275  7TH Ave  7th floor New York , NY 10001                                                                                                                dcullinanecpa@yahoo.com

​                                                                                                                                                                                                     Chelsea / Lower Manhattan​​

​Daniel Cullinane CPA                                   p 848-250-9587                                                                                                                                     

​CASHIERLESS

Berkshire Hathaway Inc. (NYSE: BRK-A) has released its public equity holdings as of September 30, 2017. Warren Buffett is one of the richest men alive and he is also considered to be one of the greatest investors of the modern era.

24/7 Wall St. tracks many of the so-called “whale watching” trades made by America’s top investment managers, hedge fund managers and so forth. For most companies, there seems to be no greater endorsement in all whale-watching activities than to have a new stake held by Warren Buffett and Berkshire Hathaway.

In Berkshire Hathaway’s third quarter earnings report, the entire base of all assets among all entities was $681.5 billion, up almost 10% year to date. The fair value of all equity securities was listed as $157.65 billion in the quarterly earnings report, with more than $82.2 billion being unrealized gains.

The Berkshire Hathaway quarterly SEC filing (13F) showed the balance as more than $177 billion of September 30.

24/7 Wall St. and its founders have tracked the major and minor portfolio changes from Mr. Buffett’s stock holdings for about two decades now. These have been tracked roughly every quarter, and despite some top positions never changing there ends up being a large number of investment holdings which change over time.

The addition of two more portfolio managers in recent years has only made the changes look even more extreme over time.

Approximately 62% of the aggregate fair value was concentrated in the equity securities of just five companies:

American Express Company (NYSE: AXP) was the same 151.6 million shares, valued at roughly $13.7 billion.
Apple Inc. (NASDAQ: AAPL) was listed as 3.9 million more shares at 134.09 million shares worth about $20.6 billion, versus the prior quarter 130.19 million shares.
Bank of America Corporation (NYSE: BAC) at $17.7 billion, after converting debt. This is being considered a new stake but it was a known event. That stake is a massive 679,000,000 shares.
The Coca-Cola Company (NYSE: KO) was the same 400 million shares, valued at about $18.0 billion.
Wells Fargo & Company (NYSE: WFC) was listed as being worth $26.9 billion. The Wells Fargo stake had been raised over and over through time, but after the accounts scandal Buffett has trimmed the stake by 3.75 million shares to a stake of 464.2 million shares.

What was missing here in the largest holdings from prior quarters was the investment in International Business Machines Corporation (NYSE: IBM). Buffett had already shown in prior reports that he sold off some of the stake in Big Blue, and the value of that stake at the end of 2016 was $13.5 billion. This stake has been taken even lower to 37.03 million shares at the end of the third quarter, versus 54.08 million shares at the end of the second quarter.

The Kraft Heinz Company (NASDAQ: KHC) is also a continued massive holding that is outside of the normal book-keeping in the largest stock holdings. Berkshire currently owns 26.7% of the outstanding shares of Kraft Heinz common stock, with a carrying value of approximately $15.7 billion at the end of September. Its earnings determined under the equity method for the first nine months were $800 million in 2017 and $671 million in 2016; and Team Buffett received dividends of $594 million in the first nine months of 2017 and $561 million in the first nine months of 2016. In the first nine months of 2016, Berkshire Hathaway also received dividends of $180 million from its preferred stock investment, which Kraft Heinz redeemed for cash of $8.32 billion on June 7, 2016.

Several companies saw their stakes added to or saw some selling over the third quarter, seen as follows:

Synchrony Financial (NYSE: SYF) had previously been added as a new stake of about 17.5 million shares back in the second quarter (worth $521 million at that time), but there were another 3.34 million shares added for a stake of just over 20.8 million shares.
Charter Communications Inc. (NASDAQ: CHTR) was a stake that was lowered to 8.49 million shares at the end of the third quarter from 9.44 million at the end of the second quarter.
Monsanto Company (NYSE: MON) was a stake of 8.87 million shares, up from 8.04 million shares the previous quarter.
Wabco Holdings (NYSE: WBC) was already a small stake and it no longer appears in the portfolio.



Share

Buffett and his portfolio managers still held key airline stakes worth almost $9.2 billion combined as of September 30. These were shown to be in the following:

American Airlines Group Inc. (NASDAQ: AAL) is 47 million shares worth $2.23 billion.
Delta Air Lines Inc. (NYSE: DAL) is 53.11 million shares worth $2.56 billion.
Southwest Airlines Co. (NYSE: LUV) is 47.66 million shares $2.67 billion.
United Continental Holdings Inc. (NYSE: UAL) is 28.21 million shares worth $1.72 billion.

