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.

Electronics Arts Inc. (NASDAQ: EA) chief executive departs as the firm missed earnings. (Reuters)

Intel Corp. (NASDAQ: INTC) ramps up hiring for its new TV entertainment unit. (Reuters)

Airbus gets an order from Indonesian airline Lion Air worth $24 billion. (Reuters)

The Employee Benefit Research Institute reports that 57% of Americans have less than $25,000 in savings when the value of their homes are backed out. (WSJ)

Corelogic reports that “underwater” homes dropped by 1.7 million in the fourth quarter, compared to the same quarter a year ago. (WSJ)

Lululemon Athletica Inc. (NASDAQ: LULU) takes some pants out of stores because they are too sheer. (WSJ)

Citigroup Inc. (NYSE: C) pays $730 million to settle claims over paper its sold that mislead investors over a two-year period. (WSJ)

Liberty Media Corp. (NASDAQ: LMCA) may by 25% of Charter Communications Inc. (NASDAQ: CHTR). (WSJ)

HTC delays release of one of its major new phone products. (WSJ)

IDC says global PC shipments will slow again this year. (WSJ)

Facebook Inc. (NASDAQ: FB) blocks developers who do not make software that enhances the social network’s goals. (WSJ)

Chesapeake Energy Corp. (NYSE: CHK) sells debt to buy paper with higher coupons. (WSJ)

The Washington Post division of Washington Post Co. (NYSE: WPO) will charge for online content. (WSJ)

Investment firms and farmers begin to compete for land as crop prices rise. (NYT)

ABC may launch an app for people to watch TV on portable devices. (NYT)

The size of cash hoards held by U.S. companies reach record levels, according to Moody’s Investor Service. (FT)

Samsung says it will release its own smart watch to compete with Apple Inc.’s (NASDAQ: AAPL). (Bloomberg)

European February car sales fall 10%, according to the European Automobile Manufacturers’ Association. (Bloomberg)

• 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.

Portfolio managers Todd Combs and Ted Weschler are getting even more entrenched as far as their ability to add to positions. The new Buffett holdings are below.   American Express Co. (NYSE: AXP) was roughly 151.6 million shares, SAME AS last quarter.

Archer Daniels Midland Co. (NYSE: ADM) was listed as a NEW POSITION of 5.95 million shares worth some $163.1 million as of the end of 2012.

Bank of New York Mellon Corp. (NYSE: BK) appears to be the SAME SIZE at over 19.6 million shares, but that is after gains had been reported in prior quarters.

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 AS BEFORE at 24.1 million shares, but this is lower than in prior quarters.

Costco Wholesale Corp. (NASDAQ: COST) was 4,333,363 shares, SAME AS last quarter.

READ ALSO: GE is the Best Conglomerate for Investors in 2013

DaVita Inc. (NYSE: DVA) was already more than a 10% stake, but a new filing shows that Buffett and various entities own a collective 13.6 million shares for a 13.0% stake. This position has grown and grown and is a LARGER STAKE. This stock has risen and risen while Buffett kept adding the position.

Deere & Co. (NYSE: DE) was the SAME AS LAST QUARTER at roughly 4 million shares, but this was previously a new position.

DirecTV (NASDAQ: DTV) is a LARGER POSITION AGAIN at almost 34 million shares versus 29.555 million shares before that and it had grown another quarter before as well.

Gannett Co. (NYSE: GCI) was 1.74 million, SAME AS BEFORE but decreased in prior quarters.

General Dynamics Corp. (NYSE: GD) is the SAME AS BEFORE at 3.877 million shares.

General Electric Corp. (NYSE: GE) is listed as THE SAME 588,900 shares, but this is still way down from the 5.008 million shares and 7.777 million shares the two prior quarter.

Time Warner Inc. (NYSE: TWX) already has decided that cable content and movies have a better future than magazines do. The Turner division of the conglomerate, founded by maverick Ted Turner, has a value that most experts believe moved beyond that of the nearly century-old Time Inc. many years ago. At least Time Warner still values the future of its ancient Warner Bros. operations. Movies, it seems, have not aged as badly as print. They at least have a bright future in the digital age.

