as before.
• Procter & Gamble (NYSE: PG) is a decreased position of approximately 87.5 million shares, down from 96.3 million.

Norfolk Southern (NYSE: NSC) has been eliminated in the quarter as Buffett already had his all-in bet on America with BNSF.

NRG Energy (NYSE: NRG) has been eliminated as a position entirely, down from 7.2 million last quarter.

BUFFETT HOLDINGS A to F

BUFFETT HOLDINGS R to Z

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JON C. OGG