Other stocks still held by Berkshire Hathaway as of September 30, 2017, were shown as follows:

Axalta Coating Systems Ltd. (NYSE: AXTA)

Bank of New York Mellon Corp. (NYSE: BK)

Charter Communications Inc. (NASDAQ: CHTR)

Costco Wholesale Corp. (NASDAQ: COST)

DaVita Inc. (NYSE: DVA)

General Motors Co. (NYSE: GM)

Goldman Sachs Group Inc. (NYSE: GS)

Graham Holdings Co. (NYSE: GHC)

Johnson & Johnson (NYSE: JNJ)24/7 Wall St.
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Liberty Media Corp. (NASDAQ: LMCA)

Liberty Global

M&T Bank Corp. (NYSE: MTB)

Mastercard Inc. (NYSE: MA)

Mondelez International Inc. (NASDAQ: MDLZ)

Monsanto Co. (NYSE: MON)

Moody’s Corp. (NYSE: MCO)

Phillips 66 (NYSE: PSX)

Procter & Gamble Co. (NYSE: PG)

Restaurant Brands International Inc. (NYSE: QSR)

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Sanofi (NYSE: SNY)

Sirius XM Holdings Inc. (NASDAQ: SIRI)

Store Capital (STOR)

Synchrony Financial (NYSE: SYF)

Torchmark Corp. (NYSE: TMK)

United Parcel Service Inc. (NYSE: UPS)

U.S. Bancorp (NYSE: USB)

USG Corp. (NYSE: USG)

Verisign Inc. (NASDAQ: VRSN)

Verizon Communications Inc. (NYSE: VZ)

Verisk Analytics Inc. (NASDAQ: VRSK)

Visa Inc. (NYSE: V)

WABCO Holdings Inc. (NYSE: WBC) was eliminated, as had been seen.

Wal-Mart Stores Inc. (NYSE: WMT)

 

Investors should keep in mind that UBS reiterated its Buy rating in early October, after the September 30 holdings cut-off date. This came with a price target hike to $319,000 from $291,000 in the A-shares

​NOVEMBER NEWSLETTER 7

​HOLLYWOOD FUND RAISER

​This holiday season, Americans will spend millions buying all the newest gadgets the tech industry has to offer. Clothes, toys, books, and candy are always popular gifts. However, it is the new video game systems, smart phones, computers, and other modern marvels that are most coveted, and in all likelihood carry the biggest price tag.Using third-party tech product review sites and Google’s Keyword Planner, 24/7 Wall St. has identified the tech products projected to fly off the shelves this holiday shopping season.Most of the tech gadgets that will find their way into real and digital shopping carts this year fall into one of several categories: smartphones, cameras, laptops, personal computers, and video game systems. These categories have represented the lion’s share of must-have tech gifts for years. That being said, a surprising number of relatively new technologies — including home automation technology, drones, smartwatches, and virtual reality platforms — are likely to be popular this shopping season.The usual tech companies continue to dominate the coveted-gift landscape. Google, Apple, Microsoft, Amazon, and Samsung alone manufacture more than half the products on this list. Still, relative newcomers like item locator marker Tile, thermostat manufacturer ecobee, and smart lock maker August Home, and others are also on the list alongside those juggernauts


10. Apple Watch Series 3
> Company: Apple
> Product type: Smart watch
> Expected price: $435.5024/7 Wall St.
25 Largest Churches in AmericaSource: Justin Sullivan / Getty Images

9. Google Home
> Company: Google
> Product type: Smart speaker
> Expected price: $00.00

Source: Justin Sullivan / Getty Images

8. iPhone X
> Company: Apple
> Product type: Smartphone
> Expected price: $1,389.99

Source: Stephen Lam / Getty Images

7. Macbook Pro
> Company: Apple
> Product type: Laptop
> Expected price: $1,858.00

Source: Spencer Platt / Getty Images

6. Pixel 2
> Company: Google
> Product type: Smartphone
> Expected price: $893.50


5. iPhone SE
> Company: Apple
> Product type: Smartphone
> Expected price: $270.50

