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Berkshire Hathaway: Difference between revisions
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===2010-present: Hires and succession plans=== | ===2010-present: Hires and succession plans=== | ||
[[David L. Sokol]], CEO of [[Berkshire Hathaway Energy]] until early 2008,<ref>{{Cite news | url=https://www.theledger.com/story/news/2010/08/24/berkshire-hathaway-exec-cant-break-away/26330976007/ | title=Berkshire Hathaway Exec Can't Break Away | first1=ANDREW | last1=FRYE | first2=BETTY | last2=LIU | work=[[The Ledger]] | date=August 24, 2010}}</ref> was a top lieutenant for Buffett. Sokol, who was paid $24 million per year, resigned from Berkshire in 2011 after it was disclosed that he personally made a $3 million profit from Berkshire Hathaway's purchase of [[Lubrizol]].<ref>{{Cite news | url=https://www.theguardian.com/business/2011/apr/30/warren-buffett-big-mistake-david-sokol-lubrizol | title=Warren Buffett admits 'I made a big mistake' over David Sokol's purchase of Lubrizol shares | first=Dominic | last=Rushe | work= | [[David L. Sokol]], CEO of [[Berkshire Hathaway Energy]] until early 2008,<ref>{{Cite news | url=https://www.theledger.com/story/news/2010/08/24/berkshire-hathaway-exec-cant-break-away/26330976007/ | title=Berkshire Hathaway Exec Can't Break Away | first1=ANDREW | last1=FRYE | first2=BETTY | last2=LIU | work=[[The Ledger]] | date=August 24, 2010}}</ref> was a top lieutenant for Buffett. Sokol, who was paid $24 million per year, resigned from Berkshire in 2011 after it was disclosed that he personally made a $3 million profit from Berkshire Hathaway's purchase of [[Lubrizol]].<ref>{{Cite news | url=https://www.theguardian.com/business/2011/apr/30/warren-buffett-big-mistake-david-sokol-lubrizol | title=Warren Buffett admits 'I made a big mistake' over David Sokol's purchase of Lubrizol shares | first=Dominic | last=Rushe | work=The Guardian | date=April 30, 2011}}</ref> | ||
In October 2010, Berkshire announced that 39-year old [[Todd Combs]], manager of the [[hedge fund]] Castle Point Capital, would join as an [[investment manager]].<ref>{{cite news |url=https://www.reuters.com/article/idUSTRE69O52R20101025 |title=Berkshire moves step closer to Buffett succession | work=Reuters |date=October 25, 2010 |archive-url=https://web.archive.org/web/20101029044033/http://www.reuters.com/article/idUSTRE69O52R20101025|archive-date=October 29, 2010 |url-status=live}}</ref><ref>{{cite news | url=https://www.nytimes.com/2010/10/26/business/26berkshire.html | title=Warren Buffett Hires Todd Combs to Invest for Berkshire | work=The New York Times | date=October 26, 2010 | url-access=limited}}</ref><ref>{{Cite news | url=https://www.cnbc.com/2010/10/25/berkshires-hiring-of-hedge-fund-manager-creates-instant-leading-contender-for-warren-buffetts-investment-role.html | title=Buffett Watch: Berkshire's Hiring of Hedge Fund Manager Creates Instant Leading Contender for Warren Buffett's Investment Role | first=Alex | last=Crippen | work=[[CNBC]] | date=October 25, 2010}}</ref><ref>{{Cite news | url=https://www.marketwatch.com/story/berkshire-names-new-investment-manager-2010-10-25 | title=Berkshire names new investment manager | first=Alistair | last=Barr | work=[[MarketWatch]] | date=October 25, 2010 | url-access=limited}}</ref> | In October 2010, Berkshire announced that 39-year old [[Todd Combs]], manager of the [[hedge fund]] Castle Point Capital, would join as an [[investment manager]].