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.

Video Metrix service showing that 181 million U.S. Internet users watched nearly 37 billion online content videos in March, while video ads topped 8 billion for the first time on record.

The ability to make profit in the online video and advertising business remains the Holy Grail for the industry. Video ads bring in much more based on CPMs than display ads do. And there is evidence that how much marketers will pay for Internet display has fallen, which makes the improvement of video revenue all the more important.

By far the most watched video site is YouTube, the viewership of which makes up most of the traffic for Google’s (NASDAQ: GOOG) video. Total unique visitors to Google video sites numbered more than 146 million in March. Those visitors watched nearly 16 billion videos during the month, and each visitor spent an average of 426 minutes on the Google sites over the course of March. But Google’s revenue from YouTube is so small that it is not even broken out in quarterly earnings figures. Google is still a company that makes its money from search dollars and not video views.

The same problem of low video ad volume is present among the next tier of sites based on traffic. Yahoo! (NASDAQ: YHOO) sites had 60 million unique visitors in March. Yahoo! management often says that video ads are essential to the company’s future, but, again, the portal firm will not say how much revenue this represents. That is probably because the figure is comparatively small. The same holds for Facebook, Viacom (NASDAQ: VIA) and Aol (NYSE: AOL). The management of each touts the importance of video ads. None gives concrete evidence that these ads are a large part of their revenues.

As a contrast, CBS (NYSE: CBS) had over $14 billion in revenue in 2011. Most of that came from its television business. Wall St. has pushed the company’s shares to all-time highs. Investors understand that broadcast and, to a growing extent, cable programs are the favored environment for video ads. So far, the size of online video activity has barely changed that.

Douglas A. McIntyre

Even if the differences are reasonable due to a wide variety of interpretations of proxy data, the gulf between two of the top sets of analysts are huge.

Take the spread between Forbes and CNBC. Many CEOs appear on only one list. In the case where chief executives appear on both, there is a disagreement about compensation:

Forbes:

The top earner in our report is McKesson‘s  John H. Hammergren, with $131 million in total pay. Hammergren drew $6.3 million in salary and bonus, but also realized $112 million from the exercise of vested stock options. The next four top-paid chief executives, also earning most of their pay from exercised stock options or vested stock awards:  Ralph Lauren of Ralph Lauren ($67 million); Michael D. Fascitelli of  Vornado Realty ($64 million);  Richard Kinder of Kinder Morgan ($61 million) and David M. Cote of Honeywell International ($56 million).

And CNBC picked Rupert Murdoch (News Corp) (NYSE:NWS)–$33 million, Robert Iger (Disney–33.4 million) (NYSE: DIS), David Cote (Honeywell)–$35.8 million, Philippe Dauman (Viacom) (NYSE: VIA)–$43.1 million, John Hammergren (McKesson)–$46.1 million, David Zaslav (Discovery Communications)–$52.4 million, Ronald B. Johnson (JC Penney) (NYSE: JCP) $53.2 million, Larry Ellison (Oracle) (NASDAQ: ORCL)–$77.5 million, David Simon (Simon Property Group)–$137.17 million, Timothy Cook (Apple) (NASDAQ: AAPL)–$377.99 million

The difference also raise the issue of whether some boards overpay CEOs or not. That is hard to determine if there is disagreement on the fundamentals of pay packages

The search company reported:

Today we announced plans to create a new class of non-voting capital stock, which will be listed on NASDAQ. These shares will be distributed via a stock dividend to all existing stockholders: the owner of each existing share will receive one new share of the non-voting stock, giving investors twice the number of shares they had before. It’s effectively a two-for-one stock split — something many of our investors have long asked us for. These non-voting shares will be available for corporate uses, like equity-based employee compensation, that might otherwise dilute our governance structure.

Larry Page and cofounder Sergey Brin admitted the structure is unusual and perhaps even objectionable to some stockholders: “We recognize that some people, particularly those who opposed this structure at the start, won’t support this change — and we understand that other companies have been very successful with more traditional governance models.” The plan, the two believe, shields Google from short-term pressure because of decisions that might take away some of the firm’s independence. The other side of that argument is that the two men are essentially dictators.

