Warren Buffett is predominantly a “buy and hold” investor, part by philosophy and part by necessity. With so much capital to deploy, Berkshire Hathaway’s holdings are slanted toward larger cap companies given liquidity constraints among small- and mid-cap stocks. Unwinding multi-billion dollar positions without moving the market against you can take time and therefore getting in and out of the market frequently isn’t an option. Berkshire’s portfolio holds nearly 50 positions, though about 50% of its portfolio is held in just four names (WFC, KHC, AAPL, KO). Part of its IBM position was unwound further, though it is still its 8th-largest position. Rounding out the top ten, in order, include BAC, AXP, PSX, IBM, USB, and MCO. Collectively, these 10 account for 82% of the portfolio’s value. The full list of holdings can be found below: (click to enlarge)