<ref>{{cite news |url=https://www.reuters.com/article/idUSTRE69O52R20101025 |title=Berkshire moves step closer to Buffett succession | work=Reuters |date=October 25, 2010 |archive-url=https://web.archive.org/web/20101029044033/http://www.reuters.com/article/idUSTRE69O52R20101025|archive-date=October 29, 2010 |url-status=live}}</ref><ref>{{cite news | url=https://www.nytimes.com/2010/10/26/business/26berkshire.html | title=Warren Buffett Hires Todd Combs to Invest for Berkshire | work=The New York Times | date=October 26, 2010 | url-access=limited}}</ref><ref>{{Cite news | url=https://www.cnbc.com/2010/10/25/berkshires-hiring-of-hedge-fund-manager-creates-instant-leading-contender-for-warren-buffetts-investment-role.html | title=Buffett Watch: Berkshire's Hiring of Hedge Fund Manager Creates Instant Leading Contender for Warren Buffett's Investment Role | first=Alex | last=Crippen | work=[[CNBC]] | date=October 25, 2010}}</ref><ref>{{Cite news | url=https://www.marketwatch.com/story/berkshire-names-new-investment-manager-2010-10-25 | title=Berkshire names new investment manager | first=Alistair | last=Barr | work=[[MarketWatch]] | date=October 25, 2010 | url-access=limited}}</ref> | ||
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Buffett began investing in [[Wells Fargo]] in 1989; however, by the first quarter of 2022, Berkshire Hathaway had sold its entire interest in the company.<ref>{{Cite news | url=https://www.reuters.com/business/finance/berkshire-sheds-nearly-all-wells-fargo-holding-since-1989-2021-05-17/ | title=Berkshire sheds nearly all of Wells Fargo, a holding since 1989 | first=Jonathan | last=Stempel | work=Reuters | date=May 17, 2021}}</ref><ref>{{Cite news | url=https://www.cnn.com/2022/05/17/investing/berkshire-hathaway-warren-buffett-wells-fargo-citigroup/index.html |title=Warren Buffett's Berkshire Hathaway finally bails on Wells Fargo | work=CNN | date=May 17, 2022}}</ref> | Buffett began investing in [[Wells Fargo]] in 1989; however, by the first quarter of 2022, Berkshire Hathaway had sold its entire interest in the company.<ref>{{Cite news | url=https://www.reuters.com/business/finance/berkshire-sheds-nearly-all-wells-fargo-holding-since-1989-2021-05-17/ | title=Berkshire sheds nearly all of Wells Fargo, a holding since 1989 | first=Jonathan | last=Stempel | work=Reuters | date=May 17, 2021}}</ref><ref>{{Cite news | url=https://www.cnn.com/2022/05/17/investing/berkshire-hathaway-warren-buffett-wells-fargo-citigroup/index.html |title=Warren Buffett's Berkshire Hathaway finally bails on Wells Fargo | work=CNN | date=May 17, 2022}}</ref> | ||
Berkshire made its first investment in [[Tesco]], UK grocery retailer, in 2006 and in 2012 raised this stake to over 5% of the company, investing a total of $2.3 billion.<ref>{{cite news |url=https://www.theguardian.com/business/2012/jan/19/warren-buffett-tesco-stake |title=Warren Buffett increases stake in Tesco | first=Nick | last=Fletcher | work= | Berkshire made its first investment in [[Tesco]], UK grocery retailer, in 2006 and in 2012 raised this stake to over 5% of the company, investing a total of $2.3 billion.<ref>{{cite news |url=https://www.theguardian.com/business/2012/jan/19/warren-buffett-tesco-stake |title=Warren Buffett increases stake in Tesco | first=Nick | last=Fletcher | work=The Guardian |date=January 19, 2012 |issn=0261-3077 | archive-url=https://web.archive.org/web/20150819052738/http://www.theguardian.com/business/2012/jan/19/warren-buffett-tesco-stake |archive-date=August 19, 2015 |url-status=live}}</ref> Buffett sold around 30% of this stake in 2013 when he "soured somewhat on the company's then-management", realizing a profit of $43 million.<ref name=sucking>{{cite news |url=https://www.theguardian.com/business/2015/mar/01/warren-buffett-admits-thumb-sucking-over-tesco-cost-him-444m |title=Warren Buffett admits 'thumb-sucking' over Tesco cost him $444m | first=Julia | last=Kollewe | work=The Guardian |date=March 1, 2015 |issn=0261-3077 |archive-url=https://web.archive.org/web/20170523061645/https://www.theguardian.com/business/2015/mar/01/warren-buffett-admits-thumb-sucking-over-tesco-cost-him-444m |archive-date=May 23, 2017|url-status=live}}</ref> As Tesco's problems mounted through 2014, Berkshire sold all the remaining shares with Buffett saying to shareholders that the delay in selling shares was costly. Berkshire realized an after-tax loss of $444 million on the Tesco investment.<ref name=sucking/> | ||
