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5 Investments Warren Buffett Has Kept Under Wraps

Don't let Warren Buffett's folksy façade fool you. He's as shrewd an investor as any, and there's plenty he's not saying.

The billionaire manager of Berkshire Hathaway is one of the most closely watched investors in the world today. The problem is, he doesn't always want everyone knowing what he's doing.

Berkshire has petitioned the Securities and Exchange Commission to keep confidential or delay its disclosure of securities holdings on numerous occasions throughout the years and with varying degrees of success. In 2003, it lost a bid to delay the disclosure of certain stock holdings, arguing that Buffett's reputation for successful stock selection would "adversely affect" Berkshire's acquisition program. While the SEC acknowledged the issue of Buffett copycat investors, it concluded that Berkshire disclosures would not "inevitably lead to market disruption so severe as to cause substantial competitive hard to Berkshire's competitive position in all cases."

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