Mastercard Inc. (NYSE: MA) is a brand new position, but a small one at 216,000 shares worth about $54.3 million as of March 31.
M&T Bank Corp. (NYSE: MTB) is 5.363 million, SAME AS BEFORE after having been previously cut.
Moody’s Corp. (NYSE: MCO) is the same 28.4 million as last quarter, but this is down from prior reports as Moody’s is slowly getting cut.
Procter & Gamble (NYSE: PG) had been lowered in a prior period but that has been flat now for two quarters; position is now 76.7 million shares versus 96.3 million shares in prior quarters.
Sanofi-Aventis (NYSE: SNY) is SAME AS BEFORE at just over 4,06 million shares.
Torchmark Corp. (NYSE: TMK) is SAME AS BEFORE at roughly 2.82 million shares.
US Bancorp (NYSE: USB) is the SAME AS BEFORE at roughly 69 million shares.
USG Corp. (NYSE: USG) SAME AS BEFORE at 17.072 million shares.
United Parcel Service (NYSE: UPS) SAME AS BEFORE at 1.429 million shares.
Wal-Mart Stores Inc. (NYSE: WMT) SAME AS BEFORE at just over 39 million shares after having been raised before in 2010.
Washington Post (NYSE: WPO) SAME AS BEFORE at over 1.72 million shares.  Buffett kept his word so far about holding the Washington Post shares despite stepping down from its board.
Wells Fargo & Co. (NYSE: WFC) grew yet again, but we already knew this after the earnings report.  This was listed as more than 358.9 million shares at March 31, 2011.  Wells Fargo was listed as over 342 Million shares one quarter earlier and over 336.4 million two quarters ago. 
Wesco Financial Corp. (NYSE: WSC) is the same at about 5.7 million shares but it doesn’t really matter as Buffett and Berkshire are trying to acquire the rest of the company.

PAGE ONE…BUFFETT HOLDINGS ‘A to L’

Again, today’s holding disclosure feels like a lot is missing as Berkshire Hathaway was given permission to not disclose certain positions (most likely Combs’s new picks).  The public equities list are $53.6 billion (plus change) versus the $61.8 billion noted above.  The Mastercard Inc. (NYSE: MA) position is the only new position that we are allowed to see and it is too small to be a significant position.

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JON C. OGG

Sanofi-Aventis (NYSE: SNY) is SAME AS BEFORE at just over 4 million shares.
Torchmark Corp. (NYSE: TMK) is SAME AS BEFORE at roughly 2.82 million shares.
US Bancorp (NYSE: USB) SAME AS BEFORE at roughly 69 million shares.
USG Corp. (NYSE: USG) SAME AS BEFORE at 17.072 million shares.
United Parcel Service (NYSE: UPS) SAME AS BEFORE at 1.429 million shares.
Wal-Mart Stores Inc. (NYSE: WMT) SAME AS BEFORE at just over 39 million shares after having been raised before.
Washington Post (NYSE: WPO) SAME AS BEFORE at over 1.72 million shares and Buffett said he was holding shares despite stepping down from its Board of Directors.
Wells Fargo & Co. (NYSE: WFC) GREW AGAIN AS A HOLDING to more than 342 Million shares; it was 336.4+ million shares last quarter and has grown in prior quarters.
Wesco Financial Corp. (NYSE: WSC) SAME AS BEFORE at 5.703 million shares, but now BUFFETT IS ACQUIRING THE REST TO TAKE IT PRIVATE.

BUFFETT HOLDINGS ‘A to I’

BUFFETT HOLDINGS ‘J to R’

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JON C. OGG

AOL Inc. (NYSE: AOL) is paying $315 million to acquire privately-held Huffington Post to revamp its online content.

Beckman Coulter Inc. (NYSE: BEC) is being acquired by Danaher Corp. (NYSE: DHR) for $5.87 billion.  The deal comes to $83.50 per share and the $5.87 billion compares to a market cap of roughly $31.5 billion for Danaher.  Danaher investors better hope that synergies and cost efficiencies can be had in a serious way because this was about $10.00 above what we thought was a fair market value in December when the rumors first broke.

