\ Buffett Buffett 13F AAPL BAC WFC KO KHC AXP USB MCO GS JPM BK DAL LUV DVA CHTR UAL ORCL VRSN L 1211.HK AAL GM PSX USG V MA COST TEVA MTB SIRI PNC LBTYA AXTA SYF TMK STOR QSR TRV LILA JNJ PG MDLZ UPS VZ 2018Q3 $TRV new to portfolio $ORCL new to portfolio $AAPL +0% QoQ $CHTR -2% QoQ $LUV -0% QoQ $UAL -2% QoQ $BAC +29% QoQ $AAL -2% QoQ $DAL +2% QoQ $PNC new to portfolio $USB +24% QoQ $GS +38% QoQ $PSX -55% QoQ $GM +2% QoQ $WFC -2% QoQ $BK +20% QoQ $JPM new to portfolio AAPL WFC KHC BAC KO AXP USB MCO PSX BK DAL GS LUV DVA CHTR L GM 1211.HK UAL VRSN AAL USG V TEVA MA SIRI MTB COST LBTYA AXTA SYF TMK STOR QSR LILA JNJ PG MDLZ UPS VZ 2018Q2 $AAPL +5% QoQ $USB +10% QoQ $PSX -23% QoQ AAPL WFC BAC KHC KO AXP USB PSX MCO BK DAL GS LUV CHTR DVA AAL 1211.HK UAL L GM USG VRSN V MTB MA SIRI COST LBTYA AXTA SYF TEVA TMK QSR STOR LILA JNJ PG MDLZ UPS VZ 2018Q1 $AAPL +44% QoQ $PSX -43% QoQ AAPL WFC KHC BAC KO AXP PSX USB MCO BK LUV DAL CHTR GS DVA AAL GM 1211.HK UAL L USG VRSN V LBTYA MTB COST SYF AXTA MA SIRI TMK QSR STOR TEVA IBM JNJ PG MDLZ UPS VZ 2017Q4 $AAPL +23% QoQ $IBM -94% QoQ Heineken acquires Kirin Brasil WFC KHC AAPL KO BAC AXP PSX IBM USB MCO CHTR LUV BK GS DAL GM DVA AAL 1211.HK L UAL VRSN USG V LBTYA MTB SIRI COST MA AXTA SYF QSR TMK STOR JNJ PG MDLZ UPS VZ 2017Q3 Warrants to buy common shares of Bank of America are exercised. $IBM -31% QoQ Femsa sells 5.24 percent of Heineken for 2.5 billion euros R. J. Reynolds Tobacco is acquired by British American Tobacco for $49.4B KHC WFC AAPL KO AXP IBM PSX USB CHTR MCO LUV DAL BK DVA GS AAL UAL GM 1211.HK L VRSN USG V LBTYA MTB SIRI AXTA COST MA QSR SYF TMK STOR JNJ PG MDLZ UPS VZ 2017Q2 $IBM -16% QoQ British American Tobacco acquires Reynolds American KHC WFC AAPL KO AXP IBM PSX USB CHTR MCO DVA LUV DAL GS AAL UAL 1211.HK GM BK L USG VRSN LBTYA V SIRI MTB AXTA COST MA TMK QSR JNJ PG MDLZ UPS VZ 2017Q1 $AAPL >+100% QoQ $IBM -20% QoQ KHC WFC KO IBM AXP PSX AAPL USB DAL CHTR GS DVA MCO LUV AAL UAL GM 1211.HK USG L BK VRSN LBTYA MTB V SIRI COST AXTA MA TMK QSR JNJ PG MDLZ UPS VZ 2016Q4 $AAPL >+100% QoQ SABMiller (no. 2) is acquired by 3G controlled AB InBev (no. 1)\n and sells stake in MillerCoors to Molson Coors\n and Peroni of Italy and Grolsch of the Netherlands to Asahi Breweries of Japan\n and Snow Beer (no. 1 in China) to CRE of China Green Mountain Coffee Roasters is acquired by the privately owned JAB Holding Company Sherwin-Williams acquires Valspar for $11.3B Microsoft acquires LinkedIn for $28.1B Shire acquires 2015 Baxter International spin-off Baxalta for $32B AT&T announces plans to acquire Time Warner for $108B Linde announces plans to acquire Praxair KHC WFC KO IBM AXP PSX USB MCO CHTR DVA GS AAPL GM L 1211.HK LBTYA VRSN USG V BK AAL VZ COST AXTA MTB MA TMK QSR DAL UAL JNJ PG MDLZ UPS 2016Q3 $WMT -67% QoQ Bayer and Monsanto to Create a Global Leader in Agriculture Bayer clinches Monsanto with improved $66 billion bid KHC WFC KO IBM AXP PSX USB DVA MCO CHTR GS AAPL GM 1211.HK VRSN L USG LBTYA VZ BK V COST MTB AXTA MA TMK QSR JNJ PG MDLZ UPS 2016Q2 $WMT -27% QoQ KHC WFC KO IBM AXP PSX USB DVA MCO CHTR GS GM 1211.HK VRSN L AAPL USG LBTYA VZ V BK COST AXTA MTB MA TMK QSR JNJ PG MDLZ UPS 2016Q1 $PG -99% QoQ $PSX +22% QoQ $BRK increases stake in