There is nothing new about a dual-share structure, particularly at media companies. Family controlled firms, including the New York Times (NYSE: NYT), Viacom (NASDAQ: VIA) and News Corp. (NASDAQ: NWS), have used such measures to keep family or founder control. There is no evidence that the structure has hurt shareholders. As a matter of fact, public corporations controlled by Sumner Redstone, Rupert Murdoch and Warren Buffett have done relatively well.

The decision by investors to keep Google’s shares is one that weighs corporate control against remarkable results and share performance. Google reported revenues of $10.65 billion for the quarter ended March 31, 2012, an increase of 24% compared to the first quarter of 2011. GAAP net income in the first quarter of 2012 was $2.89 billion, compared to $1.80 billion in the first quarter of 2011. Google still relies too much on its search advertising business, but it claims its diversification into mobile platforms will change that.

Brin and Page can argue that shareholders have done well despite the firm’s share structure. Google’s stock is up almost 40% in the past five years while the S&P 500 is down slightly. Peeved investors can give up those kind of results. Then they have to figure out where else to put their money to get similar returns.

Douglas A. McIntyre

Facebook will list on the Nasdaq. (WSJ)

Samsung expects a record first quarter, based to some extent on it mobile product business. (Reuters)

Yahoo! (NASDAQ: YHOO) will announce its reorganization next Tuesday. (Reuters)

PetroChina (NYSE: PTR) is in talks with Royal Dutch Shell (NYSE: RDS-A) and Hess (NYSE: HES) about shale oil exploration. (Reuters)

Microsoft (NASDAQ: MSFT) presses developers to make apps for its Windows Mobile OS. (WSJ)

Delta Air Lines (NYSE: DAL) may buy an idled ConocoPhillips (NYSE: COP) refinery to hedge jet fuel costs. (WSJ)

Alcoa (NYSE: AA) to cut aluminum production. (WSJ)

Viacom (NASDAQ: VIA) starts another copyright suit against Google’s (NASDAQ: GOOG) YouTube. (WSJ)

JCPenney (NYSE: JCP) cuts staff at its headquarters. (WSJ)

General Motors (NYSE: GM) and Toyota (NYSE: TM) post modest car sales in China in March. (WSJ)

Ford (NYSE: F) to invest in a new $600 million facility in China. (WSJ)

Many retailers report better-than-expected March sales. (NYT)

Spanish bond yields still test multimonth highs. (FT)

Apple (NASDAQ: AAPL) mounts a defense of its e-book pricing. (Bloomberg)

Research In Motion (NASDAQ: RIMM) loses more workers as it adjusts its strategy. (Bloomberg)

Douglas A. McIntyre

Time Warner Cable (NYSE: TWC) may end its deal with Current TV because of low ratings. (Reuters)

The Securities and Exchange Commission is examining stock exchanges for failing to disclose changes in their rules. (Reuters)

Worries about the eurozone increase because of a troubled debt auction by Spain. (Reuters)

New York State examines insurers for forcing products on homeowners. (WSJ)

As Russia joins the World Trade Organization, U.S. businesses have done little to exploit its markets. (WSJ)

Google’s (NASDAQ: GOOG) YouTube and Viacom (NASDAQ: VIA) set a movie rental deal. (WSJ)

The European Central Bank expresses concerns about inflation in the region. (WSJ)

Dynegy Holdings (NYSE: DYN) is close to a deal with bondholders that would take the value of equity to zero. (WSJ)

Carl Icahn attacks the board of drug maker Amylin (NASDAQ: AMLN) for rejecting a takeover offer from Bristol-Myers (NYSE: BMY). (WSJ)

The market for pooled junk bonds rises quickly. (WSJ)

JP Morgan’s (NYSE: JPM) CEO Jamie Dimon made $23 million last year, which is tops among bank chief executives. (WSJ)

A study by the IMS Institute for Healthcare Informatics shows that Americans have cut use of doctors and prescription medications. (NYT)

An increase in U.S. crude stocks pushes oil prices down. (FT)

