As 2022 wrapped, Warren Buffett’s Berkshire Hathaway was the largest shareholder of eight stocks that include traditional oil companies and financial-services giants.
“Berkshire now enjoys major ownership in an unmatched collection of huge and diversified businesses,” Buffett, 92, wrote in his annual letter.
Buffett noted that last year there were 128 companies in the S&P 500
SPX,
-1.05%
that earned more than $3 billion in profits — and Berkshire was the largest shareholder in eight of these businesses: American Express
AXP,
-0.51%
and Bank of America
BAC,
-0.15%,
among them.
Berkshire is also the dominant holder of Chevron
CVX,
+0.30%
and Occidental Petroleum
OXY,
-0.41%,
continuing a Buffett pledge in favor of fossil-fuel
CL00,
+0.17%
ownership even as other parts of Berkshire dips into alternatives.
Further, Buffett’s Berkshire holds the largest stake in Coca-Cola
KO,
-0.42%,
HP Inc.
HPQ,
-1.12%,
Moody’s
MCO,
-1.77%
and Paramount Global
PARA,
-4.86%.
Coca-Cola and American Express may be among the standout stories for Buffett’s long investing run; he spent $1.3 billion on each stake some 30 years ago, and Berkshire’s holdings are now worth $25 billion and $22 billion, respectively.
Read: Warren Buffett Muses on Berkshire’s Future, Taxes, and Friendship
“The lesson for investors: The weeds wither away in significance as the flowers bloom,” Buffett wrote. “Over time, it takes just a few winners to work wonders. And, yes, it helps to start early and live into your 90s as well.”
Buffett also noted buybacks at AmEx and Apple
AAPL,
-1.80%
(AAPL) — Berkshire’s largest position at the end of last year — increased the company’s ownership in each name.
“The math isn’t complicated: When the share count goes down, your interest in our many…
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