Berkshire Hathaway Inc. (NYSE: BRK-A) (NYSE: BRK-B) is finally making good on an event that first surfaced last August.  Warren Buffett and friends are acquiring the rest of Wesco Financial Corporation (NYSE Amex: WSC), the remaining 19.9% not owned, for cash or shares of Berkshire Hathaway Class B common stock at the election of each shareholder for almost $550 million with a starting value before gains and items of $386.55 per share.

Ensco Plc (NYSE: ESV) is acquiring Pride International (NYSE: PDE) in a cash and stock deal valued at $41.60 prior to any dilution or share value change.  The deal is for 0.4778 shares and $15.60 in cash.

Sanofi-Aventis (NYSE: SNY) is reportedly close to striking a deal to acquire Genzyme Corporation (NASDAQ: GENZ) for some $74 to $77 per share plus what will be up to a $5 to $6 earn-out right per share based upon certain milestones.

In a much smaller deal, GigOptix, Inc. (OTCBB: GGOX) is acquiring Endwave Corporation (NASDAQ: ENWV) in a stock for stock deal that appears to be close to a merger of equals.  Endwave shareholders will own some 42.5% of the combined company.

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JON C. OGG

Sanofi-Aventis (NYSE: SNY) is SAME AS BEFORE at just over 4 million shares.
Torchmark Corp. (NYSE: TMK) is SAME AS BEFORE at roughly 2.82 million shares.
US Bancorp (NYSE: USB) SAME AS BEFORE at roughly 69 million shares.
USG Corp. (NYSE: USG) SAME AS BEFORE at 17.072 million shares.
United Parcel Service (NYSE: UPS) SAME AS BEFORE at 1.429 million shares.
Wal-Mart Stores Inc. (NYSE: WMT) SAME AS BEFORE at just over 39 million shares after having been raised before.
Washington Post (NYSE: WPO) SAME AS BEFORE at over 1.72 million shares.
Wells Fargo & Co. (NYSE: WFC) is an INCREASED POSITION to 336.4+ million shares after about 325 million a quarter ago and after having been raised before in prior quarters.
Wesco Financial Corp. (NYSE: WSC) SAME AS BEFORE at 5.703 million shares.  This is one that almost does not matter because Buffett and Munger have already expressed an interest in an at-the-money acquisition of the rest of the company.

BUFFETT HOLDINGS ‘A to G’

BUFFETT HOLDINGS ‘H to R’

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JON C. OGG

We have gone through the entire public stock holdings of Berkshire Hathaway and addressed some of his overlaps, some recent trends, and even gone over some of his ‘forever’ picks.  In oil we are paring up the ConocoPhillips (NYSE: COP) position against Exxon Mobil Corp. (NYSE: XOM).  A few standalone positions that need to be addressed are Kraft Foods (NYSE: KFT), Moody’s Corp. (NYSE: MCO), Republic Services Inc. (NYSE: RSG), and Comdisco Holdings (NASDAQ: CDCO).  In home improvement centers there is this split between Home Depot Inc. (NYSE: HD) and Lowe’s Companies (NYSE: LOW).  In retail, there is Costco Wholesale (NASDAQ: COST) versus Wal-Mart Stores Inc. (NYSE: WMT).  Lastly there is this financial powerhouse group under Buffett via M&T Bank Corp. (NYSE: MTB) and Wesco Financial Corp. (NYSE: WSC).

We took a look at each position versus some rough weightings per sector in the full Berkshire Hathaway portfolio holdings in our screening and decision process.  What is not a factor, and one that could play a role in some of Buffett’s determination presently versus the past, is that Buffett may in his mind have a Keiretsu where all of his underlying business units have secondary relationships with some of his stock and debt portfolio holdings’ parents.

BUFFETT’s OIL & GAS BETS

There has been an interesting trade that started but that never really finished.  Buffett made a huge bet in ConocoPhillips (NYSE: COP), which he admitted was a very wrong bet.  His Chinese oil investment he shed due to pressure over Sudan and other civil rights issues, but he recently took on Exxon Mobil Corp. (NYSE: XOM) as a sideshow.

