To keep things even for U.S. investors, we screened out the ADRs held by Buffett and Berkshire Hathaway Inc. (NYSE: BRK-B) even though one is mentioned at the end of the screen to keep them on the list. Of the dozens of stocks held by the conglomerate, these are the eight highest dividends in the Buffett portfolio. We have put the stocks in order of the highest yields first and added in color on each if applicable. As you will see, most of the Buffett top dividend yields still offer upside to their consensus price targets for value investors looking for growth.

ConocoPhillips (NYSE: COP) leads the list with a common stock dividend yield of 4.2%. The company has pledged to keep its dividend strong, and this puts it higher than other oil giants. This stock is now within about 1% of new 52-week highs and the $62.42 share price compares to an analyst consensus price target of about $63.98.

Gannett Co. Inc. (NYSE: GCI) has a surprising yield of 3.6% for its common stock holders. This remains a small holding of Warren Buffett but investors might be surprised that the newspaper and media stock has risen to the point that it is up almost 100% from its 52-week low. At $21.62 as of now, the stock trades right at the $21.61 consensus analyst price target, and the 52-week trading range is $12.17 to $22.21.

General Electric Co. (NYSE: GE) offers a 3.3% yield, partly because shares have pulled back since earnings. The earnings report was not stellar by any means, but we think GE shares were sold off too hard after earnings when you consider the state of the bull market. Shares are at $23.24, and GE’s 52-week high is $23.90. Analysts have a consensus target price of $25.33. GE is likely to have a dividend hike yet again later this year.

Wells Fargo & Co. (NYSE: WFC) is a top bank and Buffett keeps buying more and more of this stock each and every quarter. The 3.2% common stock yield is rather impressive, and this remains at the top of the seven safest banks in America. This bank is challenging the highs from before the recession again, if you back out the dividend payments. At $39.30, its stock hit that multiyear high on May 15, and analysts have a consensus price target of $40.76.

Procter & Gamble Co. (NYSE: PG) has lifted its dividend and is yielding 3.1% after a dividend hike in April. Buffett has trimmed the stake here over time, but activist investors have been on management’s back and pressing it to run the company better. If P&G keeps up its efforts, it could be worth even more. The market cap of $221 billion already makes it one of the largest public companies out there. With shares at $80.68, the consensus analyst target price is $82.78.

J.P. Morgan Chase & Co. (NYSE: JPM) is a personal holding of Warren Buffett rather than Berkshire Hathaway. The bank pays a 3.1% dividend, despite not getting to be as aggressive on its capital plans. Jamie Dimon has been under fire here to split the CEO and chairman roles, but Buffett recently has praised Dimon as a great CEO who also deserves his chairman role. We would caution that one analyst showed that some $20 billion (10% of the share price) could come out of the stock if Dimon leaves the bank because there is a management replacement vacuum right now with no heir apparent. With shares at $51.09, the consensus analyst target is $56.21.

Johnson & Johnson (NYSE: JNJ) recently raised its dividend. The drug and consumer products giant has been a habitual dividend-raising machine, and its product quality controls appear to be over. The 3.1% payout is impressive when you consider that this stock just hit an all-time high on May 15. Note that the consensus analyst price target of $86.50 is actually less than the current price of $87.64.

United Parcel Service Inc. (NYSE: UPS) ranked as number eight with a dividend yield of 2.8%. This comes as the stock is challenging all-time highs, and the shipping giant has raised its dividend payment consistently. With shares at $88.60, analysts have a consensus price target of $93.09 on the stock.

GlaxoSmithKline PLC (NYSE: GSK) is the ADR of the group, and it was only included because it screens out as having such a high yield at 4.3%. That would have put it at the top of the list. As this is an ADR and subject to currency changes altering the payouts each time in dollars for ADR holders, we are only representing the Yahoo! screen for the nominal payout rather than adding color here.

Jon C. Ogg

*The full Buffett and Berkshire Hathaway portfolio can be seen here.

The new Buffett holdings are below.

