(4)	Investments in equity securities

Investments in equity securities as of December 31, 2018 and 2017 are summarized based on the primary industry of the investee in the table below (in millions).

 

		Cost Basis				Net Unrealized Gains				Fair Value
December 31, 2018 *
Banks, insurance and finance		$	44,332			$	38,260			$	82,592
Consumer products			38,783				22,838				61,621
Commercial, industrial and other			19,752				8,792				28,544
		$	102,867			$	69,890			$	172,757

 

*	Approximately 68% of the aggregate fair value was concentrated in five companies (American Express Company – $14.5 billion; Apple Inc. – $40.3 billion; Bank of America Corporation – $22.6 billion; The Coca-Cola Company – $18.9 billion and Wells Fargo & Company – $20.7 billion).

 

		Cost Basis				Net  Unrealized  Gains				Fair Value
December 31, 2017 *
Banks, insurance and finance		$	25,783			$	55,026			$	80,809
Consumer products			25,177				25,698				50,875
Commercial, industrial and other			23,716				15,140				38,856
		$	74,676			$	95,864			$	170,540

 

*	Approximately 65% of the aggregate fair value was concentrated in five companies (American Express Company – $15.1 billion; Apple Inc. – $28.2 billion; Bank of America Corporation – $20.7 billion; The Coca-Cola Company – $18.4 billion and Wells Fargo & Company – $29.3 billion).

In 2011, we acquired 50,000 shares of 6% Non-Cumulative Perpetual Preferred Stock of Bank of America Corporation (“BAC”) with a liquidation value of $100,000 per share (“BAC Preferred”) and warrants to purchase up to 700,000,000 shares of common stock of BAC (“BAC Warrants”) at $7.142857 per share (up to $5 billion in the aggregate). On August 24, 2017, we exercised all of our BAC Warrants and acquired 700,000,000 shares of BAC common stock. We also surrendered substantially all of our BAC Preferred as payment of the $5 billion cost to exercise the BAC Warrants and acquire the BAC common stock. Our investment in BAC is included in the banks, insurance and finance category.