Charlie Munger: “There’s too much wretched excess.”





““I think there are lots of troubles coming,” he said at the Los Angeles-based Daily Journal annual shareholders meeting. “There’s too much wretched excess.””, CNBC




Berkshire Hathaway Operating subsidiaries, (Source Wikipedia)





Company Sector Ownership % Acquisition Date (YYYY/MM/DD) Acquisition Price Notes
Acme Brick Company Materials and Construction 100% 2000/08/01[3] ~$600 Million ($4,392.65 Million 2017)[4][5]  
AltaLink Electric Transmission 90.9% 2014/12/01[6] C$3.24 Billion[7] A subsidiary of Berkshire Hathaway Energy
Ben Bridge Jeweler Luxury Items 100% 2000/07/18[8][9]    
Benjamin Moore & Co. Materials and Construction 100% 2001/01/01[10] $1 Billion[11][12]  
Berkadia Mortgage Financing 50% 2009/12/31[13]   Joint venture with Jefferies Financial Group, formerly known as Leucadia
Berkshire Hathaway Assurance Bond Insurance 100% 2007/12/01    
Berkshire Hathaway Automotive Autosales 90% 2015/05/09[14]   Renamed from Van Tuyl Group
Berkshire Hathaway Energy Utilities 90.9% 1999/03/26   Renamed from Mid-American Energy Holdings
BoatUS Insurance   2007/07/27    
Borsheim’s Fine Jewelry Luxury Items 100% 1989/01/01[15]    
Brooks Sports Apparel 100% 2006/08/02    
The Buffalo News Media 100% 1977/04/01 $32.5 Million[16]  
BNSF Railway Company Railroads and Logistics 100% 2010/02/12 $34 Billion

 

[17]

 
Business Wire Media 100% 2006/03/01[18]    
Cavalier Homes Materials and Construction 100% 2008/01/01    
Central States Indemnity Insurance and Finance 100% 1992/10/20[19]    
Charter Brokerage Logistics 100% 2014/12/12[20]    
Clayton Homes Materials and Construction 100% 2007/05/10[21] $1.7 billion.[22][23][24]  
CORT Business Services Furniture Related 100% 2000/01/14 $467 Million ($3,418.94 Million 2017)[4]  
CTB Inc. Capital Goods 100% 2002/01/01    
Dairy Queen[25] Food and Beverage 99% 1997/10/21 $585 Million[26]  
Duracell Household Products 100% 2016/02/29[27]    
Ebby Halliday Companies Real Estate 100% 2018/06/04[28]    
Fechheimer Brothers Company Clothing 100% 1986/01/01    
FlightSafety International Business Services 100% 1997/01/01[29]    
Forest River Materials and Construction 100% 2005/08/31    
Fruit of the Loom Clothing 99% 2002/04/30[30] $835 Million[31]  
Garanimals Clothing 100% 2002/09/04    
GEICO Insurance and Finance 100% 1996/08/26[32] $2.3 Billion[33]  
General Re Insurance and Finance 100% 1995/12/21[34] $22 Billion[35]  
Helzberg Diamonds Luxury Items 100% 1995/01/01[36]    
H.H. Brown Shoe Group Clothing 100% 1991/07/01    
International Metalworking Companies (IMC) Materials and Construction 100% 2006/05/08    
Johns Manville Materials and Construction 100% 2001/02/27[37] $1.8 Billion[38]  