The reason that Time Inc. and other great print properties like the flagships of New York Times Co. (NYSE: NYT) and Washington Post Co. (NYSE: WPO) could be jettisoned by their parents is that none has had the hoped for success online, which might have brought enough revenue to offset troubled print operations. This observation is very old.

Although each of these media has a very large online presence, advertisers have not seen this size and scope as a reason to give them significant support. They have been elbowed aside to a large extent by the big portals, which include AOL Inc. (NYSE: AOL) and Yahoo! Inc. (NASDAQ: YHOO), even though these businesses face revenue growth challenges of their own. Newer media, particularly Google Inc. (NASDAQ: GOOG) and Facebook Inc. (NASDAQ: FB), which would not have been considered media at all just a few years ago, have sucked a huge portion of online advertising out of the hands of competitors. Finally, Amazon.com Inc. (NASDAQ: AMZN) not only has hurt online retailers, it also has undermined the ability of traditional media companies to build e-commerce transaction platforms of their own as a means to make money from their huge reader bases.

One of the reasons Time Inc. is an attractive target is the size of its management staff — those at the top of the pyramid in editorial, advertising sales, circulation and senior executive jobs. Meredith can cut almost all of these expensive people in a consolidation. If this works, the same cost structures could be targets of potential buyers of The New York Times, The Washington Post, the Financial Times and a small number of the other old-line print media companies. Aside from the potential private buyers of these properties, there are media companies that already have built-in management structures of their own, companies like CBS Corp. (NYSE: CBS) and Gannett Co. Inc. (NYSE: GCI).

Time Inc. is on the block. Because of that, every other famous old media brand is as well.

The tomato wars between Mexico and the United States are over. The announcement was front page news, although it is hard to see why that happened. According to The New York Times:

The United States and Mexico have reached a tentative agreement on cross-border trade in tomatoes, narrowly averting a trade war that threatened to engulf a swath of American businesses.

The agreement, reached late Saturday, raises the minimum sales price for Mexican tomatoes in the United States, aims to strengthen compliance and enforcement, and increases the types of tomatoes governed by the bilateral pact to four from one.

“The draft agreement raises reference prices substantially, in some cases more than double the current reference price for certain products, and accounts for changes that have occurred in the tomato market since the signing of the original agreement,” Francisco J. Sánchez, the United States under secretary of commerce for international trade, said in a statement.

Not Henry Blodget

Over the weekend, a Best Buy Co. Inc. (NYSE: BBY) public relations department manager, Jonathan Sandler, decided to mount a personal attack on a 24/7 Wall St. writer for an analysis of the number of store closures the retailer would have to announce this year, in our Eight Retailers That Will Close the Most Stores. Best Buy asked that we run a statement about its store closing intentions, and we did, while objecting to the company’s statement as arbitrary. That is when Best Buy brought in heavy artillery and said we were reaching for our “henry blodget moment” and described the author as “frustrated, wannabe analyst.” The full Best Buy reaction:

with all due respect, how could you say disingenuous?  as i mentioned in my previous email, and as you already know, best buy has not made any announcements re store closures, outside of the 50 we announced last spring & the canadian ones last week.  for you to then speculate “200-250″ is irresponsible and random.  if you have inquiries/questions, all you have to do is call us.  otherwise, it seems to me, like perhaps you’re a frustrated, wannabe analyst, who’s trying to have his henry blodget moment.  you know better, doug — it’s just lazy journalism — quoting 3rd party sources and reading our 10k, without reaching out to us as well.  in the future, please call us and we’ll be happy to put you in touch with whomever we can.  in the meantime, who ya got — ravens or niners?  am actually bummed that i won’t get to see ray lewis’s squirrel dance one last time as not being introduced individually.  & please look out for best buy’s awesome commercial — airing in 1st quarter!