4. Galaxy S8
> Company: Samsung
> Product type: Smartphone
> Expected price: $724.99

Source: xbox.com

3. Xbox One S
> Company: Microsoft
> Product type: Video game system
> Expected price: $239.00

Source: nintendo.com
2. Switch
> Company: Nintendo
> Product type: Video game system
> Expected price: $299.00

1. Xbox One X
> Company: Microsoft
> Product type: Video game system
> Expected price: $499.00


Emirates Airline renewed tis aircraft buying spree, committing to purchase $15.1 billion worth of Boeing Co 787 Dreamliners. Boeing bested Aiorbus in the competion to sell Emirates Airline, the world's largest carrier by international traffic, new twin engine long haul planes. Emirates will buy 40 of Boeing's new 787-10 the largest model in the family of Dreamliner composite airliners with deliveries planned to start 2022.


The deal announced Sunday by Emirates Airline on home turf at the Dubai Air Show, is a painful loss for Airbus, which once had sold the carrier 70 of its rival A350 befpre tje carrier cnaceled the deal three years ago after the European plane maker redesigned the plane. Emirates Airline Chairman Sheikh Ahmed bin Saeed A Maktoum said the 787 was the better option for the airline. The airline last week reported half year net profit more than doubled amid signs travel demand was recovering and was bolstered by favorable exchange rates. The carrier warned though, that margins remain under pressure.

​$15 BILLION TO EMIRATES AIR

For the past year,  Amazon employees have been test driving Amazon Go, an experimental convenience store in downtown Seattle. The idea is to let consumers walk in, pick up items and then pay for them without ever standing in line at a cashier. Amazon is vague on the mechanics, but the store relies on a mobile app and some of the same sensing technology that powers self-driving cars to figure out who is buying what.

Employees have tried to fool the technology. One day, three enterprising Amazonians donned bright yellow Pikachu costumes and cruised around grabbing sandwiches, drinks and snacks. The algorithms nailed it, according to a person familiar with the situation, correctly identifying the employees and charging their Amazon accounts, even though they were obscured behind yellow polyester. The Amazon Go grocery store in Seattle.
Photographer: David Ryder/Bloomberg

Amazon Go represents Amazon.com Inc.’s most ambitious effort yet to transform the brick-and-mortar shopping experience by eliminating the checkout line, saving customers time and furthering the company’s reputation for convenience.

The push into groceries is a way for the company to get consumers to shop at Amazon more often. In September, the e-commerce giant acquired Whole Foods Market for $13.7 billion and has been cutting prices at the upscale grocery chain to drive traffic. On Wednesday, Whole Foods began offering deep discounts on Thanksgiving merchandise, including antibiotic-free turkeys, and signaled that the markdowns will get more aggressive as it adopts Amazon’s Prime subscription service. Shares at Kroger and Sprouts tumbled after the announcement.

Amazon unveiled Amazon Go last December, saying it planned to open the store to the public early this year. However, the company encountered technical difficulties and postponed the launch to work out the bugs, The Wall Street Journal reported in March.

Seven months later, challenges remain, but the “just walk out” technology has improved markedly, says the person, who requested anonymity to speak freely about the project. And in a sign that the concept is almost ready for prime time, hiring for the Amazon Go team has shifted from the engineers and research scientists needed to perfect the platform to the construction managers and marketers who would build and promote the stores to consumers.

Amazon declined to comment.

Shoppers visiting an Amazon Go store will scan their smartphones upon entering. Cameras and shelf sensors will then work together to figure out which items have been removed and who removed them, the person says; there will be no need for tracking devices, such as radio frequency chips, embedded in the merchandise. When shoppers leave, algorithms will total the order and bill their Amazon account. 

The system is working well for individual shoppers but still struggles to accurately charge people who are moving around in groups, such as families with grabby kids, the person says. Go engineers have been studying families shopping together and are tweaking their sensors to recognize when a child eats an item while wandering around the store. Engineers are also figuring out which person to charge when a couple goes shopping together. Amazon has encouraged employees to enter the store in pairs and buy lunch. 

The company is conducting further tests and focus groups from an undisclosed building in Seattle, the person said. The focus groups are used to design protocols for in-store returns, spoiled or damaged merchandise and customer service issues that are common to brick-and-mortar retail.