Jordan’s Furniture Furniture Related 100% 1999/10/11    
Justin Brands Clothing 100% 2000/08/01 $570 Million[39]  
Kansas Bankers Surety Company Insurance and Finance 100% 1998/04/10    
Kern River Pipeline Pipeline 90.9% 2006/03/21 $960 Million[40] A subsidiary of Berkshire Hathaway Energy
Larson-Juhl[41] Furniture Related 100% 2001/12/17    
Louis Motor Motorcycles 100% 2015/02/20    
Lubrizol Chemicals 100% 2011/09/16 $9.7 Billion[42][43]  
Marmon Group Diversified Holding Company 99% 2008/01/01[44][45] $4.5 Billion  
McLane Company Logistics 100% 2003/05/23[46] $1.45 Billion[47]  
Medical Protective Liability Insurance 100% 2005/06/30[48][49]    
MiTek Materials and Construction 90% 2001/06/12[50]   Other 10% owned by MiTek management
National Indemnity Company Insurance and Finance 100% 1967/03/01[51] $6.8 Million ($49.78 Million inflation adjusted)[52]  
Nebraska Furniture Mart Furniture Related 80% 1983/01/01[53] $60 Million[16]  
NetJets Business Services 100% 1998/01/01[54] $725 Million [55]  
NetJets Europe Business Services 100% 1998/01/01[54]    
Northern Natural Gas Pipeline 90.9% 2002/08/01 $928 Million[56] A subsidiary of Berkshire Hathaway Energy
NV Energy Electric & Gas Distribution 90.9% 2013/12/19[57] $5.6 Billion[58] A subsidiary of Berkshire Hathaway Energy
Omaha World-Herald Media 100% 2011/12/01[59] $150 Million[60]  
Oriental Trading Company Toy Party Craft 100% 2012/01/01[61]    
PacifiCorp Electric Distribution 90.9% 2005/01/01 $9.4 billion [62] A subsidiary of Berkshire Hathaway Energy
Pampered Chef[63] Food and Beverage 100% 2002/09/23    
Pilot Flying J Retail, Food and Beverage, Petroleum 38.6%[64] 2017/10/03[64]   Will increase stake to 80% in 2023.[64]
Precision Castparts Corp. Aerospace and Defense 100% 2016/01/29 $37 Billion[65]  
Precision Steel Warehouse, Inc. Materials and Construction 100% 1979/01/01[66]    
RC Willey Home Furnishings Furniture Related   1995/01/01[67]    
Richline Group Wholesale and Manufacturing 100% 2007/05/01[68]    
Russell Brands Sports Equipment Manufacturer 100% 2006/01/01[30] $600 Million[69] A division of Fruit of the Loom
Scott Fetzer Company Other 100% 1985/01/01 $230 Million[70]  
See’s Candies Food and Beverage 100% 1972/01/03 $25 Million[71][72]  
SE Homes Materials and Construction 100% 2007/01/01    
Shaw Industries Materials and Construction   2002/01/21[73]    
Star Furniture Furniture Related 100% 1997/07/14    
TTI, Inc. Electronic Component Distribution 100% 2007/03/30    
United States Liability Insurance Group Insurance and Finance 100% 2000/08/08[74]    
Wesco Financial Insurance and Finance 100% 1978/01/01[75]    
WPLG-TV Media 100% 2014/07/01[76]    
XTRA Lease Logistics 100% 2001/09/20[77]    