And later:

it’s all good, doug, thank you.  i was just confused as to why you couldn’t take our statement at face value, rather than call it disingenuous.  and i still don’t understand why you persisted with the “200-250″ store numbers (& where you got them from?) — which we never stated, and which you didn’t ask us for comment on.  re the henry blodget/wannabe analyst comments — just meant to it to be light, good-natured ribbing — certainly not personal, i don’t even know you — in fact, i would love to sit down with you one day — with your background, i am sure i could learn a lot from you — you probably have some fascinating stories to tell, and i would benefit greatly from hearing them.  but please, in future, before printing speculation, it would be nice if you could call us first for comment, that’s all.  thank you, doug…

Three more comments from 24/7: many of us did not see that Super Bowl commercial, Henry Blodget does not deserve the insult and the ribbing is not “good natured.”

Secret Cyberweapons

The federal government has watched the hacks of Twitter and the sites of The New York Times Co. (NYSE: NYT) and Washington Post Co. (NYSE: WPO) and is ready to defend America against any further attacks — as long as they involve federal agencies. Other corporations and enterprises are on their own. According to The New York Times:

A secret legal review on the use of America’s growing arsenal of cyberweapons has concluded that President Obama has the broad power to order a pre-emptive strike if the United States detects credible evidence of a major digital attack looming from abroad, according to officials involved in the review.

That decision is among several reached in recent months as the administration moves, in the next few weeks, to approve the nation’s first rules for how the military can defend, or retaliate, against a major cyberattack. New policies will also govern how the intelligence agencies can carry out searches of faraway computer networks for signs of potential attacks on the United States and, if the president approves, attack adversaries by injecting them with destructive code — even if there is no declared war.

Clearly, the review is no longer secret.

For the first four weeks of service, The New York Times charges a relatively high $99 for access to all of its digital products. The Journal charges the same amount for a single subscription to its WSJ Weekend product. Each has a many other options, none of which are cheap.

Most of the Post’s coverage of tech, national news and world news are available in similar form at other sites on the Internet. The Post’s vast coverage of national politics and its coverage of local sports, local news, lifestyle and entertainment are not. The Post may not be able to charge $49 a month as the Financial Times does for access to FT.com. But it may be able to charge less for access to some of its sections — those that have content that is not easily available elsewhere, if it is available at all.

The current pay wall model for the newspaper industry is based on one fee for an entire product. The drawback of the model is that few people read an entire newspaper. Most people have an interest in several sections, or only one. The reader may well be willing to pay for those, even if he is not willing to pay for every word across every subject on which reporters have written. The solution is to get money for content that the consumer feels he cannot do without.

Douglas A. McIntyre

The sites that face these hurdles include CNN.com, part of the Turner division of Time Warner Inc.(NYSE: TWX); CBS News, the online version of the CBS Corp. (NYSE: CBS) network’s decades-old and storied news division; and newcomers such as Politico and The Daily Beast. Because of their own substantial commitments to election coverage, the online versions of the flagship papers of The New York Times Co. (NYSE: NYT) and The Washington Post Co. (NYSE: WPO) belong as part of any analysis of post-election challenges as well.

An analysis of the traffic of several of these sites shows precisely what the problem is. National online audience management firm Compete reported that the unique visitors to The Daily Beast in October were 3.6 million. In the prior 11 months, the average number per month was just above 2.5 million. The October surge of 45% almost certainly will disappear in December and into 2013. Unique visitors to CBSNews.com reached nearly 10 million in October. The average for the previous 11 months was about 7.2 million. Unique visitors to NYTimes.com reached nearly 17.6 million in October, up from an average of about 16 million a month in the previous 11. The Times improvement no doubt was muted by its position as a general newspaper that covers a broad array of subjects, but it still had an improvement of 10% in the month before the election. The Washington Post had more exposure, as its unique visitors reached 11.1 million in October, above an average of 9 million in the previous 11 months.

