1. Berkshire (Warren Buffett) added $21 billion to its stake in Chevron during  the first quarter of 2022 for a total stake of $27 billion. It is now Berkshire’s third largest equity holding behind Apple and Bank of America.

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2. Berkshire (Warren Buffett) added $5 billion to its holding in Activision Blizzard resulting in a 9 1/2% stake. This is an arbitrage transaction with Microsoft’s offer to acquire Activision at $95 per share and its current price at $75.60. Berkshire’s initial stake (Ted Weschler or Todd Combs) was purchased at $77 per share.

3. Berkshire added about $600 million (Ted Weschler, Todd Combs, or Warren Buffett) to its stake in Apple.

4. Berkshire’s cash on March 31, 2022 equaled $106 billion. Since Warren Buffett wants to have at least $40 billion in cash, approximately $60 billion is available for investment.

5. Berkshire’s operating earnings rose by 3% in the first quarter of 2022.

6. Berkshire did not buy back its shares during April, 2022 as its A shares exceeded $500,000.

7. Warren Buffett considered the stock market to have been a gambling parlor the last two years. That permitted him to purchase a 14% stake in Occidental Petroleum over a two week period in March, 2022 from short-term oriented traders in call and put options.

8. Berkshire has bought back $60 billion of its stock over the past two years. Berkshire’s stake in American Express has increased from 11.2% in 1998 to 20% today solely as a result of stock buybacks by American Express.

9. Geico expects to catch up to Progressive (higher profit margin, faster growth) in the next year or two by introducing telematics.

10. Becky Quick asked my question: “President Biden’s fiscal 2023 budget request would impose a 20% minimum tax on the unrealized capital gains for households worth at least $100 million. What are your views on this issue?”. Both Warren Buffett and Charlie Munger declined to answer the question because of its political nature.