In early 2008, Berkshire sharply increased its stake in [[ConocoPhillips]] to 85 million shares.<ref>{{Cite news | url=https://www.cnbc.com/2008/11/14/warren-buffetts-berkshire-hathaway-sharply-boosts-conocophillips-stake.html | title=Warren Buffett's Berkshire Hathaway Sharply Boosts ConocoPhillips Stake | first=Alex | last=Crippen | work=[[CNBC]] | date=November 14, 2008}}</ref> In one of Buffett's interviews, he later described this as "a major mistake" as the [[price of oil]] collapsed during the [[Great Recession]]. Berkshire sold most of its shares but held 472,000 shares until 2012. In that year, ConocoPhillips spun off a subsidiary, [[Phillips 66]], of which Berkshire owned 27 million shares. Berkshire later sold $1.4 billion worth of shares to Phillips 66 in exchange for Phillips Specialty Products.<ref>{{Cite news |url=https://www.fool.com/investing/general/2014/12/10/the-1-company-warren-buffett-is-most-likely-to-sel.aspx |title=The 1 Stock Warren Buffett Is Most Likely to Sell in 2015 |last=Hall |first=Jason | work=[[The Motley Fool]] |date=December 10, 2014}}</ref> Buffett frequently referred to Phillips 66 as one of the best businesses Berkshire invested in because of its consistent dividends and share buyback programs. However, Berkshire sold its entire holdings in 2020.<ref>{{Cite news |url=https://www.reuters.com/article/us-investment-funds-berkshire/buffetts-berkshire-slashes-goldman-stake-exits-phillips-66-travelers-idUSKBN22R3DL |title=Buffett's Berkshire slashes Goldman stake; exits Phillips 66, Travelers | last=Stempel | first=Jonathan | work=Reuters | date=May 16, 2020}}</ref><ref>{{Cite news | url=https://www.fool.com/investing/2020/05/20/warren-buffett-sold-phillips-66-heres-why-im-holdi.aspx | title=Warren Buffett Sold Phillips 66 -- Here's Why I'm Holding (and May Buy More) |last=Hall | first=Jason | work=[[The Motley Fool]] | date=May 20, 2020}}</ref> | In early 2008, Berkshire sharply increased its stake in [[ConocoPhillips]] to 85 million shares.<ref>{{Cite news | url=https://www.cnbc.com/2008/11/14/warren-buffetts-berkshire-hathaway-sharply-boosts-conocophillips-stake.html | title=Warren Buffett's Berkshire Hathaway Sharply Boosts ConocoPhillips Stake | first=Alex | last=Crippen | work=[[CNBC]] | date=November 14, 2008}}</ref> In one of Buffett's interviews, he later described this as "a major mistake" as the [[price of oil]] collapsed during the [[Great Recession]]. Berkshire sold most of its shares but held 472,000 shares until 2012. In that year, ConocoPhillips spun off a subsidiary, [[Phillips 66]], of which Berkshire owned 27 million shares. Berkshire later sold $1.4 billion worth of shares to Phillips 66 in exchange for Phillips Specialty Products.<ref>{{Cite news |url=https://www.fool.com/investing/general/2014/12/10/the-1-company-warren-buffett-is-most-likely-to-sel.aspx |title=The 1 Stock Warren Buffett Is Most Likely to Sell in 2015 |last=Hall |first=Jason | work=[[The Motley Fool]] |date=December 10, 2014}}</ref> Buffett frequently referred to Phillips 66 as one of the best businesses Berkshire invested in because of its consistent dividends and share buyback programs. However, Berkshire sold its entire holdings in 2020.<ref>{{Cite news |url=https://www.reuters.com/article/us-investment-funds-berkshire/buffetts-berkshire-slashes-goldman-stake-exits-phillips-66-travelers-idUSKBN22R3DL |title=Buffett's Berkshire slashes Goldman stake; exits Phillips 66, Travelers | last=Stempel | first=Jonathan | work=Reuters | date=May 16, 2020}}</ref><ref>{{Cite news | url=https://www.fool.com/investing/2020/05/20/warren-buffett-sold-phillips-66-heres-why-im-holdi.aspx | title=Warren Buffett Sold Phillips 66 -- Here's Why I'm Holding (and May Buy More) |last=Hall | first=Jason | work=[[The Motley Fool]] | date=May 20, 2020}}</ref> | ||
