File - Supporters would say Buffett is hardly looking at the short term.
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Warren Buffett has carved out a core stock-picking strategy of investing in companies with strong economic "moats," businesses that have built, fortified and generated success from well-known brands that make it difficult for them to succumb to competitive forces.When Berkshire Hathaway Inc., the conglomerate Buffett has run since 1965, releases quarterly results Friday – which will follow with his annual gathering in Omaha, Nebraska – it is likely to show that his largest equity-market positions trailed the broad-market Standard & Poor's 500 Index.On average, the 15 biggest positions he owned at the end of 2014 have gained 7.8 percent in the last 12 months, compared with a 13.1 percent rise for the S&P. Buffett owns 76.9 million shares of IBM that as of last year had cost him $13.2 billion, and that position is underwater; IBM is trying to reverse 12 straight quarters of year-on-year revenue declines as it plays catch-up in the cloud computing space.Two other large positions, Coca-Cola and Wells Fargo & Co., are also struggling.
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