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CNBC has a Berkshire Hathaway portfolio tracker:Berkshire Hathaway Portfolio TrackerHere are the approximate P/Es for each of the stocks on this list, as provided by Google Finance on February 3, 2016:American Express Company (AXP): 10.67AT&T Inc. (T): 15.93Axalta Coating Systems Ltd (AXTA): 106.42Bank of New York Mellon Corp (BK): 12.61Chicago Bridge & Iron Company N.V. (CBI): N/ACharter Communications, Inc. (CHTR): N/ACostco Wholesale Corporation (COST): 27.84NOW Inc (DNOW): N/ADaVita HealthCare Partners Inc (DVA): 29.89Deere & Company (DE): 12.94General Electric Company (GE): 204.95Graham Holdings Co (GHC): 22.25General Motors Company (GM): 10.84Goldman Sachs Group Inc (GS): 12.55International Business Machines Corp. (IBM): 9.03Johnson & Johnson (JNJ): 18.88The Coca-Cola Co (KO): 27.21Kraft Heinz Co (KHC): N/ALiberty Global plc - Class A Ordinary Shares (LBTYA): N/ALiberty Global plc - Class C Ordinary Shares (LBTYK): N/ALee Enterprises, Incorporated (LEE): 3.12Liberty Media Corp (LMCA): 132.74Liberty Media Corp (LMCK): 129.87Mastercard Inc (MA): 25.82Media General Inc (MEG): N/AMoody's Corporation (MCO): 17.93Mondelez International Inc (MDLZ): 7.59M&T Bank Corporation (MTB): 14.17Phillips 66 (PSX): 9.09Procter & Gamble Co (PG): 26.53Restaurant Brands International Inc (QSR): N/ASanofi SA (ADR) (SNY): 18.62Suncor Energy Inc. (USA) (SU): 478.78Torchmark Corporation (TMK): 12.37Twenty-First Century Fox Inc (FOXA): 6.93United Parcel Service, Inc. (UPS): 21.72U.S. Bancorp (USB): 12.10USG Corporation (USG): 20.35Visa Inc (V): 27.97Verisk Analytics, Inc. (VRSK): 23.34Verisign, Inc. (VRSN): 29.18Verizon Communications Inc. (VZ): 11.38WABCO Holdings Inc. (WBC): 20.89Wells Fargo & Co (WFC): 11.37Wal-Mart Stores, Inc. (WMT): 14.09I highlighted holdings above where the P/E was 25x and above. There is nothing special about the 25x level - I picked an arbitrary number because I had to set a cutoff. As far as I can tell, the holdings at 25x P/E and above fall into the following different categories:High relative revenue growth, profit growth, and/or other desirable company characteristics have led market participants to assign a higher P/E to some companies (COST, MA,V, VRSN).Generally higher P/E in a particular market sector (KO, PG).Unusual and possibly (but not necessarily) non-recurring expenses that depress the E in P/E (DVA, GE, SU).Elevated interest expense relative to operating income as a result of previous LBO (AXTA).John Malone being John Malone and not giving a hoot about GAAP net income (LMCA, LMCK).

Merger: A merger occurs when two separate entities combine forces to create a new, joint organization. A merger involves the mutual decision of two companies to combine and become one entity. The combined business, through structural and operational advantages secured by the merger, can cut costs and increase profits, boosting shareholder values for both groups of shareholders. Example –• American Automaker, Chrysler Corp. merged with German Automaker, Daimler Benz to form DaimlerChrysler. The merger was thought to be quite beneficial to both companies as it gave Chrysler an opportunity to reach more European markets and Daimler Benz would gain a greater presence in North America.Acquisition: An acquisition refers to the takeover of one entity by another. A new company does not emerge from an acquisition; rather, the smaller company is often consumed and ceases to exist, and its assets become part of the larger company. Example –• An example of a major acquisition is Manulife Financial Corporation's 2004 acquisition of John Hancock Financial Services Inc.Consolidation: The unification of two or more corporations by dissolution of existing ones and creation of a larger corporation. It could also be a consolidation of several business units or into a larger organization. Consolidation is used to improve operational efficiency by reducing redundant personnel and processes. Example –• c.€28bn three way merger combining the bottling operations of CCIP, Coca-Cola Enterprises (“CCE”), and The Coca-Cola Company’s (“TCCC”) Coca-Cola Erfrischungsgetränke (“CCEAG”) into a new Western European bottler, to be named Coca-Cola European Partners (“CCEP”). CCEP now is the largest independent Coca-Cola bottler in the world by revenues and EBITDAAmalgamation: Amalgamation is the combination of one or more companies into a new entity. An amalgamation is distinct from a merger because neither of the combining companies survives as a legal entity. Rather, a completely new entity is formed to house the combined assets and liabilities of both companies. Example –• Vodafone Group Plc, the listed UK based mobile company, acquired a 33% stake in Vodafone Essar Limited, the India based telecom carrier, from Essar Group, the India based conglomerate spanning steel, oil & gas, power, communications, shipping ports & logistics, construction and minerals, for a consideration of $4.58bn. Vodafone Group Plc succeeded and Hutchison Essar and Vodafone India ceased to exist