Phillips 66 ($PSX) to 14% $BRK acquires Precision Castparts Corp. ($PCP) (agreed August 10, 2015) $BRK acquires Russell Brands $BRK acquires Duracell from P&G in stock swap (announced November 14, 2014) KHC WFC KO IBM AXP PSX PG USB DVA MCO GS CHTR GM VRSN 1211.HK USG L LBTYA BK V COST VZ MTB AXTA MA TMK QSR JNJ MDLZ UPS 2015Q4 Annheuser-Busch InBev acquires SAB Miller for $130B Actavis acquires Allergan ($71B) in a reverse merger Dow Chemical acquries DuPont for $130B KHC WFC KO IBM AXP PSX PG USB DVA MCO GS CHTR GM USG 1211.HK VRSN LBTYA L BK V MTB VZ COST AXTA MA TMK QSR JNJ MDLZ UPS 2015Q3 AT&T acquires DirectTV $PSX >+100% QoQ $WMT -6% QoQ $BRK increases stake in Phillips 66 ($PSX) to 10.8% AT&T acquires DirecTV KHC WFC KO IBM AXP PG USB DVA MCO GS PSX CHTR GM USG 1211.HK LBTYA BK VRSN VZ MTB V AXTA COST MA L TMK QSR JNJ MDLZ KFT UPS 2015Q2 AOL is acquired by Verizon for $4.4B KHC WFC KO IBM AXP PG USB DVA MCO GS GM CHTR USG 1211.HK LBTYA VRSN BK VZ MTB COST V PSX L MA TMK QSR JNJ MDLZ KFT UPS 2015Q1 $MUV2.DE -100% $KHC new to portfolio Kraft merges with Heinz to form the 5th largest food company in the world behind Nestle, PepsiCo, Coca-Cola and AB InBev Undisclosed WFC KO AXP IBM PG MUV2.DE USB DVA GS MCO GM USG CHTR 1211.HK LBTYA BK VRSN VZ MTB V COST PSX MA L TMK QSR JNJ MDLZ KFT UPS 2014Q4 $XOM -100% $IBM +9% QoQ Restaurant Brands International ($QSR, 5th after Subway, McDonald's, Yum! Brands and Starbucks) is formed\n through the merger of the 3G controlled Burger King (est 1953) of Florida and Tim Hortons (est 1964) of Canada WFC KO IBM AXP PG MUV2.DE USB DVA MCO GS GM USG 1211.HK BK VZ CHTR LBTYA VRSN MTB L COST PSX V MA TMK COP JNJ MDLZ KFT UPS 2014Q3 $DTV +27% QoQ WFC KO AXP IBM PG MUV2.DE USB DVA MCO GS GM USG 1211.HK BK LBTYA VZ MTB VRSN L PSX COST V CHTR TMK MA COP JNJ MDLZ KFT UPS 2014Q2 $DTV -32% QoQ WFC KO AXP IBM PG MUV2.DE USB DVA GS MCO USG GM 1211.HK BK COP PSX L MTB VRSN LBTYA VZ COST V TMK MA JNJ MDLZ KFT UPS 2014Q1 $DTV -5% QoQ $WMT +17% QoQ $BRK (Lubrizol) acquires Phillips 66 division in stock swap Undisclosed WFC KO AXP IBM MUV2.DE PG USB DVA GS PSX MCO GM 1211.HK USG BK COP L VRSN MTB COST V MA TMK LBTYA JNJ MDLZ KFT UPS 2013Q4 $TSCO.L -27% YoY $DVA +15% QoQ Berkshire and 3G acquire Heinz (announced February 14, 2013) Hormel Foods acquires Skippy peanut butter from Unilever Jeff Bezos (Nash Holdings LLC) buys the Washington Post from the Graham family for $250M WFC KO IBM AXP MUV2.DE PG USB DVA MCO PSX GM WPO 1211.HK COP L BK MTB VRSN COST USG TMK V MA JNJ MDLZ KFT UPS 2013Q3 $XOM +28% QoQ WFC KO IBM AXP MUV2.DE PG USB DVA PSX MCO COP GM 1211.HK WPO L BK MTB VRSN COST USG V TMK MA JNJ MDLZ KFT UPS 2013Q2 $AXP -13% QoQ $USB +27% QoQ $XOM new to portfolio $COST -73% QoQ WFC KO IBM AXP MUV2.DE PG USB COST PSX MCO COP 1211.HK WPO GM L MTB USG VRSN V TMK MA MDLZ KFT UPS 2013Q1 $AXP +16% QoQ $DTV +9% QoQ $COST >+100% QoQ $BRK converts $GS warrants to common stock. Undisclosed WFC KO IBM AXP MUV2.DE PG USB DVA PSX MCO COP 1211.HK GM L WPO MTB BK USG COST MDLZ V TMK MA VRSN KFT JNJ UPS 2012Q4 $TSCO.L +42% YoY AmBev of InBev (est 2004) acquires Cervecería Nacional Dominicana (est 1929) of the Dominican Republic Grupo Modelo (est 1922, Corona) of Mexico (1st) is acquired by AB