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

Bank of New York Mellon Corp. (NYSE: BK) was almost 19 million shares, which appears to be slightly lower but it had been raised before. What matters here is that it remains a substantial holding still.

Chicago Bridge & Iron Co. (NYSE: CBI) was a NEW POSITION at just over 6.5 million shares worth over $400 million.

Coca-Cola Co. (NYSE: KO) was more than 400 million shares due to the stock split of 2012, but this is virtually the SAME AS BEFORE.

ConocoPhillips (NYSE: COP) is the SAME POSITION at 24.1 million shares, but this is lower than in prior quarters.

Costco Wholesale Corp. (NASDAQ: COST) was the SAME POSITION at 4,333,363 shares.

DaVita Inc. (NYSE: DVA) was a LARGER POSITION and already more than a 10% stake and we recently saw that Berkshire Hathaway had entered into a standstill agreement not to buy more than 25% of the company after already having increased its stake recently. This was listed as 14.97 million shares as of March 31 versus 13.6 million shares before.

Deere & Co. (NYSE: DE) was the SAME POSITION at roughly 4 million shares.

DirecTV (NASDAQ: DTV) was HIGHER YET AGAIN at 37.275 million shares versus almost 34 million shares and that was also higher than before.

Gannett Co. (NYSE: GCI) was the SAME POSITION of 1.74 million shares.

General Electric Corp. (NYSE: GE) is listed as the SAME POSITION at 588,900 shares, but this is still way down from prior reports.

General Motors Co. (NYSE: GM) is the SAME POSITION at 25 million shares, but this was previously up from smaller positions.

GlaxoSmithKline (NYSE: GSK) is the SAME POSITION at 1.51 million shares.

Agrium Inc. (NYSE: AGU) was started as Overweight at HSBC.

American International Group Inc. (NYSE: AIG) started as Outperform along with a $50 price target at BMO Capital Markets, representing close to 30% in implied upside from the $38.56 closing price.

ASML Holding N.V. (NASDAQ: ASML) raised to Buy from Hold at Deutsche Bank and shares are indicated up more than 3% in New York while the ADR’s local shares were up as much as almost 5% in Amsterdam trading.

Best Buy Co. Inc. (NYSE: BBY) saw its price target raised to $30 from $24 at Jefferies, with the note being that business is so far tracking in-line or better than expectations.

Holly Frontier Corp. (NYSE: HFC) raised to Buy from Neutral at BofA/Merrill Lynch.

Johnson & Johnson Inc. (NYSE: JNJ) reiterated Buy but the price target was raised all the way up to $96 from $80 by Argus after its earnings report. Outside of the analyst calls, we expect and have projected a dividend hike yet again next week from J&J.

Potash Corp. of Saskatchewan (NYSE: POT) was started as Overweight at HSBC.

SanDisk Corp. (NASDAQ: SNDK) is up marginally after earnings. The flash memory leader was reiterated as Outperform at Credit Suisse, but the firm raised the price target to $75 from $55 as its structural growth is expected to be better than the semiconductor sector.

Textron Inc. (NYSE: TXT) has one analyst defending the stock after a 13.5% drop on Wednesday. J.P. Morgan has raised its rating to Overweight from Neutral and assigned a $30 price target. Shares closed at $25.51 on Wednesday, versus $29.35 the prior day, and its 52-week range is $21.97 to $31.30.

Theravance Inc. (NASDAQ: THRX) is already up 16% or so at $32.50 after positive data on its COPD drug with GlaxoSmithKline, but BofA/Merrill Lynch reiterated a Buy rating and raised its price target to $40 from $34 along with its earnings estimates from 2013 to 2015.

The Travelers Companies Inc. (NYSE: TRV) was started as Outperform with a $95 price target at BMO Capital Markets.

United Parcel Service Inc. (NYSE: UPS) raised to Outperform from Sector Perform at RBC Capital Markets.

