Investments in equity securities

3 Months Ended

Mar. 31, 2019

Investments, Debt and Equity Securities [Abstract]

Investments in equity securities

Note 4. Investments in equity securities

Investments in equity securities as of March 31, 2019 and December 31, 2018 are summarized based on the primary industry of the investee in the table below (in millions).

	Cost Basis		Net Unrealized Gains		Fair Value
March 31, 2019*
Banks, insurance and finance	$	44,710	$	46,029	$	90,739
Consumer products		38,909		31,232		70,141
Commercial, industrial and other		19,280		11,611		30,891
	$	102,899	$	88,872	$	191,771

* Approximately 68% of the aggregate fair value was concentrated in five companies (American Express Company – $16.6 billion; Apple Inc. – $48.5 billion; Bank of America Corporation – $25.4 billion; The Coca-Cola Company – $18.7 billion and Wells Fargo & Company – $20.9 billion).

	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).