InBev KO WFC IBM AXP PG MUV2.DE USB COP KFT PSX MCO DVA 1211.HK WPO L MTB BK COST USG GM TMK V MA JNJ UPS 2012Q3 $PG -11% QoQ $USB -7% QoQ $KFT -48% QoQ Kraft spins off Mondelez KO WFC IBM AXP PG MUV2.DE KFT USB COP MCO 1211.HK DVA PSX JNJ WPO L MTB COST BK USG V TMK GM MA UPS 2012Q2 $PG -18% QoQ $JNJ -64% QoQ $KFT -24% QoQ ConocoPhillips spins off Phillips 66 (announced July 2011) KO WFC IBM AXP PG MUV2.DE KFT COP USB JNJ MCO 1211.HK WPO DVA MTB COST V USG L GM TMK MA BK UPS 2012Q1 $WMT +19% QoQ $KFT -10% QoQ Undisclosed KO IBM WFC AXP PG KFT MUV2.DE COP JNJ USB 1211.HK MCO WPO MTB COST V DVA TMK USG MA L UPS BK 2011Q4 $TSCO.L +20% YoY $JNJ -22% QoQ $WFC +6% QoQ $IBM +11% QoQ ''SABMiller acquires Foster's (est 1888) of Australia (Victoria Bitter no. 1)'' KO IBM WFC AXP PG KFT MUV2.DE JNJ COP USB 1211.HK MCO WPO MTB COST V TMK MA USG UPS BK 2011Q3 $JNJ -12% QoQ $KFT -9% QoQ $IBM >+100% QoQ KO WFC AXP PG IBM KFT JNJ MUV2.DE COP USB MCO 1211.HK WPO MTB COST USG TMK MA UPS BK 2011Q2 Wesco Financial becomes a subsidiary of Berkshire $KFT -5% QoQ $IBM >+100% QoQ KO WFC AXP PG KFT JNJ MUV2.DE COP WSC USB 1211.HK MCO WPO IBM MTB COST USG TMK UPS MA BK 2011Q1 $BRK acquires Lubrizol ($LZ) for $9.7B KO WFC AXP PG KFT MUV2.DE JNJ WSC COP USB 1211.HK WPO MCO MTB COST USG TMK UPS BK 2010Q4 Heineken (est 1864) acquires FEMSA Cerveza (e.g. Cuauhtémoc Moctezuma Brewery est 1890 Sol) in a 20% stock swap 3G acquires a majority stake in Burger King (est 1953) of Florida Nestlé acquires Kraft Foods’ frozen pizza business. Cadbury is acquired by Kraft Foods CPI acquires National Starch from AkzoNobel for $1.3B and is renamed to Ingredion in 2012 KO WFC AXP PG KFT MUV2.DE JNJ WSC COP USB 1211.HK MCO WPO MTB COST USG TMK UPS BAC BK 2010Q3 $WFC +5% QoQ KO WFC AXP PG KFT MUV2.DE JNJ WSC USB COP 1211.HK WPO MCO MTB COST USG TMK UPS BAC 2010Q2 $COP -14% QoQ $JNJ +72% QoQ KO WFC AXP PG KFT MUV2.DE WSC USB COP JNJ 1211.HK MCO WPO MTB USG COST TMK UPS BAC 2010Q1 $PG -9% QoQ $COP -9% QoQ $MUV2.DE new to portfolio $JNJ -11% QoQ $KFT -22% QoQ BNSF becomes a subsidiary of Berkshire (Feb12) $BRK acquires BNSF KO WFC BNI AXP PG KFT 1211.HK WSC COP JNJ USB MCO WPO MTB COST USG TMK UPS BAC TRV 2009Q4 $PG -9% QoQ $COP -34% QoQ $JNJ -26% QoQ AOL is spun off from Time Warner Pfizer acquires Wyeth for $68B KO WFC BNI PG AXP KFT COP JNJ 1211.HK WSC USB WPO MCO MTB COST USG TMK BAC UPS TRV 2009Q3 $COP -10% QoQ $MCO -18% QoQ $WMT +89% QoQ KO WFC BNI PG AXP KFT COP JNJ 1211.HK WSC MCO USB WPO MTB COST USG TMK UPS BAC 2009Q2 $COP -9% QoQ $JNJ +13% QoQ KO BNI PG WFC KFT COP AXP 1211.HK JNJ WSC MCO USB WPO MTB COST USG TMK UPS BAC 2009Q1 $COP -10% QoQ $JNJ +13% QoQ $1211.HK new to portfolio $BNI +9% QoQ Schering-Plough acquires Merck ($41B) in a reverse merger Roche acquires remaining shares of Genentech ($46.8B) KO WFC PG BNI COP KFT AXP JNJ USB WSC MCO WPO MTB COST USG TMK UPS BAC 2008Q4 $PG -9% QoQ $USB -7% QoQ $JNJ -53% QoQ $SAN.PA +28% YoY $BNI +9% QoQ Mars acquires Wrigley for $22B AB InBev (no. 1) is formed through the merger of\n 3G controlled Belgian/Brazilian InBev and Anheuser-Busch (est 1852/1876, Budweiser) of the USA (no. 1) MillerCoors is formed as a joint venture between SABMiller and Molson Coors and later divested by SABMiller