Morgan Stanley (NYSE: MS) meets with Moody’s in an attempt to stop a ratings cut. (FT)

Yahoo! (NASDAQ: YHOO) cuts 2,000 jobs as part of a restructuring. (Bloomberg)

Douglas A. McIntyre

Measured by minutes per viewer, YouTube users spent nearly 7 hours (418 minutes) watching videos, more than twice as many as Hulu viewers who spent 226 minutes in front of the screen. Yahoo! Inc. (NASDAQ: YHOO) claimed third place with 67 minutes of user viewing. Other online video content providers included in the survey were Vevo, Facebook, Viacom Inc. (NASDAQ: VIA), Aol Inc. (NYSE: AOL), Microsoft Corp. (NASDAQ: MSFT), Comcast’s NBC Universal, and Turner Digital, a division of Time Warner Inc. (NYSE: TWX).

Interestingly, Google trails every other service in advertising minutes, with just 119 million minutes of total time. Hulu’s ad minutes total 650 million. In total ads viewed, however, the two are much closer: Hulu users viewed about 1.6 billion ads and Google users saw about 1.1 billion ads.

As Google continues to search for ways to monetize its huge video audience the company needs to balance its vast number of viewers with more advertising that won’t drive users away. That may not be as simple to do as it sounds.

Paul Ausick

A House committee pushes through plans for a reconsideration of the Keystone XL pipeline. (Reuters)

The chairman of Yahoo! (NASDAQ: YHOO) to leave. (Reuters)

Nissan posts better earnings on strong sales. (Reuters)

An attempt to bolster money market funds may involve setting up a capital buffer and blocking redemptions for 30 days. (Reuters)

A hacker releases source code from security firm Symantec (NASDAQ: SYMC). (Reuters)

Amazon.com (NASDAQ: AMZN) and Viacom (NYSE: VIA) may close a transaction to allow the e-commerce company to stream premium video from Viacom properties. (Reuters)

The European Central Bank will change the treatment of its Greek debt to try to salvage a bailout deal. (WSJ)

Some large investors disapprove of a merger deal between Glencore and Xtrata. (WSJ)

General Motors (NYSE: GM) will again try to cut workers at Opel. (WSJ)

UBS (NYSE: UBS) to cut bonuses by 60%. (WSJ)

CalSTRS says it has concerns about the diversity of Facebook’s board. (WSJ)

Apple (NASDAQ: AAPL) asks the European Telecommunications Standards Institute to set rules for patent licensing among mobile device companies. (WSJ)

Italian Prime Minister Mario Monti believes Europe must move beyond austerity to plans that will help create growth. (WSJ)

U.S. businesses upgrade plants and move jobs back to the U.S. (WSJ)

European sales of U.S. companies rose in the fourth quarter, which may cause a problem this year as the region’s economy slows. (WSJ)

Six Spanish banks to set aside €11.8 billion because of real estate trouble in the country. (WSJ)

India becomes more open to foreign investment as its economy slows. (NYT)

As Greece fails to set a deal on its debt, more workers go on strike. (NYT)

U.S. stocks reach a six-month high. (FT)

Collateralized mortgage obligations, one of the causes of the credit crisis, are again popular investments for banks. (FT)

Prices for Canadian oil drop sharply as supplies surge. (FT)

Nokia (NYSE: NOK) to fire 4,000 and move more production to Asia. (Bloomberg)

The Illumina (NASDAQ: ILMN) board rejects a $5.7 billion offer from Roche. (Bloomberg)

Douglas A. McIntyre

Yahoo!’s revenue fell 13% to $1.324 billion in the fourth quarter. Net income dropped 5% to $296 million. Even with its new CEO, almost no one who watches the company thinks there is a solution to the ongoing shrinkage of sales.

Yahoo! will somehow add cash, perhaps over $10 billion, to its balance sheet through the sale or spinoff of Yahoo! Japan and its stake in Alibaba. The means by which it will handle those transactions are still an open question because of tax issues and the difficulties of negotiations with the two Asian companies. Neither of them has to make a transaction with Yahoo! now.