See also: Analysts Defend Battered Gold Mining Stocks

S&P 500 dividends per share surged 23% year-over-year to a record $8.93 in the fourth quarter of 2012, as many companies accelerated payouts in advance of the expiration of the reduced tax rate on qualified dividend income on December 31, 2012. Despite the late 2012 tax-driven dividend blitz, S&P 500 dividend growth remained very healthy and was up 12.3% in the first quarter of 2013, signaling increased corporate confidence of future cash flow generation. That is a good sign for investors.

We screened the Dividend Ruler stocks for the 10 top yielding global stocks to buy for the second quarter.

AstraZeneca PLC (NYSE: AZN) tops the UBS list. With a global footprint in pharmaceutical sales, the stock trades at a very reasonable 10.14 times earnings. Investors receive a 5.54% dividend. The Thomson/First Call consensus price target was not available. Investors need to remember foreign tax is often withheld on ADRs.

Total S.A. (NYSE: TOT) is another foreign stock to make the UBS list. The French oil giant trades at 7.86 times earnings. Investors receive a healthy 5.25% dividend. The Wall St. consensus estimate for the stock is $59.72.

Intel Corp. (NASDAQ: INTC) comes in a strong third on the Dividend Ruler list. It trades under 10 times earnings, and the semiconductor giant pays a solid 4.30% dividend. The consensus price target for Intel is $23.

Read also: 8 Stocks Expected to Beat Earnings Expectations

The Bank of Nova Scotia (NYSE: BNS) makes the cut. The Canadian banking leader trades at 10.46 times earnings. Investors receive a 4.20% dividend. The consensus price target is $67.

Northeast Utilities (NYSE: NU) is a UBS winner. Trading near a 52-week high, this defensive name may be a little pricey at 23.19 times earnings. Investors receive a 3.40% dividend, and the consensus target for the stock is $43.38.

Sanofi (NYSE: SNY) is another European pharmaceutical to make the UBS list. This is a name that is trading at a rich 21.07 times earnings. Investors are paid a tidy 3.30% dividend, and the consensus price objective for the stock is $55.

Occidental Petroleum Corp. (NYSE: OXY) is a top oil and gas name to make the cut. Trading at 14.42 times earnings, this independent producer pays a solid 3.10% dividend. The consensus target is $98. This could be a top pick if UBS is correct, as the price target represents a 20% move from current trading levels.

United Parcel Service Inc. (NYSE: UPS) is on board. The delivery giant looks poised for growth as the world economy improves. Shareholders are paid a 3.00% dividend. The consensus price target is $90.50.

Johnson & Johnson (NYSE: JNJ) is the third pharmaceutical company to make the list. Trading at a high-end multiple of 21.01 times earnings, the stock pays investors a 3% dividend. The consensus price objective is $78.

The Clorox Co. (NYSE: CLX) rounds out the UBS list. This consumer staple giant trades at 20.47 times earnings. Investors receive a 3% dividend and the consensus price target is $80.

On a price-to-earnings basis, some of the UBS picks seem expensive. However, those numbers are based on trailing earnings. In addition, the current market rally has pushed prices higher, and some of the stocks are right at their consensus price targets. Investors may want to dollar cost average or scale portfolio capital into the names.

A UPS spokeswoman is cited in The New York Times as saying that the appeal should not be seen as “a signal of a renewed interest in the TNT Express acquisition.” Instead, the company says it is challenging the EU’s decision so that it may “ensure there’s no precedent that could impact future acquisitions.”

That is a little disingenuous. TNT Express is Europe’s second-largest delivery service, behind Germany’s DHL. The EU blocked the deal because the Europeans believed it was anti-competitive and would have raised freight rates in every EU country.

The appeal was filed with the EU General Court, and it normally takes about two years for a decision to make its way through that body. Thus the impact of the appeal — if there is any impact at all — will not be felt for a long time.

UPS shares closed at $83.54 on Friday and are inactive this morning. The stock’s 52-week range is $69.56 to $85.95.

