As of June 30, Berkshire Hathaway (NYSE: BRKA) (NYSE: BRKB) owned 22.5% of the shares outstanding of American Express (NYSE: AXP). That position is worth $48 billion (as of Oct. 27). After Apple, the premium credit card enterprise is the conglomerate's largest holding. It represents 13.1% of the entire portfolio. Picking winners seemed to come easily for the company's former chief executive officer, Warren Buffett. American Express shares have produced a total return of 440% during the past decade, outpacing the broader market. This has occurred even though they trade 18% off their peak. The fit with Buffett's investing criteria is obvious. The business is easy to understand. Affluent cardholders give the company real pricing power. It owns a premium brand. And its closed-loop payments platform creates a network effect. These last two factors support its wide competitive economic moat.
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