Berkshire Hathaway's (NYSE: BRK.A)(NYSE: BRK.B) Warren Buffett has said: "Diversification is protection against ignorance. It makes little sense if you know what you are doing." While having a meaningful degree of portfolio diversification is likely a smart move for most investors, it's clear Buffett is enormously confident in the Berkshire managers' and analyst teams' abilities to pick winners.

Given that Berkshire has absolutely crushed the market since Buffett became the company's leader in 1965, it would be nearly impossible to argue that his confidence is misplaced. Read on for a look at Berkshire Hathaway's five largest stock holdings (based on the company's recent 13F filing), which accounted for roughly 76% of its direct equity ownership positions.

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Source Fool.com