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.

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Japan Investments

The same criteria apply to our investments in Japan, which we view as comparable to our major U.S. holdings in importance and long-term value creation opportunity.

Berkshire has borrowed in Japan an amount roughly equivalent to the yen invested (cost basis), at an average cost of 1.2%, with a weighted-average life of approximately 5.75 years.

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Taking these positions together, at year-end they totaled $194 billion in market value, representing nearly two-thirds of our $297.8 billion equity securities portfolio, providing combined dividendsof and yielding .