New media like The Daily Beast that only operate online lack print subscription and advertising buffers, although that may be an advantage. Internet advertising revenue represents a relatively small portion of total sales at print newspaper and television companies, which still have old media ad and subscription revenue as the majority of their sales. And digital revenue may not make up for print problems over time, as publishers and broadcasters hoped it would. The digital advertising revenue from The New York Times newspaper properties was $44.6 million in the most recently reported quarter, a drop of 2.2% from the same period a year ago, a trend that by itself is troubling. The company said “Digital advertising revenues as a percentage of total Company advertising revenues were 24.4 percent in the third quarter of 2012 compared with 22.8 percent in the third quarter of 2011.” The Washington Post results were not much different. Revenue from the company’s online newspaper publishing activities, which is made up mostly from sales from WashingtonPost.com and Slate, rose 13% to $26.9 million last quarter from the same period a year ago. Old media companies that covered the election in depth will lose print and broadcast revenue along with online dollars.

All of these media, whether new or old media, have no way to replace election-based dollars, nor the audience that the election brought them. That leaves little prospect other than to lose money in the months ahead or to cut costs. Cost cutting is already popular among media companies battered by the recession, and now the passing of the election. While the sales from the election for these companies were a blessing, the post-election world will be hell.

Douglas A. McIntyre

Portfolio managers Todd Combs and Ted Weschler are getting more and more entrenched as far as their ability to add to positions. It should also be mentioned that Warren Buffett was out for much of the summer for his prostate cancer treatment. While the net dollar amounts were not much different, the number of changes here were very significant.

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

Bank of New York Mellon Corp. (NYSE: BK) was over 19.6 million shares, another gain versus the more than 18.7 million shares last quarter (and versus 5.6 million shares previously, and the 1,793,915 shares even before then).

Coca-Cola Co. (NYSE: KO) was more than 400 million shares, which is about double the number of shares before but that is because of the stock split. Treat this as the SAME AS BEFORE.

ConocoPhillips (NYSE: COP) is lower yet again and this was about 24.1 million shares versus almost 28.9 million shares last quarter, and lower than the 29.1 million shares two quarters ago. See below at the Phillips 66 (NYSE: PSX) stake.

Costco Wholesale Corp. (NASDAQ: COST) was 4,333,363 shares, SAME AS last quarter.

DaVita Inc. (NYSE: DVA) is now more than a 10% stake and has grown from 9.3 million shares as of June 30, 2012 and higher than the 6 million reported as of March. Furthermore, the stake listed as of 9/30 is irrelevant. Recent filings have shown that Berkshire keeps buying more and more shares on the open market. A filing on 11/13/2012 showed that over the prior few days that some 548,823 shares had been purchased at an average of $112.15 and that the indirect ownership by Berkshire Hathaway was 11,748.045 shares.

Deere & Co. (NYSE: DE) was listed as NEW POSITION of about 4 million shares.

DirecTV (NASDAQ: DTV) is a LARGER POSITION again at 29.555 million shares versus 28.4 million shares last time and 22.999 million two quarters ago.

Gannett Co. (NYSE: GCI) was 1.74 million, SAME AS BEFORE but decreased in prior quarters.

General Dynamics Corp. (NYSE: GD) is the SAME AS BEFORE at 3.877 million shares after being a new position before.

General Electric Corp. (NYSE: GE) is a MUCH LOWER STAKE at 588,900 shares versus 5.008 million shares last quarter and versus 7.777 million shares the quarter before.

General Motors Co. (NYSE: GM) is a LARGER STAKE at 15 million shares versus 10 million shares last quarter.

GlaxoSmithKline (NYSE: GSK) 1.51 million shares, SAME AS PRIOR QUARTERS.

International Business Machines Corp. (NYSE: IBM) was A LARGER POSITION at over 67.5 million shares, up slightly from 66.63 million shares last quarter and the prior quarter at 64.395 million shares.

Johnson & Johnson (NYSE: JNJ) was a MUCH LOWER POSITION again at just under 500,000 shares. This is down from 10.33 million shares last quarter and versus about 29 million shares the prior quarter. The peak was way up at 62 million shares.