Airbus may close a deal with British Airways that would put new pressure on Boeing Co. (NYSE: BA) to repair some of its problems. (Reuters)

United Parcel Service Inc. (NYSE: UPS) will appeal a European Commission decision that it cannot complete its $6.7 billion marriage with Express TNT. (Reuters)

China’s Tencent text service says it is not likely to charge for its mobile product. (Reuters)

General Electric Co. (NYSE: GE) may buy oil services firm Lufkin Industries Inc. (NASDAQ: LUFK). (WSJ)

Carl Icahn says he may start a proxy war with Dell Inc. (NASDAQ: DELL) (WSJ)

The prime minister of Portugal says a court ruling against some austerity cuts would not stop chopping of the nation’s budget. (WSJ)

The International Monetary Fund’s Christine LaGarde approves of Japan’s massive easing program. (WSJ)

A rise in shares of Hewlett-Packard Co. (NYSE: HPQ) does not change the fact that it is still in deep trouble. (WSJ)

Yahoo! Inc. (NASDAQ: YHOO) hopes its buyout of small tech firms will bring engineering innovation to the firm. (NYT)

Low interest rates on Treasuries prompt some central banks to look to more risky assets. (FT)

Hewlett-Packard hopes its fortunes can be helped by a new, powerful server line called Moonshot. (Bloomberg)

The big change is that it suggests adding Apple Inc. (NASDAQ: AAPL), for 6% of the portfolio. It also says to add shares of Weyerhaeuser Co. (NYSE: WY), for 2.4% of the portfolio, and to add United Parcel Service Inc. (NYSE: UPS), for another 2.4% of the portfolio.

As this is a “changes” list, there are some sale suggestions as well. Argus said to sell out 100% of the positions in Monsanto Co. (NYSE: MON), CenturyLink Inc. (NYSE: CTL), and Motorola Solutions Inc. (NYSE: MSI).

The firm’s quotes show the following:

• “Apple retains enormous brand cachet and loyalty; the first attribute helps it cultivate growth in emerging markets, while the second helps it hold share in established markets. The competitive challenges in front of Apple are not to be taken lightly. Currently, however, the shares trade at less than 9-times FY13 earnings and — adjusted to remove balance sheet cash — at about 6-times earnings. The shares also provide a 2.5% annual yield, with prospects for additional return to shareholders.”
• “Weyerhaeuser operates as a real estate investment trust. The company posted better-than-expected 4Q12 earnings, as improvement in the U.S. housing market drove significant gains in the Wood Products division, as well as in the Real Estate and Timberlands segments. We expect these trends to continue in 2013, positioning Weyerhaeuser for another year of solid earnings growth. We also expect a recovery in the Cellulose Fibers segment in the second half of the year, driven by higher selling prices, improved productivity and reduced input costs.”
• “UPS provides a wide range of transportation, distribution and logistics services. In 2012, the company shipped an average of 16.3 million packages per day and had total sales of $54.1 billion.”
• “We see the potential for disappointment (in Monsanto) if farmers impacted by last year’s drought are conservative in acres planted. We prefer to take profits on the Monsanto shares, which since inclusion in January 2011 have appreciated more than 30%.”
• “Although Motorola Solutions has been able to maintain growth in its government business through the multi-year downsizing in the public sphere, the U.S. sequestration program and ongoing budget reduction efforts present new challenges for the company. Since inclusion in February 2012, the MSI shares have appreciated more than 31%.”
• “The Qwest deal doubled CenturyLink’s size, just a few years after prior deals doubled CenturyLink’s size. We believe CenturyLink has major capital spending ahead as it seeks to integrate disparate assets. The company also faces expiration of its net operating loss carry-forwards, which will negatively impact its tax rate.”

To be clear, the team at UBS is not bullish at this point. They point out that since November 15, the S&P 500 has risen 14.6% as a flood of central bank liquidity and falling event (tail) risks. In their view, the market’s “sugar high” is unlikely to be sustained, given relatively weak underlying economic and earnings trends. While stocks have advanced handsomely over the past four months, taking a step back, it appears to the analysts that the “risk on/risk off” trading environment will persist, supporting a cautious market outlook.