MSN and Aol already have huge online audiences. They have to find ways to increase sales from these visitors, but there is no proof that combining with Yahoo! will do that.

Companies that lack the scale that they need to augment their traditional media sales with larger online ones would find Yahoo! an important acquisition. It would allow them to marry their old world TV or print sales with a larger online audience. CBS had 79 million unique visitors in December, according to research firm Comscore. Viacom’s digital properties had about the same number. Comcast (NASDAQ: CMCSA) had 50 million and Gannett (NYSE: GCI) had 44 million. None of these figures comes close to Yahoo!’s 176 million.

The troubles of traditional media are well understood. Public firms like CBS and Gannett face the erosion of television and print ad sales. Right now, their digital sales are insufficient to make up for that attrition. The chance to go to advertisers with packages that combine old media marketing with new may be their only chance to keep revenue advances — and happy shareholders.

Yahoo! has a market cap of $19 billion. Much of that is based on the value of Alibaba and Yahoo! Japan. Yahoo!’s core business may be worth less than $10 billion. That makes it an affordable purchase or merger candidate for most large traditional media companies, which have larger market values than Yahoo!.

The argument against a the ownership of Yahoo! by a traditional media company is that the older company would have no better chance to increase the portal’s revenue than MSN would. That is not true. Large advertisers continue to look for ways to reach huge audiences, some of which consume most media through traditional channels and some of which spend much of their time online. Yahoo!, in combination with a traditional media company, would offer the world’s largest marketers a chance to gain both through one firm.

Douglas A. McIntyre

S&P’s threat of a downgrade of eurozone nations puts huge pressure on the region’s leaders. (Reuters)

An independent panel that reviewed the financial activity of Olympus suggests legal action be taken. (Reuters)

An MIT report says the U.S. power grid is vulnerable to cyber attacks. (Reuters)

BP (NYSE: BP) says high oil prices could hurt global growth. (Reuters)

Samsung announces a new flash memory chip operation in China to cost as much as $4 billion. (Reuters)

John Corzine ignored warnings about his firm’s risky trades, some of which were given to his board by management. (WSJ)

Merkel and Sarkozy will support changes in the euro area treaty that would hold nations more closely to their budgets. (WSJ)

Ford (NYSE: F) begins to search for a CEO as Alan Mulally plans to leave within two years. (WSJ)

AMR (NYSE: AMR) likely will make deep expense cuts so it can exit Chapter 11. (WSJ)

Kraft Foods (NYSE: KFT) announces who will manage the two divisions into which the company will be broken. (WSJ)

Clearwire (NASDAQ: CLWR) will try to raise $300 million. (WSJ)

California Governor Jerry Brown will try to get a tax on high-income residents to cover the costs of education. (WSJ)

Alpha Natural Resources (NYSE: ANR) will pay fines to cover a mining disaster that happened before it owned the operator of the mine involved — Massey. (WSJ)

BP says Halliburton (NYSE: HAL) destroyed evidence about the Deepwater Horizon disaster. (WSJ)

A leading Greek politician says his country’s recession will last through 2013. (WSJ)

Viacom (NYSE: VIA) expects strong ad growth in the near term. (WSJ)

ConocoPhillips (NYSE: COP) says that two agencies approved its drilling in the Alaska’s National Petroleum Reserve. (WSJ)

Eastman Kodak (NYSE: EK) changes some of its advisers as it tries to avoid Chapter 11. (WSJ)

Norway’s sovereign-wealth fund pushes to replace board members at some U.S. firms it owns. (WSJ)

Debate over whether Walmart (NYSE: WMT) will hurt local merchants in India has caused deep rifts in a government that may let large retailers own stores in the country. (NYT)

An antitrust hearing will check issues with the Express Scripts (NASDAQ: ESRX) and Medco Health Solutions (NYSE: MHS) merger. (NYT)

Edgar M. Bronfman Jr. departs as chairman of Warner Music Group (NYSE: WMG). (NYT)

Dubai may refinance $10 billion in state debt. (FT)

Douglas A. McIntyre