| Schedule of 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).
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Cost Basis |
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Net
Unrealized
Gains |
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Fair
Value |
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December 31, 2018 *
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Banks, insurance and finance
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$ |
44,332 |
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$ |
38,260 |
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$ |
82,592 |
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Consumer products
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38,783 |
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22,838 |
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61,621 |
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Commercial, industrial and other
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19,752 |
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8,792 |
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28,544 |
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$ |
102,867 |
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$ |
69,890 |
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$ |
172,757 |
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| * |
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 – $20.7 billion).
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|
Cost Basis |
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|
Net
Unrealized
Gains |
|
|
Fair
Value |
|
|
December 31, 2017 *
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Banks, insurance and finance
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$ |
25,783 |
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$ |
55,026 |
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$ |
80,809 |
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Consumer products
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25,177 |
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25,698 |
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|
50,875 |
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Commercial, industrial and other
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23,716 |
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15,140 |
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38,856 |
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$ |
74,676 |
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$ |
95,864 |
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$ |
170,540 |
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| * |
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).
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