Notable minority holdings

Holdings that surpass SEC thresholds:[78]

Company Ticker Sector Ownership % # of Shares Value (Billion$) Record date
Amazon NASDAQAMZN Technology, E-commerce ~0.1 483,300 $0.9 May 15, 2019[79]
American Airlines NASDAQAAL Industrials 9.73 43,700,000 $1.5 May 10, 2019[80]
American Express NYSEAXP Insurance and Finance 18.15 151,610,700 $17.8 May 10, 2019[80]
Apple NASDAQAAPL Technology 5.4 255,300,329 $40.3 December 31, 2018[81]
Axalta Coating Systems NYSEAXTA Manufacturing 10.34 24,264,000 $0.63 May 10, 2019[80]
Bank of America NYSEBAC Banking, Financial services 9.5 918,919,000 $22.6 December 31, 2018[81]
Bank of New York Mellon Corp NYSEBK Insurance and Finance 8.8 84,488,751 $3.98 December 31, 2018[81]
Charter Communications, Inc. NASDAQCHTR Telecommunications 3.0 6,789,054 $1.94 December 31, 2018[81]
Costco Wholesale Corporation NASDAQCOST Retail 0.98 4,333,363 $1.06 May 10, 2019[80]
Delta Air Lines, Inc. NYSEDAL Industrials 9.6 65,535,000 $3.27 14 February 2017[82]
DaVita Inc. NYSEDVA Health 23.17 38,565,570 $2.02 May 10, 2019[80]
General Motors NYSEGM Manufacturing 5.09 72,269,696 $2.76 May 10, 2019[80]
Goldman Sachs NYSEGS Investment banking; Financial services 4.9 18,784,698 $3.14 May 10, 2019[80]
JPMorgan Chase & Co. NYSEJPM Investment banking; Financial services 1.5 50,661,394 $4.95 December 31, 2018[81]
Johnson & Johnson NYSEJNJ Health 0.01 327,100 $0.045 May 10, 2019[80]
The Coca-Cola Company NYSEKO Food and Drink 9.4 400,000,000 $18.94 December 31, 2018[81]
The Kraft Heinz Company NASDAQKHC Food and Drink 26.70 325,634,818 $10.61 May 10, 2019[80]
Liberty Global A Class NASDAQLBTYA Telecommunication and Media 9.67 19,791,000 $0.52 May 10, 2019[80]
Liberty Global C Class NASDAQLBTYK Telecommunication and Media 1.39 7,346,968 $0.19 May 10, 2019[80]
Liberty Latin America Ltd Class A NASDAQLILA Telecommunication and Media 5.59 2,714,854 $0.051 May 10, 2019[80]
Liberty Latin Latin America Ltd Class C NASDAQLILAK Telecommunication and Media 1.06 1,284,020 $0.024 May 10, 2019[80]
Liberty Sirius XM Group Series A NASDAQLSXMA Telecommunication and Media 14.45 14,860,360 $0.58 May 10, 2019[80]
Liberty Sirius XM Group Series C NASDAQLSXMK Telecommunication and Media 13.96 31,090,985 $1.22 May 10, 2019[80]
Southwest Airlines Co NYSELUV Industrials 8.7 47,890,899 $2.27 December 31, 2018[81]
Mastercard NYSEMA Financial Services 0.48 4,934,756 $1.21 May 10, 2019[80]
Moodys Corp NYSEMCO Financial services 12.9 24,669,778 $3.46 December 31, 2018[81]
Mondelēz International NASDAQMDLZ Food and Drink 1.70 24,669,778 $4.70 May 10, 2019[80]
M&T Bank Corp NYSEMTB Banking 0.42 578,000 $0.03 May 10, 2019[80]
Procter & Gamble Co NYSEPG Consumer goods 0.12 315,400 $0.033 May 10, 2019[80]
PNC Financial Services Group Inc. NYSEPNC Bank holding company, Financial services 1.83 8,263,062 $1.09 May 10, 2019[80]
Phillips 66 NYSEPSX Energy 2.62 11,895,842 $1.02 May 10, 2019[80]
RBL Bank NSERBLBANK Banking, Financial services 0.14 607,820 $0.003 May 10, 2019[80]
Restaurant Brands International NYSEQSR Food and Drink 3.32 8,438,225 $0.56 May 10, 2019[80]
Red Hat Inc. NYSERHT Software 2.34 4,175,792 $0.77 May 10, 2019[80]
Sirius XM Holdings Inc. NASDAQSIRI Radio 3.17 137,915,729 $0.79 May 10, 2019[80]
StoneCo Ltd. NYSESTNE Financial services 11.80 14,166,748 $0.39 May 10, 2019[80]
Store Capital Corp. NYSESTOR Real estate investment trust (REIT) 8.20 18,621,674 $0.62 May 10, 2019[80]
Suncor Energy Inc. NYSESU Energy 0.67 10,758,000 $0.35 May 10, 2019[80]
Synchrony Financial NYSESYF Financial services 3.01 20,803,000 $0.76 May 10, 2019[80]
Teva Pharmaceutical Industries Ltd NYSETEVA Pharmaceuticals 4.22 43,249,295 $0.66 May 10, 2019[80]
Torchmark Corporation NYSETMK Insurance 5.77 6,353,727 $0.55 May 10, 2019[80]
Travelers Companies Inc NYSETRV Insurance 2.27 5,958,391 $0.85 May 10, 2019[80]
United Continental Holdings Inc. NYSEUAL Industrials 8.22 21,938,642 $1.84 May 10, 2019[80]
United Parcel Service (UPS) NYSEUPS Logistics 0.008 59,400 $0.006 May 10, 2019[80]
U.S. Bancorp NYSEUSB Banking 9.1 146,346,999 $6.69 December 31, 2018[81]
Visa Inc NYSEV Financial Services 0.60 10,562,460 $1.69 May 10, 2019[80]
Verisign Inc NASDAQVRSN Technology 10.81 12,952,745 $2.51 May 10, 2019[80]
Verizon Communications NYSEVZ Media ~0.01 928 $0.00052 May 10, 2019[80]
Wells Fargo and Co NYSEWFC Banking 9.98 449,349,102 $20.71 May 10, 2019[80]

 

 

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Image By JonClee86 at English Wikipedia, CC BY-SA 3.0, https://commons.wikimedia.org/w/index.php?curid=11661344

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