in 2016 Carlsberg (est 1847) acquires Baltika Breweries (est 1990) of Russia Carlsberg (est 1847) along with Heineken acquires parts of Scottish and Newcastle (e.g. Kronenburg Brewery (est 1664) of France (no. 1), Mythos Brewery (est 1968) of Greece (no. 2) and the S&N joint venture Baltic Beverages Holding including Aldaris Brewery (est 1865) of Latvia) Heineken (est 1864) along with Carlsberg acquires parts of Scottish and Newcastle and becomes 3rd largest brewery in the world $BRK buys $3B of preferred shares of $GE yielding 10%, which $GE pays back in 2011. Cadbury Schweppes spins off Dr Pepper Snapple WFC KO PG COP BNI AXP KFT JNJ USB WSC MCO WPO MTB USG COST BAC TMK UPS 2008Q3 $COP +40% QoQ $USB +6% QoQ Dow Chemical acquires Rohm and Haas for $15B and $BRK makes a $3B investment in preferred shares yielding 8.5%, which are not converted to common shares until 2017. $BRK makes a $5B investment in preferred shares of $GS yielding 10% and warrants that are traded in 2013. KO WFC PG BNI AXP COP JNJ KFT WSC USB MCO WPO USG MTB COST BAC TMK UPS 2008Q2 $COP >+100% QoQ $BUD -61% QoQ InBev makes $52B bid for Annheuser-Busch and later forms Annheuser-Busch InBev KO WFC PG AXP BNI KFT JNJ WSC USB MCO COP WPO USG MTB BAC COST TMK UPS 2008Q1 KO WFC AXP PG BNI KFT JNJ WSC USB MCO COP WPO USG MTB BAC COST TMK UPS 2007Q4 $KFT +23% QoQ $SAN.PA new to portfolio $BNI +14% QoQ Philip Morris spins of Kraft Foods $BRK agrees to acquire The Marmon Group ($4.5B for 60%)\n in its biggest purchase ever outside of the insurance industry KKR acquires TXU in the largest leveraged buyout at the time KO WFC AXP PG BNI JNJ KFT MCO WSC USB COP WPO MTB USG BAC COST TMK UPS 2007Q3 $USB +76% QoQ $JNJ +15% QoQ $KFT +54% QoQ $WFC +8% QoQ $BNI +35% QoQ KO AXP WFC PG BNI JNJ MCO KFT WSC COP WPO USB USG MTB BAC COST TMK UPS 2007Q2 $PG +5% QoQ $JNJ +9% QoQ $KFT new to portfolio $WFC +10% QoQ $BNI +12% QoQ Buffett starts accumulating Kraft Foods, which is revealed by the WSJ in July and on the 13F for 2017Q4 KO AXP WFC PG MCO JNJ BNI WSC WPO COP USB USG MTB COST TMK UPS 2007Q1 $JNJ +97% QoQ $WFC +13% QoQ $BNI >+100% QoQ KO AXP WFC PG MCO 601857.SS WSC JNJ COP WPO BNI USG USB MTB COST TMK UPS 2006Q4 $TSCO.L new to portfolio $WFC +7% QoQ AmBev of InBev (est 2004) acquires Argentinian Cerveza Quilmes (est 1888) $BRK acquires 80% of Israel based ISCAR Metalworking (subsidiary later renamed IMC International Metalworking Companies) for $4B (materials and construction) $BRK acquires Business Wire (media) Fruit of the Loom acquires Russell Corporation (clothing) $BRK acquires TTI (electronic retail) from the founder Paul Andrews MidAmerican acquires PacifiCorp (utilities, energy) AT&T acquires BellSouth for $73B KO AXP WFC PG 601857.SS MCO WSC JNJ WPO COP MTB USG USB COST TMK UPS BNI 2006Q3 $BUD -16% QoQ Buffett starts secretly accumulating the rail roads $BNI, $UNP and $NSC, which is revealed on a S-3/4 and the 2017Q1 13F KO AXP WFC PG 601857.SS MCO WSC JNJ WPO COP MTB USB USG COST TMK UPS 2006Q2 $JNJ >+100% QoQ KO AXP WFC PG MCO 601857.SS WSC WPO COP MTB USG COST USB TMK JNJ UPS 2006Q1 $COP +86% QoQ $AMP -21% QoQ $WFC +8% QoQ MidAmerican Energy becomes a subsidiary of Berkshire Buffett starts secretly accumulating $USB, which is revealed