That said, they also acknowledge that many portfolio managers still feel the path of least resistance for the market is higher. In the event that does happen, while they are maintaining a cautious outlook, they acknowledge markets could trade higher. For investors who also feel that way, they point out it is important to note that there has been a significant shift in market leadership in the current rally, in comparison to other recent risk-on periods. Companies exhibiting the greatest operating leverage have led during the current rally. However, this is a significant departure from other recent risk-on periods, in which volatility — or simply buying the most beaten up stocks — worked best.

Here is the list of stocks from UBS to buy for a continued upward move in the market:

Broadcasting leader CBS Corp. (NYSE: CBS) leads off the list. With its ratings dominant comedy, drama and sports programming, the company has Thomson/First Call consensus price target on its shares of $48.

Refiner Tesoro Corp. (NYSE: TSO), like many stocks in the sector, has been a stellar performer, with the refining and retail segments both hitting on all cylinders. The consensus estimate for this Wall St. favorite is $59.69.

Independent exploration and production leader Noble Energy Inc. (NYSE: NBL) also makes the UBS list. The Wall St. consensus price target is $130.

A third energy name on the list, and also a current favorite of many Wall St. portfolio managers, is Anadarko Petroleum Corp. (NYSE: APC). Based in the Houston suburb of The Woodlands, Anadarko’s three segments of exploration, midstream and marketing have been on fire. The consensus estimate for the shares is $100.

Diagnostic research company PerkinElmer Inc.(NYSE: PKI), with two strong operating segments in human and environmental health, is also well liked on Wall St. The consensus price target is $40.

Air and ground delivery company United Parcel Service Inc. (NYSE: UPS) is one of many companies expected to grow as the economy improves. The consensus price target for the delivery giant is $91.

Rounding out the list is former 1990s tech high flyer JDS Uniphase Corp. (NASDAQ: JDSU). Almost left for dead after the tech bubble burst, JDS Uniphase makes communications test and measurement equipment in addition to optical products. The consensus target for the stock is $16.50.

Investors should remember the thesis for owning these specific names is that they all have high-end operating leverage relative to their peers. As we pointed out yesterday, even if you are bullish, it may make sense to buy partial positions now and leave some cash handy should the market sell off. The crowd saying a correction is imminent may be wrong, but better safe than sorry after such a big rally.

Here was the first list of eight UBS stock picks to buy.

The analysts at Oppenheimer initiate coverage of FedEx Corp. (NYSE: FDX), a global leader in parcel and freight services, with an Outperform rating and a price target of $124. FedEx closed yesterday at $107.91. The Thomson/First Call consensus target is $113. In their report, the analysts point out that investors appear to be discounting FedEx’s potential to deliver revenue growth while achieving restructuring profitability goals. They anticipate significant appreciation potential as FedEx demonstrates progress over the coming years.

The team at Oppenheimer also initiates FedEx largest competitor, United Parcel Service Inc. (NYSE: UPS), at Outperform. The analysts point out that UPS entered 2013 with a record of consistent operational and financial execution, and a gradual economic recovery should bolster the U.S. domestic package segment. UPS closed yesterday at $82.93. The Oppenheimer price target is $95, and the Wall St. estimate is at $91.

Air transport stocks are not the only transport names nearing 52-week highs and helping to boost the market rally. Strong performance by the railroad stocks are pushing the average as well. Coal transportation leader Norfolk Southern Corp. (NYSE: NSC) trades at a reasonable 14 times earnings and sports a tidy 2% dividend. The consensus target for the stock is $76.

Jacksonville, Fla.-based CSX Corp. (NYSE: CSX) also offers investors good value despite the strong rally. Closing yesterday at $23.58, CSX trades at a modest 13.19 times earnings and pays a 2.40% dividend. The consensus estimate is $26.