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In 2013, Berkshire and [[3G Capital]] acquired [[H. J. Heinz Company]] for $28 billion including debt.<ref>{{cite news |url=https://dealbook.nytimes.com/2013/02/14/berkshire-and-3g-capital-to-buy-heinz-for-23-billion/ |title=Berkshire and 3G Capital in a $23 Billion Deal for Heinz | first1=Michael J. | last1=de la Merced | first2=Andrew Ross |last2=Sorkin | authorlink2=Andrew Ross Sorkin |work=The New York Times |date=February 14, 2013 | url-access=limited |archive-url=https://web.archive.org/web/20190905061032/https://dealbook.nytimes.com/2013/02/14/berkshire-and-3g-capital-to-buy-heinz-for-23-billion/ | archive-date=September 5, 2019 | url-status=live}}</ref> In 2015, Heinz merged with [[Kraft Foods]] to form [[Kraft Heinz]].<ref>{{Cite news | url=https://www.cnbc.com/2015/03/25/kraft-foods-group-and-hj-heinz-merge-to-create-the-kraft-heinz-co.html | title=Buffett's HJ Heinz to merge with Kraft Foods | first=Tom | last=DiChristopher | work=[[CNBC]] | date=March 25, 2015}}</ref> In 2019, Buffett said that he overpaid in the deal.<ref>{{Cite news | url=https://www.reuters.com/article/business/warren-buffett-says-berkshire-overpaid-for-kraft-heinz-idUSKCN1QE1EV/ | title=Warren Buffett says Berkshire overpaid for Kraft Heinz | first1=Jonathan | last1=Stempel | first2=Jennifer | last2=Ablan | work=Reuters | date=February 25, 2019}}</ref> | In 2013, Berkshire and [[3G Capital]] acquired [[H. J. Heinz Company]] for $28 billion including debt.<ref>{{cite news |url=https://dealbook.nytimes.com/2013/02/14/berkshire-and-3g-capital-to-buy-heinz-for-23-billion/ |title=Berkshire and 3G Capital in a $23 Billion Deal for Heinz | first1=Michael J. | last1=de la Merced | first2=Andrew Ross |last2=Sorkin | authorlink2=Andrew Ross Sorkin |work=The New York Times |date=February 14, 2013 | url-access=limited |archive-url=https://web.archive.org/web/20190905061032/https://dealbook.nytimes.com/2013/02/14/berkshire-and-3g-capital-to-buy-heinz-for-23-billion/ | archive-date=September 5, 2019 | url-status=live}}</ref> In 2015, Heinz merged with [[Kraft Foods]] to form [[Kraft Heinz]].<ref>{{Cite news | url=https://www.cnbc.com/2015/03/25/kraft-foods-group-and-hj-heinz-merge-to-create-the-kraft-heinz-co.html | title=Buffett's HJ Heinz to merge with Kraft Foods | first=Tom | last=DiChristopher | work=[[CNBC]] | date=March 25, 2015}}</ref> In 2019, Buffett said that he overpaid in the deal.<ref>{{Cite news | url=https://www.reuters.com/article/business/warren-buffett-says-berkshire-overpaid-for-kraft-heinz-idUSKCN1QE1EV/ | title=Warren Buffett says Berkshire overpaid for Kraft Heinz | first1=Jonathan | last1=Stempel | first2=Jennifer | last2=Ablan | work=Reuters | date=February 25, 2019}}</ref> | ||
In 2013, Berkshire owned 1.74 million shares of [[Gannett]]; however, it sold its shares in the second quarter of 2013.<ref>{{cite news |url=https://money.cnn.com/2013/08/15/investing/berkshire-buffett-newspapers/index.html | title=Buffett's Berkshire dumps Gannett, buys Dish Network | first=Aaron | last=Smith | work=CNN | date=August 15, 2013}}</ref><ref>{{Cite news | url=https://www.theguardian.com/media/greenslade/2013/aug/16/gannett-warrenbuffett | title=Buffett dumps $38m shares in Gannett | first=Roy | last=Greenslade | work= | In 2013, Berkshire owned 1.74 million shares of [[Gannett]]; however, it sold its shares in the second quarter of 2013.<ref>{{cite news |url=https://money.cnn.com/2013/08/15/investing/berkshire-buffett-newspapers/index.html | title=Buffett's Berkshire dumps Gannett, buys Dish Network | first=Aaron | last=Smith | work=CNN | date=August 15, 2013}}</ref><ref>{{Cite news | url=https://www.theguardian.com/media/greenslade/2013/aug/16/gannett-warrenbuffett | title=Buffett dumps $38m shares in Gannett | first=Roy | last=Greenslade | work=The Guardian | date=August 16, 2013}}</ref> | ||
