Berkshire's Investments 2003

                                                                 12/31/03
   Shares    Company                                    Cost      Market 
 ----------  -------                                  --------   --------
                                                     (dollars in millions)
  151,610,700  American Express Company .............. 1,470    $7,312
  200,000,000  The Coca Cola Company.................. 1,299    10,150
   96,000,000  The Gillette Company ..................   600     3,526
   15,999,200  H&R Block..............................   227       809
   15,476,500  HCA inc................................   492       665 
    6,708,760  M&T Bank. .............................   103       659
   24,000,000  Moody's corp ..........................   499     1,453
2,338,961,000  Petro China...........................    488     1,340          
   56,446,380  Wells Fargo & Company .................   463     3,324
    1,727,765  The Washington post co.................    11     1,367
               Others ................................ 2,863     4,682
                                                    -----------  ---------
             Total Common Stocks ..................   $8,515    $35,287
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