What Were the Changes to Berkshire Hathaway’s Portfolio in the Fourth Quarter?

After the market closes on Thursday, February 14, Berkshire Hathaway will release its SEC 13F filing for the fourth quarter of 2018.  Since the S&P 500 (total return) declined by 13.5% during the fourth quarter, it is very likely that Warren Buffett invested a substantial portion of Berkshire’s cash position of over $100 billion.  In addition, portfolio managers Todd Combs and Ted Weschler may have made changes to their investments.  During the third quarter, Berkshire invested about $14 billion, primarily in financial stocks, with its largest addition being $6 billion in Bank of America as well as an initial stake of $4 billion in JP Morgan Chase.

Since Berkshire’s largest stock holding, Apple, declined by about 40% during the fourth quarter, did Warren Buffett view this as a buying opportunity and add to this investment?  Apple represented 25% ($56 billion) of Berkshire’s portfolio as of September 30, 2018.