Another segment of the transports that is critical to moving inventory around the United States is the trucking industry. In fact, The American Trucking Associations’ advanced seasonally adjusted For-Hire Truck Tonnage Index increased 2.9% to 125.2 in January, the highest on record. The trucking industry represents a very important component of the U.S. economy. According to the U.S. Bureau of Economic Analysis, the trucking industry adds about 5% to the gross domestic product each year.

Trucking leader J.B. Hunt Transport Services Inc. (NASDAQ: JBHT) is another name bumping up against 52-week highs. Providing service in the United States, Canada and Mexico, J.B. Hunt closed yesterday at $70.20. The consensus target is $70.50.

Investors may also want to consider Swift Transportation Co. (NYSE: SWFT). Moving everything from retail merchandise to perishable and nonperishable food, this Phoenix-based industry leader closed at $13.93 yesterday. The consensus target is $16.50.

In a diverse and well-rounded portfolio, individuals need to consider owning transportation stocks. One way to achieve diversity is to add a transportation exchange traded fund (ETF) like the SPDR S&P Transportation (NYSEMKT: XTN). Buying an ETF allows investors to own a basket of transportation stocks in all segments of the transport industry.

• Berkshire A-shares at 149,240.00, up 11.32%
• DJIA 13,973.39, up 6.63%
• S&P 500 1,521.38, up 6.67%

One thing we noticed when we first looked at the holdings leading his portfolio value higher was that Buffett’s portfolio has many stocks that are still attractive. It also has many old legacy positions that the investment team should sell out of. 24/7 Wall St. screened the dozens of holdings listed to identify the dogs in the portfolio or the positions that are too small to even matter now. This is a list of stocks that Warren Buffett and Team Berkshire should sell now.

These are not ranked in any order at all, other than how they are listed alphabetically on our full list of the Berkshire Hathaway holdings. The implied upside (when noted) is based on the Thomson Reuters consensus price target. Buffett is considered to be a value investor who buys great companies that he thinks he can hold forever. The new portfolio managers are Todd Combs and Ted Weschler, and they do not necessarily hold the same forever timeline. Some of these “stocks to sell now” are from the new managers, while others were picked by Buffett himself and have been on the books for years.

Read Also: Berkshire Hathaway’s Full Stock Portfolio for 2013

The first one that Buffett should sell is none other than General Electric Corp. (NYSE: GE). While this is our Top Conglomerate Pick for 2013, the GE stake is just too small to matter at Berkshire Hathaway. The company only owns 588,900 shares, and that was way down from prior quarters. If Buffett does not want to sell then maybe he should add to the position again. Some of this may be left from when it had the huge preferred stake, but a position worth $14 million is just too small for Berkshire Hathaway to mess around with. GE now yields about 3.2% after hitting a new multiyear high.

Johnson & Johnson (NYSE: JNJ) was a lower position yet again, at only 327,100 shares. This used to be a large holding for Berkshire, with millions and millions of shares. The company has been selling shares as is, but it needs to just clear out of the position. This is worth almost $25 million today, and that is just not worth the effort. One thing that may be keeping Buffett interested is that Johnson & Johnson still yields 3.2%.

Lee Enterprises Inc. (NYSE: LEE) was lowered before, and it was lowered again. What is amazing is that this is down to only 88,863 shares. That is hardly worth mentioning, with a value of almost $130,000. This is a position that Buffett has tried to keep confidential, and it ties into his current local media and newspaper ownership.

Team Buffett owns both MasterCard Inc. (NYSE: MA) and Visa Inc. (NYSE: V). While we can appreciate them wanting to participate on the “credit card toll road” trade, the historic aim of Buffett to make a big bet and to gain influence as a “partner” just does not apply when you own both. To top it off, Berkshire Hathaway owns more than $9 billion worth of American Express Co. (NYSE: AXP) and has had that position for years and years. The Visa stake is worth more than $240 million today, and the MasterCard stake is worth about $211 million. Both have low dividends of less than 1%, and the implied upside to the consensus analyst targets is 10.3% for MasterCard and 10.8% for Visa. We will leave it up to Buffett’s two new portfolio managers to decide which one is better, but they ought to sell one and make a larger bet on the other. Both have very large market caps, and Berkshire Hathaway can easily do much more than a $200 million position.

