牛經滄海
11/15/2017
截至9/30/2017 （最新報告數據），巴菲特持倉45支股票，其中前4倉位占50%，前10占80%，前20占93%，前30占98%。可見輕重緩急區分明顯，綱舉目張。
巴菲特重倉一覽Top Positions
| Symbol | Curr Price ($) | Sector | Market Cap ($B) | Shares (x1000) | Value ($mm) | Port. (%) | Delta QoQ (%) | % of Company |
| WFC | 54.04 | Financial Services | 266 | 464,232 | 25,602 | 14.41 | -0.8 | 9.4 |
| KHC | 79.38 | Consumer Defensive | 97 | 325,635 | 25,253 | 14.21 |
| 26.7 |
| AAPL | 171.34 | Technology | 880 | 134,093 | 20,666 | 11.63 | 3.0 | 2.6 |
| KO | 47.43 | Consumer Defensive | 202 | 400,000 | 18,004 | 10.13 |
| 9.4 |
| BAC | 26.24 | Financial Services | 274 | 679,000 | 17,206 | 9.68 | New | 6.5 |
| AXP | 93.76 | Financial Services | 81 | 151,611 | 13,715 | 7.72 |
| 17.5 |
| PSX | 92.83 | Energy | 47 | 80,690 | 7,392 | 4.16 |
| 15.9 |
| IBM | 148.89 | Technology | 138 | 37,027 | 5,372 | 3.02 | -31.5 | 4.0 |
| USB | 51.83 | Financial Services | 86 | 85,063 | 4,559 | 2.57 |
| 5.1 |
| MCO | 143.14 | Financial Services | 27 | 24,670 | 3,434 | 1.93 |
| 12.9 |
巴菲特前十持倉以金融服務為主（WFC, BAC, AXP, USB, MCO），兼顧必須消費（KHC, KO,），科技（AAPL其實是消費品，IBM是服務），及能源（PSX）。
持倉行業分布
巴菲特持倉集中在金融服務（41.4%），必須消費（24.9%），及科技（15.4%），其他行業明顯低配。整體看來十分保守穩健。
| Sector | Port (%) | Count |
| Financial Services | 41.4 | 12 |
| Consumer Defensive | 24.9 | 7 |
| Technology | 15.4 | 3 |
| Industrials | 5.2 | 6 |
| Energy | 4.2 | 1 |
| Consumer Cyclical | 3.2 | 6 |
| Communication Services | 2.3 | 6 |
| Basic Materials | 1.7 | 3 |
| Healthcare | 1.4 | 3 |
| Real Estate | 0.3 | 1 |
持倉變動
三季度共有8個變動。最大一筆是由Warranties行權買進BAC，其實算不得是真正的變動，隻是持有形式變更。IBM減倉31.5%才是真正的大動作。其他交易分別是微減WFC,略加AAPL, 減倉CHTR，加倉MON,及SYF, 出清WBC.
| Symbol | Curr Price ($) | Sector | Market Cap ($B) | Shares (x1000) | Value ($mm) | Port. (%) | Delta QoQ (%) | % of Company |
| WFC | 54.04 | Financial Services | 266 | 464,232 | 25,602 | 14.41 | -0.8 | 9.43 |
| AAPL | 171.34 | Technology | 880 | 134,093 | 20,666 | 11.63 | 3.0 | 2.61 |
| BAC | 26.24 | Financial Services | 274 | 679,000 | 17,206 | 9.68 | New | 6.51 |
| IBM | 148.89 | Technology | 138 | 37,027 | 5,372 | 3.02 | -31.5 | 4 |
| CHTR | 336.81 | Communication Services | 84 | 8,489 | 3,085 | 1.74 | -10.1 | 3.41 |
| MON | 118.05 | Basic Materials | 52 | 8,873 | 1,063 | 0.6 | 10.3 | 2.02 |
| SYF | 32.56 | Financial Services | 25 | 20,803 | 646 | 0.36 | 19.1 | 2.66 |
| WBC | 143.55 | Consumer Cyclical | 8 | 0 | 0 |
| Sold Out |
|
持倉一覽
| Symbol | Curr Price ($) | Sector | Market Cap ($B) | Shares (x1000) | Value ($mm) | Port. (%) | Delta QoQ (%) | % of Company |
| WFC | 54.04 | Financial Services | 266 | 464,232 | 25,602 | 14.41 | -0.8 | 9.43 |
| KHC | 79.38 | Consumer Defensive | 97 | 325,635 | 25,253 | 14.21 |
| 26.72 |
| AAPL | 171.34 | Technology | 880 | 134,093 | 20,666 | 11.63 | 3.0 | 2.61 |
| KO | 47.43 | Consumer Defensive | 202 | 400,000 | 18,004 | 10.13 |
| 9.39 |
| BAC | 26.24 | Financial Services | 274 | 679,000 | 17,206 | 9.68 | New | 6.51 |
| AXP | 93.76 | Financial Services | 81 | 151,611 | 13,715 | 7.72 |
| 17.47 |
| PSX | 92.83 | Energy | 47 | 80,690 | 7,392 | 4.16 |
| 15.92 |
| IBM | 148.89 | Technology | 138 | 37,027 | 5,372 | 3.02 | -31.5 | 4 |
| USB | 51.83 | Financial Services | 86 | 85,063 | 4,559 | 2.57 |
| 5.13 |