ConocoPhillips (NYSE: COP) is now a position of roughly 29.1 million shares, which comes to about $1.6 billion or so in total today.  Conoco is a steadily smaller stake… lower than the prior 34.179 million shares and yet another cut from 37.7 million two quarters ago and 57.43 million and 62.485 million before that.  Exxon Mobil Corp. (NYSE: XOM) is now 421,800 shares which is the same as before but the position was lowered from 1.276 million shares originally.

Here is the take, and this is something that Buffett needs to consider greatly.  Exxon’s market cap of $310 billion is nearly 4-times that of rival Conoco.  Buffett historically liked to look for ways he could commit his money in a non-disrupting manner but that is no longer the case.  What is interesting about Exxon, particularly when you see where Buffett made his bad bet on Conoco, is that Buffett could quite literally invest as much cash as he wanted to in Exxon Mobil and not move the meter so much here.  Even a (theoretical) 5% stake would cost more than $15 billion today, making it the Buffett giant versus some $8+ billion of Wells Fargo and versus the $1.6 billion in Conoco.  Buffett needs more energy exposure through time, and Exxon is the only logical choice for Buffett to park his billions easily.

The Filing states:

• Berkshire’s management determined to propose to Wesco a cash-stock election transaction in which it would acquire the remaining 19.9% of the shares of Wesco that it does not presently own in exchange for Berkshire Class B shares and/or cash valued at the book value per share of Wesco as of a time reasonably contemporaneous with the closing of such a transaction. Berkshire would intend to structure such a transaction so as to be tax-free to Wesco shareholders electing stock, subject to applicable limitations. Berkshire expects to discuss such a transaction with the independent directors of Wesco. Berkshire would only proceed with such a transaction if it is approved by the Board of Directors of Berkshire and the Board of Directors of Wesco (including a majority of the independent directors of Wesco), as well as by a majority of the shares of Wesco not owned by Berkshire voted at any meeting that may be called to consider such a transaction. Berkshire does not know whether any of these approvals will be obtained. If no transaction is agreed upon and approved, Wesco will continue to operate as it does presently as an 80.1%-owned subsidiary of Berkshire.

Wesco subsidiaries are as follows:

• CORT Business Services Corporation
• Relocation Central Corporation
• Precision Steel Warehouse, Inc.
• Wesco-Financial Insurance Company

Wesco Financial is into insurance, furniture rental, and steel service center businesses in the United States.  Its shares are now up 15% at $376.00 on only 30,000 shares per day.  The average volume is only about 7,400 shares and the 52-week range is $297.43 to $416.00.

JON C. OGG

Sanofi Aventis (NYSE: SNY) is 4.063 million, which appears to be higher than what we calculated as being “more than 3.9 million shares” a quarter earlier.  That one could be a rounding difference.
Tiffany & Co. (NYSE: TIF) is NOT a common stock… but Buffett still holds the preferred shares and warrants.
Torchmark Corp. (NYSE: TMK) roughly 2.82 million, SAME AS before.
US Bancorp (NYSE: USB) roughly 69 million; SAME AS last quarter.
USG Corp. (NYSE: USG) 17.072 million shares, SAME AS last quarter.
United Parcel Service (NYSE: UPS) 1.429 million shares, SAME AS before.
Wal-Mart Stores Inc. (NYSE: WMT) is just over 39 million; SAME AS last quarter after it had been raised earlier.
Washington Post (NYSE: WPO) over 1.72 million shares, SAME AS last quarter.
Wells Fargo & Co. (NYSE: was roughly 325 million shares, which appears mostly static after having been raised in the quarters before.
Wesco Financial Corp. (NYSE: WSC) 5.703 million shares, SAME AS last quarter.

