Summary of Berkshires 13F Filings
November 16, 2001
| Period Ending | # of 13Fs Filed | Total Amount of Position on 13Fs Filed | Total Equity as Listed on 10K-10Q | Dollar Amount Missing From 13Fs |
| 12/31/1998 | 2 | $38,316,424,000 | $38,121,000,000 | ($195,424,000) |
| 3/31//1999 | 3 | $38,004,000,000 | $38,074,360,000 | $70,360,000 |
| 6/30/1999 | 3 | $37,431,962,000 | $37,291,000,000 | ($140,962,000) |
| 9/30/1999 | 3 | $33,029,000,000 | $32,901,212,000 | ($127,788,000) |
| 12/31/1999 | 4 | $37,532,132,000 | $37,772,000,000 | $239,868,000 |
| 3/31/2000 | 4 | $34,038,483,000 | $34,516,000,000 | $477,517,000 |
| 6/30/2000 | 6 | $35,207,277,000 | $35,624,000,000 | $416,723,000 |
| 9/30/2000 | 4 | $36,261,458,000 | $36,588,800,000 | $327,342,000 |
| 12/31/2000 | 4 | $36,521,000,000 | $37,619,000,000 | $1,098,000,000 |
| 3/31/2001 | 2 | $29,503,000,000 | $30,436,000,000 | $933,000,000 |
| 6/30/2001 | 1 | $28,634,000,000 | $29,160,000,000 | $526,000,000 |
| 9/30/2001 | 1 | $26,478,983,000 | $27,208,000,000 | $729,017,000 |
Five new 13F's where filed on February 14, 2001. The table below show the changes that resulted.
Summary of Berkshires 13F Filings
February 14, 2002
| Period Ending | # of 13Fs Filed | Total Amount of Position on 13Fs Filed | Total Equity as Listed on 10K-10Q | Dollar Amount Missing From 13Fs |
| 12/31/1998 | 2 | $38,316,424,000 | $38,121,000,000 | ($195,424,000) |
| 3/31//1999 | 3 | $38,004,000,000 | $38,074,360,000 | $70,360,000 |
| 6/30/1999 | 3 | $37,431,962,000 | $37,291,000,000 | ($140,962,000) |
| 9/30/1999 | 3 | $33,029,000,000 | $32,901,212,000 | ($127,788,000) |
| 12/31/1999 | 4 | $37,532,132,000 | $37,772,000,000 | $239,868,000 |
| 3/31/2000 | 4 | $34,038,483,000 | $34,516,000,000 | $477,517,000 |
| 6/30/2000 | 6 | $35,207,277,000 | $35,624,000,000 | $416,723,000 |
| 9/30/2000 | 4 | $36,261,458,000 | $36,588,800,000 | $327,342,000 |
| 12/31/2000 | 5 | $37,538,000,000 | $37,619,000,000 | $81,000,000 |
| 3/31/2001 | 3 | $29,903,000,000 | $30,436,000,000 | $533,000,000 |
| 6/30/2001 | 2 | $29,147,000,000 | $29,160,000,000 | $13,000,000 |
| 9/30/2001 | 2 | $26,889,619,000 | $27,208,000,000 | $318,381,000 |
| 12/31/2001 | 1 | $28,057,437,000 | $28,675,000,000 | $618,000,000 |
Comments
The summary table shows the number of 13Fs that have been filed for each period. If the total equity shown on the 10K or 10Q for the period is greater than the sum of the totals from the 13Fs, then some of the positions are still confidential. As you can see, some of the positions that are not disclosed go back as much as two years. Why they have not been disclosed I do not know—I would assume though, that most of these older positions are gone.
Of more interest are the last two reports which show that there is $562 million in the second quarter and $729 million in the third quarter of 2001 for which the name of stocks is still being withheld. Among the companies previously held, for which no position has yet been recorded, are Costco, Dun & Bradstreet, Honeywell, Nucor, Office Depot, US Bancorp, Superior Industries, and General Dynamics. Since the last reported positions for these stock totaled $1.4 billion it is apparent that some or all of these positions are gone.
Jones Apparel (Nov 2001)
It is interesting to note Berkshire's pattern of trading in Jones Apparel. After acquiring 15.7 million shares during the course of late 1999 and the first quarter of 2000, Simpson sold almost half the position in the first two quarters of 2001. We do not know the exact prices paid or received, but the stock was trading in the mid-twenties to low-thirties during the period that the position was initiated and in the mid-forties when it was being sold. This looks pretty "e;Ben Graham"e; to me (buy cheap—sell when the stock reaches or approaches full value).
Even more interesting is the fact that the stock was being bought again in the third quarter of 2001. The stock sold off following the announcement than Berkshire was selling, dropping from $45 back down into the mid-thirties. Then after 9/11 Jones was back down into the twenties again, and Simpson was buying. All of which raises the rather tantalizing prospect of Berkshire trading against its announcements. For example: 1) Buy the stock. 2) Announce the purchase which makes the stock price go up. 3) Sell the stock. 4) Announce the sale which makes the price go down. 5) Buy the stock back. Yes I know that Buffett would never sign off on this, but he does not like it when people copycat his ideas, and a few trades like this would sure help to slow down the copycat trades. The other problem is that I am not sure it would be legal. Oh well, it is fun to dream. We should be getting the first report on the 12-31-2001 positions in early February and it will be interesting to see what happened after 9-30-2001.
February 14, 2002
Five 13Fs were filed on February 14, 2002. One each for the periods 12/31/2000, 3/30/2001, 6/30/2001, 9/30/2001, together with the initial report for 12/31/2001. Costco was listed on the 12/31/2000 report, but not after that. In view of the fact that there is now only $13 million that has not been reported for the June 2001 quarter (see the table for February 14, 2002, above). It is apparent that Costco, along with anything else that is still missing from the December and March reports, was sold during the first half of 2001. Other positions missing after December are General Dynamics, Furniture Brands, and Ross Stores.
Missing from the September and/or year-end report are Citigroup, Office Depot, Superior Industries, and US Bancorp. There is still $318 million that has not been reported for the September quarter. This could be the tag ends of these positions or it could be new positions that are being kept confidential.
We have no way of knowing at this time what is missing from the 12/31/2001, because we will not have a figure for total equities until the annual report comes out in three weeks. It will be interesting then to compare the amount listed there for equity positions with the total listed on the 13F. Any substantial difference will be a clue that new positions were being purchased in the fourth quarter.