on the 2016Q4 13F Undisclosed KO AXP PG WFC MidAmerican MCO WSC 601857.SS WPO MTB COP USG COST TMK 2005Q4 $WFC +18% QoQ P&G acquires Gillette Bavaria Brewery of Colombia (est 1889) is acquired by SABMiller (est 1895) Molson Coors Brewing Company is formed through the merger of Molson Brewery (est 1786, Carling est 1840) of Canada and Coors Brewing Company (est 1873) of Colorado $BRK acquires Medical Protective for $825M (insurance) $BRK acquires Forest River from the founder Peter Liegl (transportation) KO AXP G WFC MidAmerican MCO WSC 601857.SS WPO MTB USG COST TMK PG 2005Q3 $AMP new to portfolio $WFC +27% QoQ KO AXP G MidAmerican WFC MCO WSC 601857.SS WPO MTB USG COST TMK PG 2005Q2 $BUD +14% QoQ KO AXP G MidAmerican WFC WSC MCO 601857.SS WPO MTB COST USG TMK PG 2005Q1 $BUD >+100% QoQ $G +5% QoQ AXP KO G MidAmerican WFC WSC MCO WPO 601857.SS MTB USG COST TMK 2004Q4 $WTM new to portfolio InBev (no. 1) is formed through the merger of 3G controlled AmBev (est 1999, no. 5) of Brazil and Interbrew (est 1988, no. 3) of Belgium (no. 1 in Belgium, Canada and Germany) Harbin Brewery (est 1900) of China (no. 3) is acquired by Anheuser-Busch Carlsberg (est 1847) acquires ownership of the Orkla brewing activities (e.g. Pripps, no. 1 in Sweden) Russell Corporation acquires Brooks Sports (clothing) Royal Dutch Petroleum merges with Shell ($75B) to form Royal Dutch Shell KO AXP G MidAmerican WFC WSC MCO WPO 601857.SS MTB COST USG TMK 2004Q3 KO AXP G MidAmerican WFC WSC WPO MCO 601857.SS MTB COST USG TMK 2004Q2 KO AXP MidAmerican G WFC WSC MCO WPO 601857.SS MTB COST USG TMK 2004Q1 KO AXP MidAmerican G WFC WSC MCO WPO 601857.SS MTB COST USG TMK 2003Q4 $HRB -8% QoQ $601857.SS new to portfolio $BRK acquires Clayton Homes from the Clayton family for $1.7B (manufactured housing, materials and construction) $BRK acquires McLane Company from Wal-Mart for $1.45B (logistics) KO AXP MidAmerican G WFC WSC 601857.SS MCO WPO MTB COST USG TMK 2003Q3 $WFC +5% QoQ KO AXP MidAmerican G WFC WSC 601857.SS WPO MCO MTB COST USG TMK 2003Q2 KO AXP MidAmerican G WFC WSC 601857.SS WPO MCO MTB COST TMK USG 2003Q1 Undisclosed KO AXP MidAmerican G WFC WSC WPO MCO MTB COST TMK USG PNC 2002Q4 Conoco and Phillips petroleum merge SABMiller (no. 2) is formed through the merger of South African Breweries (est 1895, Castle Lager) and Miller Brewing of Wisconsin (est 1855) $BRK acquires The Pampered Chef (food, home kitchen equipment) $BRK acquires Fruit of the Loom from bankruptcy for $835M in cash (clothing, underwear) H.H. Brown Shoe Group acquires Acme Boots from Texas Boot (clothing) KO AXP MidAmerican G WFC WSC MCO WPO MTB COST TMK USG 2002Q3 KO AXP G MidAmerican WFC WSC MCO WPO MTB COST TMK USG 2002Q2 Nestle and Dreyer's Grand Ice Cream merge in a $2.4 billion deal KO AXP G WFC MidAmerican WSC WPO MCO MTB TMK USG 2002Q1 KO AXP G WFC MidAmerican WSC MCO WPO MTB COST TMK USG 2001Q4 ''Interbrew of Belgium (no. 1) acquires Brauerei Beck (est 1873) of Germany (no. 4)'' Nestlé buys US pet food business Ralston Purina, and merges it with Nestlé Friskies Petcare Nestle acquires the rights to Häagen-Dazs from their joint venture with Pillsbury after the latter is acquired by General Mills $BRK acquires MiTeK (materials and construction) $BRK