It’s unclear how quickly Amazon Go will ramp up. The company has moved deliberately with its brick-and-mortar book stores, opening just 13 in seven states since launching the first one in Seattle two years ago. Analysts expect a version of Amazon Go technology to be rolled out eventually at Whole Foods. That’s a far more challenging prospect because Whole Foods locations are much larger than the 1,800-square-foot convenience store and carry thousands more products. Amazon, which says it currently has no such plans, would need a lot more testers wearing Pikachu costumes to pull that off

Andrew Cuomo may not be officially running for President in 2020, but a big-bucks visit tonight to Universal boss Jeff Shell’s home to schmooze with studio chiefs shows the New York governor is already taking a page out of the Democrats’ well-thumbed Hollywood playbook for a White House pursuit.Related
Joe Biden To Stephen Colbert: Donald Trump Has Created Fear About The Stability Of The Country

The two-term governor is also making sure to remind Tinseltown’s deep-pocketed donors tonight like Disney’s Bob Iger that New York provides them with $420 million in tax credits annually. That’s almost $100 million more than what California hands out and the most of any state.

“He’s got the name recognition, the solid executive experience, and stronger than ever relationships out here,” one top check-writing Hollywood supporter told Deadline of the ambitious Cuomo. “Now, he is starting to feel and look like a real contender. Folks are sizing him up in a new light as someone they can back who can pack a punch against Trump,” the insider added.

In town this evening from a breakfast fundraiser with the Silicon Valley crowd in San Francisco, that assessment will see Cuomo pocketing hundreds of thousands of dollars ostensibly for his 2018 state campaign at Shell and spouse Laura’s Beverly Hills pad. Along with the Universal executive and his wife, the “intimate evening” is being chaired by a cascade of longtime and well heeled Barack Obama and Hillary Clinton supporters including Iger, CBS’ Les Moonves, Jeffery Katzenberg and wife Marilyn, Warner Bros’ Kevin Tsujihara, Fox’s Stacey Snider and Paramount’s Jim Gianopulos. Progressive Hollywood’s favorite political fixer Andy Spahn is a host for the event which sports a price tag of $10,000-$50,000 a couple.

In their first top-tier handout at the Hollywood ATM and kissing of the ring, Sony’s Tony Vinciquerra and Viacom’s Bob Bakish are also on the invite list, as is newly minted MPAA chair and ex-Assistant Secretary of State Charles Rivkin. In town for their investor meeting tomorrow, the Fox-owning Murdochs won’t be toasting Cuomo, but 21st Century Fox EVP Public Affairs Chris Smith will fly the flag for them.

Having written checks for $50,000 to chair the event, I hear that Katzenberg, Moonves and Tsujihara will not actually be at the Shells tonight. For big donors who will be in attendance, there will be a private, smaller reception with Cuomo to kick off the evening at 6 PM. Then, around 6:30 PM, he is expected to speak at a general reception, hitting his usual themes of what New York can do for Hollywood and why he’s the guy to help them do it.

In the just more than a year since Hillary Clinton lost to Donald Trump, Hollywood has mostly seen lower-ranking politicians and a few Sen. Tim Kaine drive-bys when it comes to the fundraising circuit. Cuomo is the first of the potential Democratic POTUS candidates to come knocking since Clinton’s defeat last November.

“Obama was a winner, but Hillary just couldn’t connect — we learned the hard way,” another executive big donor told me of the icy dilemma Hollywood has found itself in since ex-Celebrity Apprentice host Trump snatched Clinton’s assumed victory last year. “People don’t want to waste their money in 2002. We need a Democrat who has cojones more than ever, if you know what I mean?”

Although increasingly being seen in a new light, Cuomo is no stranger to mogul money – both taking it and handing it out.

Then at Fox, Gianopulos and wife Ann hosted Cuomo’s last big Hollywood fundraiser in January 2014. In a setup similar to tonight’s shindig and coming less than year after seducing the Tonight Show back to the Big Apple with a specific lavish provision in the state’s budget, that VIP-heavy event hauled in $600,000 for Cuomo’s first and ultimately successful re-election campaign. Organizers tell me they expect tonight to easily meet or exceed to that amount.

Theoretically filling up his already hefty $25 million campaign war chest for a third-term run in New York, the son of the man many Dems still consider the greatest President that never was will hold a fundraiser next month with ex-POTUS Bill Clinton as a star attraction. That event will also see a top ticket price of $50,000 with the now de rigueur private reception for the big players.

With his polls looking strong for re-election next year, could mean it is a matter of when not if Cuomo jumps into trying to make the move from Albany to Washington, D.C. It’s a feature Hollywood moguls seem to be racing to greenligh

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