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While Warren Buffett is no activist investor he is arguably the best value investor of all time. Value is the basis of much of his activism. Here is a breakdown of his latest moves.

Below is a list of changes from Warren Buffett's Berkshire Hathaway portfolio when comparing the newly released 13F for the quarter ended December 31, 2006 to the 13F for the quarter ended September 30, 2006.


Ingersoll-Rand (NYSE:IR) new 636,600; Unitedhealth Group, Inc. (NYSE:UNH) new 1,021,400; US Bancorp (NYSE:USB) new 23,307,300 (stake disclosed yesterday in delayed filing but firm held 6.1M shares at 03/31/06, 22.1M shares at 06/30/06 and 23.3M shares at 08/30/06)

Raised Stakes

USG Corporation (NYSE:USG) from 16,700,992 to 17,072,192; Wells Fargo (NYSE:WFC) from 190,641,600 to 204,022,100

Reduced Stakes

Ameriprise Financial Inc. (NYSE:AMP) from 19.26 million shares to 8.27 million shares; H & R Block (NYSE:HRB) from 10,971,000 to 4,113,400; Comcast Corp (NASDAQ:CMCSA) from 11,110,200 to 8,000,000; OSI Restaurant Partners, Inc. (OSI) from 1,818,800 to 0 (buyout); Pier 1 Imports (NYSE:PIR) from 3,290,000 to 1,483,400; Sealed Air Corporation (NYSE:SEE) from 677,700 to 0; Target Corp (NYSE:TGT) 745,700 to 0

Maintained Stakes

American Express (NYSE:AXP), American Standard (ASD), Anheuser Busch (NYSE:BUD), Coca Cola (NYSE: KO), Comdisco Holding (OTCQB:CDCO), ConocoPhillips (NYSE:COP), Costco (NASDAQ:COST), First Data (FDC), Gannett (NYSE:GCI), General Electric (NYSE:GE), Home Depot (NYSE:HD), Iron Mountain (NYSE:IRM), Johnson & Johnson (NYSE:JNJ), Lowes Companies (NYSE:LOW), M & T Bank (NYSE:MTB), Moody's (NYSE:MCO), Nike Inc. (NYSE:NKE), PetroChina Co. Ltd. (NYSE:PTR), Proctor & Gamble (NYSE:PG), Sanofi Adventis (NYSE:SNY), Servicemaster Company (NYSE:SVM), Sun Trusts Banks (NYSE:STI), Torchmark (NYSE: TMK), Tyco International (NYSE:TYC), United Parcel Service Inc. (NYSE:UPS), Wal-Mart Stores (NYSE:WMT), Washington Post (WPO), Wesco Financial Corp. (NYSEMKT:WSC), Western Union (NYSE:WU).

Source: Berkshire Hathaway: Notable 13F Changes