acquires Johns-Manville (insulation, roofing materials, materials and construction) $BRK acquires XTRA Lease (logistics) KO AXP G WFC MidAmerican WSC WPO MCO MTB COST TMK USG 2001Q3 KO AXP G WFC WSC MidAmerican WPO MCO MTB COST USB TMK USG 2001Q2 $COST -33% QoQ KO AXP G WFC WSC MidAmerican WPO COST MCO MTB USB USG TMK 2001Q1 $COST -23% QoQ Undisclosed KO AXP G WFC MidAmerican WSC WPO COST MCO USB MTB USG FRE TMK DIS 2000Q4 $DNB -75% QoQ $FRE -92% QoQ $WFC -5% QoQ $COST -8% QoQ Philip Morris acquires Nabisco Holdings and merges it with Kraft Scottish & Newcastle acquires Kronenburg (est 1664, no. 1 in France) from Danone $BRK acquires Benjamin Moore & Co. (paint, materials and construction) $BRK acquires Acme Brick (bricks and masonry products, materials and construction) $BRK acquires Shaw Industries (flooring, materials and construction) TTI acquires Mouser Electronics (electronic retail) Unilever acquires Bestfoods Corporation (Hellmann's) AOL acquires Time Warner for $165B Glaxo Wellcome merges with SmithKline Beecham ($76B) to form GSK KO AXP G WFC MidAmerican FRE WSC WPO COST USB MTB TMK DIS 2000Q3 $FRE +10% QoQ $COST +12% QoQ $MidAmerican new to portfolio KO AXP G WFC WSC FRE WPO COST USB MTB DIS TMK 2000Q2 $FRE -53% QoQ $COST >+100% QoQ KO AXP G FRE WFC WSC WPO USB MTB DIS TMK COST 2000Q1 $DNB +97% QoQ $FRE -7% QoQ Undisclosed KO AXP G FRE WFC WSC WPO USB DIS MTB COST TMK 1999Q4 Nabisco and R.J. Reynolds Tobacco demerges Brazilian AmBev is formed through the merger of 3G owned Companhia Cervejaria Brahma (est 1888) of Brazil and Companhia Antarctica Paulista of Brazil (no. 1) ''$BRK acquires Jordan's Furniture (furniture/retail)'' ''$BRK initiates the acquisition of MidAmerican Energy'' Vodafone Group acquires Mannesmann for $202B Vodafone Group acquires AirTouch Communications for $60B Pfizer acquires Warner-Lambert for $111.8B Exxon Corporation ($XON) merges with Mobil Corporation ($MBU) to form ExxonMobil ($XOM) KO AXP G FRE WFC WSC WPO DIS USB MTB COST TMK 1999Q3 $DIS -30% QoQ KO AXP G FRE WFC WSC WPO DIS USB MTB COST TMK 1999Q2 $DIS -15% QoQ KO AXP G FRE WFC WSC DIS WPO USB MTB COST TMK 1999Q1 $DIS -33% QoQ Undisclosed KO AXP G FRE WFC WSC DIS WPO USB MTB COST TMK 1998Q4 Travelers Group and Citicorp merges April 7th $DIS -20% YoY WFC not disclosed General Re merger Nestlé buys Italian mineral waters business Sanpellegrino Group. $BRK acquires Dairy Queen from the Mooty family (food, ice cream) $BRK acquires NetJets (logistics) Citicorp acquires Travelers Group for $73B BP acquires Amoco for $53B Undisclosed KO G AXP FRE WFC DIS WSC TRV WPO 1997Q4 Travelers Group acquires Salomon Brothers WFC not disclosed $DIS -12% YoY $MCD -100% Guinness and Grand Metropolitan merges to form Diageo $BRK acquires Star Furniture from the Wolff family (furniture/retail) Corn Products Refining (CPC) splits into Corn Products International (CPI) and Bestfoods (Maizena, Knorr, Hellmann's, Skippy) Undisclosed KO G AXP WFC FRE DIS WSC WPO TMK 1996Q4 GEICO ($GEC) becomes a subsidiary of Berkshire on January 2nd 1996 $WFC +7% YoY $FRE >+100% YoY Disney acquires CapCities ($CCB) $MCD new to portfolio Carlsberg (est 1847) of Denmark acquires Okocim Brewery (est 1845) of Poland $BRK acquires Flightsafety Undisclosed