BUFFETT HOLDINGS ‘A to G’

BUFFETT HOLDINGS ‘H to R’

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JON C. OGG

Sanofi Aventis (NYSE: SNY) more than 3.9 million shares, SAME as before.
Tiffany & Co. (NYSE: TIF) is NOT a common stock… but Buffett still holds the preferred shares and warrants.
Torchmark Corp. (NYSE: TMK) roughly 2.82 million, SAME as before.
US Bancorp (NYSE: USB) roughly 69 million; SAME as last quarter.
USG Corp. (NYSE: USG) 17.072 million shares, SAME as last quarter.
United Parcel Service (NYSE: UPS) 1.429 million shares, SAME as before.
Wal-Mart Stores Inc. (NYSE: WMT) is just over 39 million; SAME as last quarter after it had been raised from 37.8 million; well above the 19.9+ million shares three quarters ago.
Washington Post (NYSE: WPO) over 1.72 million shares, SAME as before.
Wells Fargo & Co. (NYSE: was roughly 319.5 million shares; roughly SAME as last quarter’ before that it had raised from 319.5 million shares versus 313.3 million shares a quarter ago and above the 302 million shares before that and above the 290+ million shares before that.
Wesco Financial Corp. (NYSE: WSC) 5.703 million shares, SAME as before.

Sun Trust Bank (NYSE: STI) IS ZERO, so it is gone from being a decreased position of almost 2.4 million shares, down from 3.079 million shares a quarter ago and down from 3.2+ million two quarters ago.
Travelers Cos. (NYSE: TRV) is ZERO, but this was always tiny at 27,336 shares before.
United Health Group (NYSE: UNH) is ZERO;  that has been eliminated after having been a decreased holding of 1.175 million shares after 3 or 4 quarters of decline. .
Wellpoint Inc. (NYSE: WLP) is ZERO; that has been ELIMINATED from the 1.343 million shares the quarter before.

BUFFETT HOLDINGS A to G

BUFFETT HOLDINGS ‘H to R’

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JON C. OGG

Sponsor: 5 best investments for 2010 – The next nine months represent a bold new era for investors.

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

• Republic Services Inc. (NYSE: RSG) is a raised holding of 8.29 million shares after he started the position the prior quarter in his move to invest with (or behind) Bill Gates.
• Sanofi Aventis (NYSE: SNY) more than 3.9 million shares, same as before.
• Sun Trust Bank (NYSE: STI) is a decreased position of almost 2.4 million shares, down from 3.079 million shares a quarter ago and down from 3.2+ million two quarters ago.
• Tiffany & Co. (NYSE: TIF) is NOT a common stock… but Buffett still holds the preferred shares and warrants.
• Torchmark Corp. (NYSE: TMK) roughly 2.82 million, same as before.
• Travelers Cos (NYSE: TRV) is the same as 27,336 shares, a tiny holding.
• US Bancorp (NYSE: USB) roughly 69 million; Same as quarter before.
• USG Corp. (NYSE: USG) 17.072 million shares, same as before.
• United Health Group (NYSE: UNH) is a decreased holding of 1.175 million shares, down from 3.4 million shares a quarter ago and marks the third consecutive decline in holdings here.
• United Parcel Service (NYSE: UPS) 1.429 million shares, same as before.
• Wal-Mart Stores Inc. (NYSE: WMT) is an increased position at just over 39 million shares versus 37.8 million a quarter ago and well above the 19.9+ million shares two quarters ago.
• Washington Post (NYSE: WPO) over 1.72 million shares, same as before.
• Wells Fargo & Co. (NYSE: WFC) was an increased position of close to 319.5 million shares versus 313.3 million shares a quarter ago and above the 302 million two quarters ago and even above the 290+ million shares three quarters ago.
• Wellpoint Inc. (NYSE: WLP) is a decreased position of 1.343 million shares, down from 3.394 million shares a quarter ago and down 3 quarters in a row.
• Wesco Financial Corp. (NYSE: WSC) 5.703 million shares, same as before.

Union Pacific Corp. (NYSE: UNP) was eliminated as a holding as Buffett already had his all-in bet on America with BNSF.

BUFFETT HOLDINGS ‘A to F’

BUFFETT HOLDINGS ‘G to P’

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JON C. OGG