Another almost split decision is between Kraft Foods Group Inc. (NASDAQ: KRFT) and Mondelez International Inc. (NASDAQ: MDLZ). The latter is a position due to the spinoff from the former Kraft Foods, and Buffett already had sold shares of Kraft. With the Kraft stake being worth only worth $79 million, and with Mondelez being worth some $341 million as of now, the decision looks simple. It is time to get out of the old Kraft position. Buffett had been a seller on it anyhow. The only problem is that Kraft still yields more than 4%, against about 1.9% for Mondelez. That being said, Buffett has enough exposure to food now through the H.J. Heinz Co. (NYSE: HNZ) preferred deal.

Moody’s Corp. (NYSE: MCO) is another position that we just don’t get. What happened to “avoid companies you do not understand” as part of the Buffett investing strategy? This was listed as 28.4 million shares, worth more than $1.4 billion at the end of 2012. This position was the same as the prior quarter, but it was way down from earlier quarters and years. The most recent government suit against S&P highlights that the ratings agencies still have a lot of risk. Buffett rode this one all the way down and back up during and after the recession, but just recently Bloomberg pointed out that Buffett might have lost close to $300 million in value on this of late. Moody’s remains a position that we consider as being a “legacy position.” We would bet serious money that neither Todd Combs nor Ted Weschler would commit new capital to this position if this was being evaluated as a new “buy, sell or hold” without knowledge that Buffett has stayed in this for years and years. The 1.7% dividend yield is also not enough to entice the team to stay in Moody’s.

United Parcel Service Inc. (NYSE: UPS) is another one we just don’t get. Team Buffett kept the same stake of only 59,400 shares, worth less than $5 million at the end of 2012. They already had trimmed this from a 2012 peak of almost 1.43 million shares, and this hardly seems worth the Berkshire Hathaway effort. We really do not see anything wrong with the position as it hit a new 52-week high on Friday, and the analysts still have an implied upside of about 6.5% on UPS. The 2.8% dividend is also attractive. Our take is that Todd Combs or Ted Weschler simply forgot to sell out of the rest of this position.

Verisk Analytics Inc. (NASDAQ: VRSK) is a position taken on by the new managers in the portfolio. The team already lightened up even starting a year ago. The company made good gains here on a percentage basis, but it seems that the easy money has been made here, since shares have doubled from the late-2009 initial public offering. The market capitalization is up over $9 billion now, and at some point this company is going to have to find serious new markets with entirely different analytical products to drive value. The consensus analyst target only implies only 1.4% upside to the $55.55 target, but the peak analyst target implies closer to 15% upside ($63 is high target, versus $54.75 today). At almost 30 times trailing earnings and at almost 24 times forward earnings, this analytics outfit is going to have to get its growth from monitoring health care fraud to drive future growth. Verisk also pays no dividend now. Even if upside to the $9 billion market cap can be gained, it sure looks like the easy money trade has been made here.

The Washington Post Co. (NYSE: WPO) stake of about 1.72 million shares is currently worth about $710 million. This is a long-standing Buffett position and may be strategic, considering the media and papers that Buffett has gotten Berkshire Hathaway into. The problem here is that we are about as certain as we can be Todd Combs and Ted Weschler would both give the thumbs-down verdict on this position if they were evaluating it as a fresh “buy, sell, or hold” position with new money, if they did not know the Buffett history here. Buffett already left the board of directors here, and he promised to hold on to Washington Post shares for the long haul. That is fine, but Buffett’s successors are very likely to try to figure out how to get out of this position. The 2.4% dividend yield will not be enough to sway them. As a caveat, we cannot help but notice that Washington Post shares just hit their highest level since mid-2011. We also cannot help but notice that this is worth only about 40% of its peak value before 2005.