Subject: Re: Annual Letter?
Where is the list of the major investment holdings at year end?

Which leads to the next question, why would it be excluded?


The detail is in the 10-K and 13-F where it always has been. Buffett only puts an a summary table in the letter when he wants to make a wider point.

From the 10-K

Approximately 75% of the aggregate fair value was concentrated in five companies (American Express Company ' $22.4
billion; Apple Inc. ' $119.0 billion; Bank of America Corporation ' $34.2 billion; The Coca-Cola Company ' $25.4 billion
and Chevron Corporation ' $30.0 billion).

Given that 75% of the value is in just 5 companies, I don't think a detailed list adds much more information to the shareholders who of course can find the detail if they so wish in the 13-F and 10-K.