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No. of Recommendations: 6
OK, Here's what I get looking at the 13-F showing positions held at
 9/30/2008, only a few days prior to Buffett's letter to Paulson
 implying that his net worth outside BRK is $500 million.


Positions where Manager = "4"

Name	                Value (000)    Shares  
General Electric Co.	198,336	       7,777,900
Ingersoll-Rd Company	19,824	       636,600
Johnson & Johnson	299,463	       4,322,500
Kraft Foods Inc.	262,000	       8,000,000
Procter & Gamble Co.	304,894	       4,375,000
US Bancorp	        301,307	       8,365,000
United Parcel Service	89,882	       1,429,200
Wells Fargo & Co.	300,240	       8,000,000

TOTAL:	                1,775,946	

So I continue to believe that the "4" does not indicate that the
 positions are Mr. Buffett's personal portfolio, only that he is the 
sole manager with discretion over the investment, probably meaning that
 the shares are held in the Berkshire Hathaway Financial Products 
division rather than one of the insurance subsidiaries (in reality, he 
has discretion over the entire portfolio, except for shares managed by 
Lou Simpson at GEICO).


I should have added that we could test this theory regarding the "4"
 Holdings by going back to the 13-F showing holdings at 9/30/2008 and
 comparing this with Buffett's statement implying a $500 million net 
worth outside Berkshire. I have not done so yet but will take a look 

"I thought that the "4" in the column by itself meant only that he was
the investment manager with sole responsibility for that specific 

This has also been my interpretation. I am doubtful that he could hold 
$1.9 billion outside Berkshire when his letter to Paulson in the fall 
of 2008 stated that he was willing to invest $100 million in the 
proposed public/private partnership offering and stated that this would
 be 20% of his net worth outside Berkshire.

The letter was written on October 6, 2008 when the S&P 500 closed at 
1056. In other words, this was before the market's nosedive really 
began. Could Buffett have quadrupled his non Berkshire net worth since 
October 6, 2008 holding mainly large cap S&P 500 components (which 
would be the case if the "4" holdings were his personal portfolio) 
while the S&P 500 only advanced modestly from October 6, 2008 levels? I
 am doubtful.
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