Salient to Investors:

Warren Buffett shares of Wells Fargo for the 9th straight quarter, to Berkshire’s largest holding in a portfolio that includes Coca-Cola, American Express, and IBM. Buffett has not added to American Express and Coca-Cola since the 1990s.

Buffett favors making concentrated bets on companies he’s studied for years.

Jeff Matthews, author of books about Buffett and Berkshire, said Buffett clearly believes that housing in America will be a powerful economic growth engine for years. Matthews sees no megatrends that would affect the other three in the same way as housing does for Wells Fargo: Coke is struggling as people are drinking less cola, and IBM is struggling as people go to Amazon to get their businesses online instead of building big glass rooms full of IBM equipment.

Douglas Ciocca at Kavar Capital Partners said Wells Fargo is the finance engine among Berkshire’s housing bets.

The SEC sometimes will allow companies to withhold data from the public to limit copycat investing while a firm is building or cutting a position, as it allowed Berkshire in building its IBM stake.

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