Berkshire Hathaway Buys Liberty Global; Adds Exxon Mobil, Exercises GE Warrants; Sells Dish, GlaxoSmithKline
Berkshire’s new positions
During the quarter, Berkshire increased its position in General Electric (GE) by 9,996,602 shares to 10,585,502 worth $296,712,000 through exercising warrants in October 2013, DaVita (DVA) by 5,014,464 shares to 36,461,294 worth $2,310,522,00, United States Gypsum (USG) by 17,817,982 shares to 34,890,174 shares worth $990,184,000 and made a very small addition to Exxon Mobil (XOM) of 1,040,261 shares to 41,129,632 shares.
The smaller positions are likely to either be Weschler or Combs. The Exxon Mobil position was a well-known Buffett addition while the small change could easily be a subsidiary of Berkshire. The USG stake was created through exchanging $243.8 million of convertible notes.
Edited: Berkshire first showed a position in Goldman Sachs (GS) of 12,631,531 shares. This was related to a March 2013 announcement that Berkshire traded warrants with the rights to buy 43.5 million Goldman Sachs common shares for $115 apiece until Oct. 1 2013 for “Goldman Sachs stock equal to the difference between the average closing price during the 10 trading days before Oct. 1 and the exercise price, multiplied by 43.5 million”. The trade reduced the transaction costs and allowed Berkshire to avoid putting down over $5 billion in capital. These warrants were received as part of a shrewd preferred stock investment during the financial crisis.
Also notable, If you’re looking for the Washington Post on the 13-F, It is now known as Graham Holdings (GHC). There was no change in the position at this time.