Not sure why any of them would have received confidential treatment but the most interesting purchase is the $5 billion of UNH. I don't think that WEB, who hopefully is still actively discussing companies with Greg, T & T, is buying anything. Think he is following the same blueprint used when Lou Simpson retired which was to liquidate his portfolio. Lou's portfolio was much smaller so could be done all at once. My guess is that the UNH buy is either a combination of T&T or it is the first capital allocation decision to stocks made by.....Greg.

UNH wasn't one of the stocks that received complementary treatment, those were D.R. Horton, Lennar and Nucor. UNH and Lamar were Q2 purchases.

I don't think Warren's "portfolio" will be liquidated, as that would include throwing away huge tax deferrals in long-held positions like AXP, KO and MCO. We'll see what they do with AAPL and BAC, but so far this looks like trimming not liquidating.

I would assume UNH is an investment by Todd Combs. I doubt Greg Abel is making common stock investments of his own at this point but I assume that come next year he will have the authority to make decisions about how much capital is allocated to each of Combs and Weschler and what he wants to do with the legacy positions he inherited from Warren.

Wholesale liquidations, Lou Simpson Portfolio -style, would incur a huge amount of cash tax, increase the cash level, increase the re-investment risk - generally it would not make things easier for Greg at the beginning of his tenure.