Here is a list of the largest and most notable companies (arranged from largest to smallest by amount of assets) that have filed for chapter 11 bankruptcy protection in 2012 as of yesterday, December 4, 2012 (source: Chapter 11 Dockets):Residential Capital, LLCEastman Kodak CompanyLightSquared Inc. (a/k/a SkyTerra Communications, Inc.)Overseas Shipholding Group, Inc.ATP Oil & Gas CorporationPatriot Coal CorporationArcapita Bank B.S.C.(c) (f/k/a First Islamic Investment Bank B.S.C. (c))Hawker Beechcraft, Inc.Houghton Mifflin Harcourt Publishing CompanyPinnacle Airlines Corp.WP Steel Venture LLCEnergy Conversion Devices, Inc.Hostess Brands, Inc. (second filing)Church Street Health Management, LLCVertis Holdings, Inc. (third filing)Louisiana Riverboat Gaming Partnership (second filing) (a/k/a Legends Gaming)Global Aviation Holdings Inc.AMF Bowling Worldwide, Inc. (second filing)Homer City Funding LLCBicent Holdings LLCA123 Systems, Inc.Reddy Ice Holdings, Inc.Ampal - American Israel CorporationLiberty Harbor Holding, LLCVelo Holdings Inc.Trident Microsystems, Inc.Metex Mfg. CorporationDewey & LeBoeuf LLPCoach Am Group Holdings Corp.Circus and Eldorado Joint Venture (a/k/a Silver Legacy Resort Casino)Broadview Networks Holdings, Inc.205 East 45 LLC & EALC LLC (d/b/a Alex Hotel & Flatotel)K-V Discovery Solutions, Inc.Journal Register Company (second filing)American Suzuki Motor CorporationAFA Investment Inc.Southern Air Holdings, Inc.Digital Domain Media Group, Inc.Contract Research Solutions, Inc. (d/b/a Cetero Research)Monitor Company Group Limited PartnershipFiberTower Network Services Corp.First Place Financial Corp.CCHG Liquidation Co. (f/k/a The Cliffs Club & Hospitality Group, Inc.)Rancho Las Flores, LLCSouth Franklin CircleNSA (USA) Liquidating Corp. (f/k/a Northstar Aerospace (USA) Inc.)HMX Acquisition Corp.Grubb & Ellis CompanyTBS Shipping Services Inc.Interfaith Medical Center, Inc.Ocala Funding, LLCOxley Development Company, LLC (second filing)WVSV Holdings, LLCUnited Retail Group, Inc. (a/k/a Avenue, Inc.)Capitol Bancorp Ltd.Jobson Medical Information Holdings LLCInspiration Biopharmaceuticals, Inc.Sands Castles Ventures, L.L.C.American Realty Trust, Inc.CHL, Ltd. (Contec Holdings, Ltd.)Cocopah Nurseries of Arizona, Inc.GameTech International, Inc.Allied Systems Holdings, Inc. (second filing)Capitol Infrastructure, LLC (d/b/a Connexion Technologies)Granite Dells Ranch Holdings LLCWAS Services, Inc. (f/k/a Pemco World Air Services, Inc.)Municipal Corrections, LLCGibraltar Kentucky Development, LLCLSP Energy Limited PartnershipSaab Cars North America, Inc.Buffets Restaurants Holdings, Inc. (second filing)Peak Broadcasting, LLCJESCO Construction CorporationOlde Prairie Block Owner, LLC (second filing)Satcon Technology CorporationVivaro CorporationDeep Photonics CorporationRitz Camera & Image, L.L.C. (second filing)Christ HospitalEner1, Inc.Zacky Farms, LLCMetro Fuel Oil Corp.Cano Petroleum, Inc.Daffy's, Inc.American West Development, Inc.Prince Sports, Inc.Tannin, Inc.Fletcher International, Ltd.Aletheia Research and Management, Inc.Omtron USA, LLC (d/b/a Townsends)Pangea Biosciences, Inc.Cherokee Simeon Venture I, LLCJHK Investments, LLCEastgate Tower Hotel Associates, L.P.Jerry's Nugget, Inc.DEMCO, Inc. (a/k/a Decommissioning & Environmental Management Company)Halifax Group LLCWezbra Dairy, LLCOtologics, L.L.C.Santa Ysabel Resort and CasinoShamrock-Hostmark Andover Hotels, LLCShamrock-Hostmark Palm Desert Hotels, LLCShamrock-Hostmark Princeton Hotel, LLCShamrock-Hostmark Tampa Westshores Hotel, LLCShamrock-Hostmark Texas Hotels, L.P.Cordillera Golf Club, LLCB+H Ocean CarriersHearthstone Homes, Inc.Wave2Wave Communications, Inc.New England Building Materials, LLCInternational Media Group, Inc.Ryan International Airlines, Inc.DRI CorporationBakers Footwear Group, Inc.The Connaught Group, Ltd. (d/b/a The Carlisle Collection, Inc.)Natural Pork Production II, LLPValence Technology, Inc.Signet Solar, Inc.Morris Brown CollegePlymouth Oil Company, LLCMorgan Industries Corporation (d/b/a Luhrs Marine Group)Adams Produce Company, LLCKings Professional Basketball ClubThe Fuller Brush Company, Inc.Traffic Control and Safety CorporationBetsey Johnson LLCPremier Bank Holding CompanyThe ShoreBank CorporationTri-Valley CorporationVann's Inc.BCAC, LLC (second filing)Neogenix Oncology, Inc.Pipeline Data, Inc.Back Yard Burgers, Inc.Harper Brush Works, Inc.Solar Trust of America, LLCBroadSign International, Inc.PWD1 LLC (f/k/a Plum TV, Inc.)Game Trading Technologies, Inc. (f/k/a City Language Exchange, Inc.)TC Global Inc. (d/b/a Tully's Coffee Corporation)Wind City Penna Oil & Gas, LLCCarey Limousine L.A., Inc.BEOBI, Inc. (f/k/a Beyond Oblivion Inc.)Note that this list is by no means comprehensive. Here are the quarterly business bankruptcy filing statistics from the Judicial Branch (source: Quarterly Filings: 3-Month by Chapter and District):First Quarter 2012: 10,998 business bankruptcy filingsSecond Quarter 2012: 10,374 business bankruptcy filingsThird Quarter 2012: 9,248 business bankruptcy filings