Salient to Investors:

  • Warren Buffett said his firms’ pensions funds are all-equities with no bonds. Buffett said he assumes Pimco would have all kinds of professional money managers managing money so would not have changed just because Bill Gross left.
  • Buffett and deputy investment managers, Todd Combs and Ted Weschler, concentrate their stock picks. At year-end 2013, more than 60% of plan assets were in just four US equities and almost all the rest was in other stocks, with 1% in fixed-income securities.

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