Equity Investments | Berkshire Hathway 2025 Annual Report

**Major Positions** > A large portion of our portfolio is concentrated ina small number of American companies such as **Apple**, **American Express**, **Coca-Cola**, and **Moody’s** – businesses we understand well, have a high regard for their leaders, and expect willcompound over decades. --- **Japan Investments** > The same criteria apply to our investments in **Japan**, which we view as **comparable** to our…