Kraft Foods (NASDAQ: KRFT) was AGAIN A LOWER POSITION at 40.46 million shares, down from 58.8 million shares last quarter and versus 78 million shares before that.

Lee Enterprises Inc. (NYSE: LEE) was an ALREADY REDUCED down to 1.13 million shares from 3,225,822 shares shown initially. This was one that Buffett had asked for confidentiality treatment on in his newspaper endeavors.

Liberty Media Corp. (NASDAQ: LMCA) is a the same at 5.5 million shares versus, but that was lifted last quarter from the prior two quarters.

M&T Bank Corp. (NYSE: MTB) is 5.38+ million shares, SAME AS last quarter.

MasterCard Inc. (NYSE: MA) was 405,000 shares, the SAME AS last quarter but up from two quarters before that.

Moody’s Corp. (NYSE: MCO) was 28.4 million; SAME AS last quarter but way down from prior quarters and years.

National Oilwell Varco Inc. (NYSE: NOV) was a LARGER position at 4.18 million shares versus what had been a new position of 2.84 million shares last quarter.

Phillips 66 (NYSE: PSX) was the SAME AS LAST QUARTER at about 27.1 million shares, but this was a new position last quarter even though it had been telegraphed.

Precision Castparts Corp. (NYSE: PCP) was listed as a NEW STAKE of almost 1.25 million shares.

Procter & Gamble (NYSE: PG) was 52.8 million shares, LOWER THAN BEFORE and a steady shrinking position in recent quarters from a peak of 96.3 million shares.

Sanofi-Aventis (NYSE: SNY) was 4.06 million shares; SAME AS before.

Torchmark Corp. (NYSE: TMK) was more than 4.2 million, SAME AS last quarter after having been raised in a prior quarter.

US Bancorp (NYSE: USB) was DOWN AGAIN to 61.2+ million shares from 66 million shares last quarter and about 69 million shares in the prior quarters.

USG Corp. (NYSE: USG) was 17.072 million shares; SAME AS before.

United Parcel Service (NYSE: UPS) was ALMOST ELIMINATED ENTIRELY down to 59,400 shares from 261,900 shares last quarter and versus 1.429 million shares two quarters ago.

Verisk Analytics Inc. (NASDAQ: VRSK) was LOWERED YET AGAIN to 1.563 million shares.

Viacom Inc. (NASDAQ: VIA) was a LARGER POSITION AGAIN at 7.6+ million shares versus 6.8 million shares last quarter and having been a new position of 1.59 million shares two quarters earlier.

Visa Inc. (NYSE: V) was 1.555 million shares, a LOWER POSITION YET AGAIN versus 2.079 million shares last quarter and versus 2.865 million shares previously.

WABCO Holdings Inc. (NYSE: WBC) is a NEW POSITION of about 1.6 million shares but that is less than $100 million.

Wal-Mart Stores Inc. (NYSE: WMT) was THE SAME STAKE at just over 46.7 million shares.

Washington Post (NYSE: WPO) was over 1.72 million shares; SAME AS before.

Wells Fargo & Co. (NYSE: WFC) was HIGHER YET AGAIN at over 420 million shares more than 394.3 million shares last quarter. Buffett keeps growing this stake and he telegraphed that he had.

CVS Caremark Corp. (NYSE: CVS) had been smaller before and it has now been eliminated entirely from prior holdings of just over 5.3 million shares and then 7.106 million shares two quarters ago.

Dollar General Corp. (NYSE: DG) was ELIMINATED ENTIRELY from 3.32 million shares last quarter and versus 4.497 million shares before that.

Ingersoll-Rand (NYSE: IR) has now been entirely eliminated as we expected. Berkshire was down to on 20,400 shares last quarter versus 636,600 shares in the first quarter.   We would note that the total value of today’s public equity holdings was listed as over $75.3 billion, which is up from $74.32 billion last quarter and virtually the same as the $75.3 billion the prior quarter.

JON C. OGG