Changes to Berkshire Hathaway's Holdings: J&J in, Lexmark Out

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Includes: AHBIF, AMP, AXP, CDCO, CMCSA, COST, FDC-OLD, GCI, GE, GHC, GPS, HD, HRB, IRM, JNJ, KO, LOW, LXK, MCO, MTB, NKE, OSI, PG, PTR, SEE, SNY, STI, SVMLF, TMK, TYC, UPS, USG, WMT
by: Rick Konrad, CFA

Yesterday, Berkshire Hathaway (BRKA) filed its 13-F, which outlines its holdings. I will be reviewing the holdings, and the changes for a number of institutional managers that I hold in high regard. A 13-F is a form that investment managers who are managing over $100 million must file on a quarterly basis. Remember that this can be somewhat stale information for some very active managers as it applies to holdings as of June 30th of this year

Berkshire bought two new positions,
Sanofi-Aventis (NYSE:SNY) 448.5K
Johnson & Johnson (NYSE:JNJ) 1.97 M

Berkshire increased its stake in:
Iron Mountain (NYSE:IRM) +1.5M to 5M

Berkshire eliminated its position in:
Lexmark (NYSE:LXK) previously 2.5 M
Gap Stores (NYSE:GPS) previously 10M

Berkshire reduced its position in:
H&R Block (NYSE:HRB) -4.7M to 11.4M
Sealed Air (NYSE:SEE) -60.2K to 677.7K
ServiceMaster (SVM) -400K to 4M
Anheuser Busch (NYSE:BUD) -32.6K to 43.5M

Unchanged positions:
American Express (NYSE:AXP)
Ameriprise (NYSE:AMP)
Coca-Cola (NYSE:KO)
Comcast (NASDAQ:CMCSA)
Comdisco (OTCQB:CDCO)
ConocoPhillips (NYSE:COP)
Costco (NASDAQ:COST)
First Data (FDC-OLD)
Gannett (NYSE:GCI)
General Electric (NYSE:GE)
Home Depot (NYSE:HD)
Lowes (NYSE:LOW)
M&T Bank (NYSE:MTB)
Moody's (NYSE:MCO)
Nike (NYSE:NKE)
OSI Restaurant Partners (OSI)
PetroChina (NYSE:PTR)
Pier One (NYSE:PIR)
Procter & Gamble (NYSE:PG)
SunTrust Banks (NYSE:STI)
Torchmark (NYSE:TMK)
Tyco International (NYSE:TYC)
USG Corp (NYSE:USG)
United Parcel (NYSE:UPS)
WalMart (NYSE:WMT)
Washington Post (WPO)

Remember, whether in driving or portfolio management, there is danger in following too closely! Blind faith in even the greatest's stock picking can also be risky as in the case of Pier One (PIR).

Disclaimer: I, my family, and some clients have a current position in Berkshire, Lexmark, Gap, Comcast,Tyco, and WalMart. As well, some clients have positions in H&R Block, Anheuser Busch, ConocoPhillips, General Electric, and Home Depot.