In the first quarter of 2016, Berkshire began investing in [[Apple Inc.]], with a purchase of 9.8 million shares (0.2% of Apple) worth $1 billion. By the end of June 2016, this stake had increased to 15.2 million shares (0.3% of Apple). By December 31, 2016, Berkshire had built up a stake of 57.4 million shares (1.1% of Apple) with an estimated average acquisition price of $110 per share (before the 2020 4:1 split). Aggressive stock purchases continued and by March 31, 2017, Berkshire had amassed a stake of 129 million shares (2.5% of Apple). By December 31, 2017, Berkshire owned 166 million shares (3.3% of Apple). Berkshire bought 75 million more shares in early 2018.<ref>{{cite news | url=https://www.usatoday.com/story/money/2018/05/04/buffett-buys-75-m-more-shares-apple-stock/579974002/ | title=Warren Buffett's Berkshire Hathaway buys 75M more Apple shares, sells off IBM | work=USA Today | first=Adam | last=Shell | date=May 4, 2018 | archive-url=https://web.archive.org/web/20180504150548/https://www.usatoday.com/story/money/2018/05/04/buffett-buys-75-m-more-shares-apple-stock/579974002/ | archive-date=May 4, 2018 | url-status=live}}</ref><ref>{{cite news | url=https://www.reuters.com/article/business/apple-hits-record-high-after-buffetts-berkshire-increases-stake-idUSKBN1I506S/ |title=Apple hits record high after Buffett's Berkshire increases stake| work=Reuters |first=Sonam | last=Rai | date=May 4, 2018 | archive-url=https://web.archive.org/web/20180505070107/https://www.nasdaq.com/article/apple-hits-record-high-after-buffetts-berkshire-increases-stake-20180504-00860 | archive-date=May 5, 2018 | url-status=live}}</ref> {{As of|2022|12|31| post=,|df=US}} Berkshire owned 5.8% of Apple.<ref>{{cite web | url=https://www.sec.gov/Archives/edgar/data/1067983/000119312523038262/d382361dsc13ga.htm | title=Apple Inc. Schedule 13G |date=February 14, 2023 |publisher=U.S. Securities and Exchange Commission}}</ref><ref name=dumps>{{cite news | url=https://www.reuters.com/business/buffetts-berkshire-reduces-stake-activision-blizzard-2023-02-14/ | last1=Mandl | first1=Carolina | last2=S | first2=Sittarasu | title=Berkshire dumps shares in TSMC, banks; increases Apple stake | work=Reuters |date=February 14, 2023}}</ref> Berkshire Hathaway reduced its Apple stake by nearly 50%, selling $75.5 billion worth of stock in the second quarter of 2024, increasing its cash reserves to a record $276.9 billion.<ref>{{Cite news | url=https://www.bloomberg.com/news/articles/2024-08-03/berkshire-hathaway-s-cash-pile-soars-to-record-276-9-billion | title=Berkshire Cuts Apple Stake by Almost Half in Selling Spree | first1=Amanda | last1=Cantrell | first2=Katherine | last2=Chiglinsky | work=[[Bloomberg News]] | date=August 3, 2024 | url-access=subscription}}</ref> Buffett had said that Apple has developed an ecosystem and level of brand loyalty that provides it with an [[economic moat]], and that consumers appear to have a degree of price insensitivity when it comes to the [[iPhone]]. While Buffett generally does not invest in tech stocks, he has said that Apple is a consumer products company and that he understands consumer products businesses.