| MCO | 143.14 | Financial Services | 27 | 24,670 | 3,434 | 1.93 |
| 12.91 |
| CHTR | 336.81 | Communication Services | 84 | 8,489 | 3,085 | 1.74 | -10.1 | 3.41 |
| BK | 51.85 | Financial Services | 53 | 50,230 | 2,663 | 1.5 |
| 4.91 |
| LUV | 53.75 | Industrials | 32 | 47,659 | 2,668 | 1.5 |
| 8.03 |
| GS | 237.24 | Financial Services | 89 | 10,960 | 2,599 | 1.46 |
| 2.91 |
| DAL | 48.9 | Industrials | 35 | 53,110 | 2,561 | 1.44 |
| 7.45 |
| GM | 43 | Consumer Cyclical | 61 | 60,000 | 2,423 | 1.36 |
| 4.22 |
| DVA | 54.66 | Healthcare | 10 | 38,566 | 2,290 | 1.29 |
| 21.04 |
| AAL | 45.81 | Industrials | 22 | 47,000 | 2,232 | 1.26 |
| 9.82 |
| UAL | 57.2 | Industrials | 17 | 28,212 | 1,718 | 0.97 |
| 9.52 |
| VRSN | 111.17 | Technology | 11 | 12,953 | 1,378 | 0.78 |
| 13.14 |
| LSXMK | 40.37 | Consumer Cyclical | 14 | 31,091 | 1,302 | 0.73 |
| 9.25 |
| USG | 34.24 | Basic Materials | 5 | 39,002 | 1,273 | 0.72 |
| 27.57 |
| V | 111.98 | Financial Services | 255 | 10,562 | 1,112 | 0.63 |
| 0.46 |
| MON | 118.05 | Basic Materials | 52 | 8,873 | 1,063 | 0.6 | 10.3 | 2.02 |
| MTB | 160.71 | Financial Services | 24 | 5,382 | 867 | 0.49 |
| 3.58 |
| SIRI | 5.35 | Consumer Cyclical | 25 | 137,916 | 761 | 0.43 |
| 3 |
| COST | 171.44 | Consumer Defensive | 75 | 4,333 | 712 | 0.4 |
| 0.99 |
| LBTYA | 29.35 | Communication Services | 24 | 20,181 | 684 | 0.39 |
| 2.46 |
| MA | 149.95 | Financial Services | 159 | 4,935 | 697 | 0.39 |
| 0.47 |
| AXTA | 31.79 | Basic Materials | 8 | 23,324 | 675 | 0.38 |
| 9.57 |
| SYF | 32.56 | Financial Services | 25 | 20,803 | 646 | 0.36 | 19.1 | 2.66 |
| LSXMA | 40.48 | Consumer Cyclical | 14 | 14,860 | 623 | 0.35 |
| 4.42 |
| QSR | 64.81 | Consumer Cyclical | 15 | 8,438 | 539 | 0.3 |
| 3.55 |
| TMK | 85.18 | Financial Services | 10 | 6,354 | 509 | 0.29 |
| 5.5 |
| STOR | 26.02 | Real Estate | 5 | 18,622 | 463 | 0.26 |
| 9.8 |
| LBTYK | 28.34 | Communication Services | 23 | 7,347 | 240 | 0.14 |
| 0.9 |
| SNY | 44.65 | Healthcare | 113 | 3,906 | 194 | 0.11 |
| 0.15 |
| VRSK | 91.11 | Industrials | 15 | 1,563 | 130 | 0.07 |
| 0.95 |
| WMT | 91.09 | Consumer Defensive | 272 | 1,394 | 109 | 0.06 |
| 0.05 |
| GHC | 550.85 | Consumer Defensive | 3 | 108 | 63 | 0.04 |
| 1.95 |
| LILA | 22.04 | Communication Services | 4 | 2,715 | 65 | 0.04 |
| 1.59 |
| JNJ | 139.49 | Healthcare | 375 | 327 | 43 | 0.02 |
| 0.01 |
| LILAK | 22.06 | Communication Services | 4 | 1,284 | 30 | 0.02 |
| 0.75 |
| PG | 88.87 | Consumer Defensive | 225 | 315 | 29 | 0.02 |
| 0.01 |
| MDLZ | 42.53 | Consumer Defensive | 64 | 578 | 24 | 0.01 |
| 0.04 |
| UPS | 114.07 | Industrials | 98 | 59 | 7 | 0 |
| 0.01 |
| VZ | 44.22 | Communication Services | 180 | 928 | 46 |
|
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| WBC | 143.55 | Consumer Cyclical | 8 | 0 | 0 |
| Sold Out |
|
Disclaim： For general information exchange only, not for investment recommendations Disclaimer
This material has been prepared by牛經滄海@2017. This document is for information and illustrative purposes only and does not purport to show actual results. 牛經滄海shall not have any liability for any damages of any kind whatsoever relating to this material. You should consult your advisors with respect to these areas.