KO G CCB GEC AXP WFC FRE WSC WPO TMK 1995Q4 $GCI -100% $AXP +78% YoY $PNC Bank Corporation -100% Belgian Interbrew acquires Labatt Brewing Company (est 1847) of Canada (no. 1) $BRK acquires Helzberg Diamonds from Barnett Jr. Helzberg (luxury items) $BRK acquired the family owned R.C. Willey Home Furnishings (furniture/retail) Cadbury Schweppes acquires Dr Pepper Undisclosed KO G CCB GEC WFC AXP WSC FRE WPO TMK 1994Q4 $GCI new to portfolio $KO +7% YoY $AXP new to portfolio $PNC Bank Corporation new to portfolio Viacom acquires Paramount Communications $GD -39% YoY $Guinness PLC -100% $FRE -6% YoY Undisclosed KO GEC G CCB WFC WSC FRE WPO TMK 1993Q4 $Paramount Communications new to portfolio $WFC -46% YoY $FRE -15% YoY $CCB -33% YoY The $BRK subsidiary H.H. Brown acquires Dexter Shoes (clothing) KO GEC CCB G FRE WFC WSC WPO TMK 1992Q4 $G +7% YoY $GD new to portfolio $Guinness PLC +22% YoY $WFC +27% YoY $FRE >+100% YoY Carlsberg (est 1847) of Denmark acquires Allied Breweries and rights to the beer Skol (est 1959) outside of South America and Africa The $BRK subsidiary H.H. Brown acquires Lowell Shoe (clothing) KO GEC G CCB WSC FRE WPO WFC TMK 1991Q4 $G new to portfolio $Guinness PLC new to portfolio KO CCB GEC WPO WFC WSC FRE TMK 1990Q4 $WFC new to portfolio Time & Warner merges $BRK acquires the family owned H.H. Brown Shoe Group (clothing) Beatrice Foods is acquired by ConAgra Foods from KKR KO CCB GEC WPO WSC FRE 1989Q4 $KO +64% YoY KKR acquires RJR Nabisco in the largest leveraged buyout at the time ($25B) $BRK buys prefered shares of Gillette ($600M, 11%) WPP Group acquires Ogilvy & Mather BRK acquires Borsheim's Fine Jewelry (luxury items) Undisclosed CCB GEC KO WPO RJR Nabisco Inc. WSC FRE HNH 1988Q4 $RJR Nabisco Inc. new to portfolio $FRE new to portfolio $KO new to portfolio $Allegis -100% Kraft sells Duracell to Gillette Philip Morris acquires Kraft Foods ($13.1B) Brouwerij Artois acquires 45% of Hoegaarden (est 1445/1965) after a fire and acquires the remainder in 1990 Nestlé buys UK confectionery company Rowntree Mackintosh, adding brands including KitKat, After Eight and Smarties to its portfolio. 7Up merges with Dr Pepper CCB GEC WPO WSC HNH FL 1987Q4 $HNH -24% YoY $Allegis new to portfolio $Lear Siegler, Inc. -100% $WSC new to portfolio Brouwerij Artois (est 1366, Stella Artois, Leffe) of Belgium merges with Piedboeuf Brewery (est 1812, Jupiler 1st in Belgium) of Belgium to form Interbrew $BRK acquires 12% of Salomon Dairy Queen acquires Orange Julius (food) CCB GEC WPO HNH Undisclosed 1986Q4 $American Broadcasting Companies, Inc. -100% $Time, Inc. -100% $Beatrice Companies, Inc. -100% $Lear Siegler, Inc. new to portfolio $Affiliated Publications, Inc. -100% $CCB new to portfolio Nestle launches Nespresso $BRK acquires Scott & Fetzer (Kirby vacuum cleaners, World Book Encyclopedia) for $400M $BRK acquires The Fechheimer Bros. from the Heldman family (clothing, uniforms) HM Capital Partners (Hicks & Haas) acquires 7Up from Philip Morris KKR acquires Beatrice Foods ($6.2B) GEC WPO American Broadcasting Companies, Inc. Beatrice Companies, Inc. Time, Inc. HNH Undisclosed 1985Q4 $American Broadcasting Companies, Inc. +21% YoY Philip Morris acquires General Foods for $5.8B $Northwest Industries -100% $Time, Inc. -66% YoY $Beatrice Companies, Inc. new to portfolio $Affiliated Publications, Inc. +49% YoY $Exxon Corporation -100% $IPG -100% $WPO -7% YoY R.J. Reynolds Tobacco merges with Nabisco Brands ($4.9B) to form RJR Nabisco CapCities acquires ABC Nestle enters the pet food business when it buys the Friskies brand. GEC General Foods Corporation Exxon Corporation WPO Time, Inc. American Broadcasting Companies, Inc. HNH Undisclosed IPG 1984Q4 $American Broadcasting Companies, Inc. new to portfolio $General Foods Corporation -9% YoY $R. J. Reynolds Industries, Inc. -100% $Northwest Industries new to portfolio $Time, Inc. >+100% YoY $Exxon Corporation new to portfolio $IPG +28% YoY GEC R. J. Reynolds Industries, Inc. General Foods Corporation WPO Time, Inc. HNH IPG Undisclosed 1983Q4 $Crum & Forster -100% $General Foods Corporation >+100% YoY $R. J. Reynolds Industries, Inc. +80% YoY $Time, Inc. -41% YoY $Affiliated Publications, Inc. +50% YoY $BRK acquires Blue Chip Stamps $BRK acquires Nebraska Furniture Mart from Mrs. Blumkin for $60M (furniture/retail) GEC R. J. Reynolds Industries, Inc. WPO General Foods Corporation Time, Inc. Crum & Forster HNH IPG Undisclosed 1982Q4 $AA -100% $GMT (GATX Corporation) -100% $HNH +18% YoY $Crum & Forster new to portfolio $R. J. Reynolds Industries, Inc. +76% YoY $SAFECO Corporation -100% $Time, Inc. new to portfolio $CLF (Cleveland-Cliffs Iron Company) -100% $Arcata Corporation -100% $Pinkerton's, Inc. -100% GEC R. J. Reynolds Industries, Inc. General Foods Corporation WPO HNH SAFECO Corporation IPG Undisclosed AA 1981Q4 $AA +51% YoY $FL -100% $R. J. Reynolds Industries, Inc. >+100% YoY $SAFECO Corporation -37% YoY $KALU -100% $GMT (GATX Corporation) new to portfolio $General Foods Corporation +5% YoY $Arcata Corporation new to portfolio Green Mountain Coffee Roasters is founded GEC General Foods Corporation HNH SAFECO Corporation WPO Undisclosed AA KALU IPG FL R. J. Reynolds Industries, Inc. 1980Q4 $AA new to portfolio $FL -13% YoY $GEC +25% YoY $CLF (Cleveland-Cliffs Iron Company) new to portfolio $Pinkerton's, Inc. new to portfolio $American Broadcasting Companies, Inc. -100% $SAFECO Corporation +31% YoY $R. J. Reynolds Industries, Inc. new to portfolio $HNH +100% YoY $General Foods Corporation >+100% YoY $Affiliated Publications, Inc. +60% YoY Brazilian Brahma acquires Caracu (brewer of Skol in Brazil) GEC WPO Undisclosed HNH SAFECO Corporation IPG KALU FL General Foods Corporation American Broadcasting Companies, Inc. 1979Q4 $HNH new to portfolio $General Foods Corporation new to portfolio $Media General new to portfolio $Knight-Ridder Newspapers, Inc. -100% $FL new to portfolio $KALU +13% YoY $GEC +74% YoY $Affiliated Publications, Inc. new to portfolio $IPG +20% YoY $Ogilvy & Mather new to portfolio $WPO +95% YoY $BRK owns 60% of Blue Chip Stamps, which in turn owns 80% of Wesco Wesco Financial acquires Precision Steel Warehouse Undisclosed WPO GEC SAFECO Corporation IPG KALU American Broadcasting Companies, Inc. 1978Q4 $BRK owns 58% of Blue Chip Stamps Philip Morris acquires 7Up from Westinghouse Beatrice Foods acquires Tropicana Products for $490M Unilever acquires National Starch & Chemical for $485M GEC Undisclosed WPO IPG CCB KALU 1977Q4