What Does Warren Buffett Own? Inside His Portfolio of 9 Legendary Long-Term Holdings Worth $193 Billion

The Philosophy Behind Forever Holdings

The “Oracle of Omaha” once shared a principle that defines his entire investment philosophy: when you discover outstanding businesses run by exceptional leaders, the ideal holding period is forever. This isn’t casual advice—it’s the foundation of how Berkshire Hathaway has built one of the world’s greatest investment portfolios.

Among all the stocks Buffett has accumulated over decades, only a select few truly embody this “forever” principle. He has deployed approximately $138 billion across nine companies that represent the core of Berkshire’s long-term strategy. But what exactly does Warren Buffett own, and why do these holdings matter to investors?

The Nine Cornerstone Holdings

The Blue-Chip Anchors: American Express and Coca-Cola

Buffett’s longest-running love affair with any stocks are his positions in American Express and The Coca-Cola Company. These two have been in Berkshire’s portfolio longer than any other holdings. In his most recent shareholder communications, Buffett explicitly stated these are companies he expects to hold indefinitely.

The lesson is profound: when you find a genuinely exceptional business, resist the urge to trade. Stick with it. This philosophy transformed Berkshire Hathaway from a failing textile mill into a financial powerhouse.

Energy and Innovation: Occidental Petroleum

Beyond the traditional blue chips, Buffett has given top priority to Occidental Petroleum as a forever holding. His appreciation for OXY centers on its commanding oil and gas reserves across the United States, combined with its pioneering leadership in carbon capture technology—a forward-looking bet on energy’s future.

The Japanese Diversification: Trading Houses

What’s particularly intriguing about Buffett’s portfolio is his allocation to five Japanese trading companies: Itochu, Marubeni, Mitsubishi, Mitsui, and Sumitomo. These aren’t casual bets. Buffett drew a deliberate parallel between these enterprises and Berkshire itself—all operate as highly diversified conglomerates across multiple industries and geographies.

The Tech Giant Reconsidered: Apple

Interestingly, Berkshire’s single largest position—Apple—wasn’t explicitly labeled as a “forever stock” in recent shareholder letters. Yet this matters less than Buffett’s 2024 statement that Apple is actually a superior business to Coca-Cola. That endorsement arguably earns it automatic membership in the forever club, regardless of Berkshire’s trimmed position in recent quarters.

Comparing the Nine: Performance, Income, and Valuation

To understand what makes these holdings special, consider how they stack against each other across three critical investor metrics.

Long-Term Growth Trajectories

Over a five-year window, Apple’s price appreciation has demolished the competition—there’s simply no contest. The technology sector’s momentum has been extraordinary. However, this doesn’t diminish the recent performance of Occidental Petroleum, which has been the group’s top performer lately, with Marubeni close behind. Looking ahead, Wall Street analysts project Oxy will deliver the strongest earnings expansion next year, though note that the five Japanese trading houses don’t receive extensive analyst coverage due to their over-the-counter trading status in U.S. markets.

Dividend Generation

Each of the nine companies provides shareholders with regular dividend income. Sumitomo leads the group with a 3.33% yield, but Coca-Cola (3.09%) and Mitsubishi (also competitive) aren’t far behind. Coca-Cola deserves special mention as a member of the elite Dividend Kings—an exclusive club for companies that have increased payouts for at least 50 consecutive years. Coca-Cola’s streak has reached 63 years and continues climbing.

Valuation Multiples

From a valuation perspective—something Buffett has always obsessed over—Sumitomo offers the most attractive entry point with a forward P/E ratio of just 8.98. The other four Japanese companies also sport relatively modest multiples. Marubeni takes second place among valuations with a forward P/E of 11.65, making it particularly interesting for value-conscious investors.

Which One Stands Out?

If pure scorecards decided the verdict, Marubeni would likely emerge as the winner. It ranks second in both five-year performance and valuation metrics, while offering a respectable 2.84% dividend yield. The Japanese trader represents a sweet spot across multiple dimensions.

However, there’s a compelling case for Apple deserving top billing among Buffett’s forever holdings. Yes, Berkshire has reduced its position in the tech titan. Yes, the growth rates have moderated from their earlier stratospheric levels. But the long-term runway appears genuinely thrilling.

Consider the whispers about foldable iPhones entering the market soon—these rumors carry credibility. Such a product would likely become a blockbuster success. Beyond that, Apple’s entry into smart glasses represents another frontier market worth monitoring. And don’t underestimate the company’s artificial intelligence initiatives; Apple might emerge as an unexpected leader in this transformational technology space, much like a sleeping giant awaiting awakening.

The fact that Berkshire Hathaway maintains a substantially larger stake in Apple than in any other single holding—even after recent reductions—suggests Buffett’s actions speak louder than his words on this question.

The Takeaway

What does Warren Buffett own? A portfolio of nine extraordinary businesses that exemplify his core investment beliefs. Each has been battle-tested, proven resilient through market cycles, and led by management teams worthy of trust. Whether you’re analyzing Coca-Cola’s dividend aristocracy, Apple’s innovation potential, Occidental’s energy dominance, or the Japanese traders’ diversified resilience, Buffett’s holdings offer lessons in patient, principled investing that transcend short-term market noise.