<ref>{{cite news | url=https://www.reuters.com/article/us-berkshire-buffett-apple-idUSKBN1I60V8 | title=Buffett owns 5 percent of Apple. He'd like to own more | first=Jonathan | last=Stempel | work=Reuters |date=May 5, 2018 |archive-url=https://web.archive.org/web/20190202042302/https://www.reuters.com/article/us-berkshire-buffett-apple-idUSKBN1I60V8 |archive-date=February 2, 2019 |url-status=live}}</ref> | In the first quarter of 2016, Berkshire began investing in [[Apple Inc.]], with a purchase of 9.8 million shares (0.2% of Apple) worth $1 billion. By the end of June 2016, this stake had increased to 15.2 million shares (0.3% of Apple). By December 31, 2016, Berkshire had built up a stake of 57.4 million shares (1.1% of Apple) with an estimated average acquisition price of $110 per share (before the 2020 4:1 split). Aggressive stock purchases continued and by March 31, 2017, Berkshire had amassed a stake of 129 million shares (2.5% of Apple). By December 31, 2017, Berkshire owned 166 million shares (3.3% of Apple). Berkshire bought 75 million more shares in early 2018.<ref>{{cite news | url=https://www.usatoday.com/story/money/2018/05/04/buffett-buys-75-m-more-shares-apple-stock/579974002/ | title=Warren Buffett's Berkshire Hathaway buys 75M more Apple shares, sells off IBM | work=USA Today | first=Adam | last=Shell | date=May 4, 2018 | archive-url=https://web.archive.org/web/20180504150548/https://www.usatoday.com/story/money/2018/05/04/buffett-buys-75-m-more-shares-apple-stock/579974002/ | archive-date=May 4, 2018 | url-status=live}}</ref><ref>{{cite news | url=https://www.reuters.com/article/business/apple-hits-record-high-after-buffetts-berkshire-increases-stake-idUSKBN1I506S/ |title=Apple hits record high after Buffett's Berkshire increases stake| work=Reuters |first=Sonam | last=Rai | date=May 4, 2018 | archive-url=https://web.archive.org/web/20180505070107/https://www.nasdaq.com/article/apple-hits-record-high-after-buffetts-berkshire-increases-stake-20180504-00860 | archive-date=May 5, 2018 | url-status=live}}</ref> {{As of|2022|12|31| post=,|df=US}} Berkshire owned 5.8% of Apple.<ref>{{cite web | url=https://www.sec.gov/Archives/edgar/data/1067983/000119312523038262/d382361dsc13ga.htm | title=Apple Inc. Schedule 13G |date=February 14, 2023 |publisher=U.S. Securities and Exchange Commission}}</ref><ref name=dumps>{{cite news | url=https://www.reuters.com/business/buffetts-berkshire-reduces-stake-activision-blizzard-2023-02-14/ | last1=Mandl | first1=Carolina | last2=S | first2=Sittarasu | title=Berkshire dumps shares in TSMC, banks; increases Apple stake | work=Reuters |date=February 14, 2023}}</ref> Berkshire Hathaway reduced its Apple stake by nearly 50%, selling $75.5 billion worth of stock in the second quarter of 2024, increasing its cash reserves to a record $276.9 billion.<ref>{{Cite news | url=https://www.bloomberg.com/news/articles/2024-08-03/berkshire-hathaway-s-cash-pile-soars-to-record-276-9-billion | title=Berkshire Cuts Apple Stake by Almost Half in Selling Spree | first1=Amanda | last1=Cantrell | first2=Katherine | last2=Chiglinsky | work=[[Bloomberg News]] | date=August 3, 2024 | url-access=subscription}}</ref> Buffett had said that Apple has developed an ecosystem and level of brand loyalty that provides it with an [[economic moat]], and that consumers appear to have a degree of price insensitivity when it comes to the [[iPhone]]. While Buffett generally does not invest in tech stocks, he has said that Apple is a consumer products company and that he understands consumer products businesses.<ref>{{cite news | url=https://www.reuters.com/article/us-berkshire-buffett-apple-idUSKBN1I60V8 | title=Buffett owns 5 percent of Apple. He'd like to own more | first=Jonathan | last=Stempel | work=Reuters |date=May 5, 2018 |archive-url=https://web.archive.org/web/20190202042302/https://www.reuters.com/article/us-berkshire-buffett-apple-idUSKBN1I60V8 |archive-date=February 2, 2019 |url-status=live}}</ref> | ||