Evaluate Buffett's major holdings from Exhibit 5. In particular, how does the diversification of his holdings compare to his stated philosophy on diversification?

Exhibit 5 Warren E. Buffett, 2015 Major Investees of Berkshire Hathaway (dollars in millions) 12/31/14 Shares** Company Percentage of Company Cost Market Owned (in millions) $ 1,287 1,299 843 1.253 1,454 151,610,700 400,000,000 18,513,482 15,430,586 24,617,939 13,062,594 76,971,817 24,669,778 20,060,390 52,477,678 22,169,930 96,890,665 43,387,980 67,707,544 483,470,853 American Express Company The Coca-Cola Company Da Vita HealthCare Partners Inc. Deere & Company DIRECTV The Goldman Sachs Group, Inc. International Business Machines Corp. Moody's Corporation Munich Re The Procter & Gamble Company Sanofi ..... U.S. Bancorp USG Corporation Wal-Mart Stores, Inc. Wells Fargo & Company Others Total Common Stocks Carried at Market .... 14.8 9.2 8.6 4.5 4.9 3.0 7.8 12.1 11.8 1.9 1.7 5.4 30.0 2.1 9.4 750 13.157 248 2,990 336 1,721 3,033 836 3,798 11.871 10,180 $55,056 14,106 16,888 1,402 1,365 2,134 2,532 12,349 2,364 4,023 4,683 *** 2,032 4,355 1,214 5,815 26.504 15,704 $ 117,470 *Actual purchase price and tax basis; GAAP "cost" differs in a few cases because of write-ups or write-downs that have been required under GAAP rules. **Excludes shares held by pension funds of Berkshire subsidiaries. ***Held under contract of sale for this amount. Source: Berkshire Hathaway Inc, letter to shareholders, 2014. Exhibit 5 Warren E. Buffett, 2015 Major Investees of Berkshire Hathaway (dollars in millions) 12/31/14 Shares** Company Percentage of Company Cost Market Owned (in millions) $ 1,287 1,299 843 1.253 1,454 151,610,700 400,000,000 18,513,482 15,430,586 24,617,939 13,062,594 76,971,817 24,669,778 20,060,390 52,477,678 22,169,930 96,890,665 43,387,980 67,707,544 483,470,853 American Express Company The Coca-Cola Company Da Vita HealthCare Partners Inc. Deere & Company DIRECTV The Goldman Sachs Group, Inc. International Business Machines Corp. Moody's Corporation Munich Re The Procter & Gamble Company Sanofi ..... U.S. Bancorp USG Corporation Wal-Mart Stores, Inc. Wells Fargo & Company Others Total Common Stocks Carried at Market .... 14.8 9.2 8.6 4.5 4.9 3.0 7.8 12.1 11.8 1.9 1.7 5.4 30.0 2.1 9.4 750 13.157 248 2,990 336 1,721 3,033 836 3,798 11.871 10,180 $55,056 14,106 16,888 1,402 1,365 2,134 2,532 12,349 2,364 4,023 4,683 *** 2,032 4,355 1,214 5,815 26.504 15,704 $ 117,470 *Actual purchase price and tax basis; GAAP "cost" differs in a few cases because of write-ups or write-downs that have been required under GAAP rules. **Excludes shares held by pension funds of Berkshire subsidiaries. ***Held under contract of sale for this amount. Source: Berkshire Hathaway Inc, letter to shareholders, 2014