A look at the third quarter changes made by Warren Buffett in the Berkshire Hathaway portfolio.

After losing a thrid of its value in just six weeks, Union Pacific is chugging higher in fits and starts.

Out of 38 holdings in BRK-A’s portfolio 12 companies are dividend aristocrats, one is a dividend champion and three are dividend achievers. Only 5 of his holdings do not play any dividends at all.

Warren Buffett, the student of the now famous father or value investing Ben Graham, is the greatest stock investor of our times. He has built his flagship company, Berkshire Hathaway from a small mill to a diversified conglomerate with a total market cap of 175 billion dollars.

With Bank of America's (BAC) big announcement this week, there appears to be life after financial crisis. Will it last? Who knows. If you are a dividend/value investor, it doesn't matter. If the market goes up, you can enjoy your paper-profits on recent purchases. If it goes down, it provides more opportunities to pick up some value-priced bargains.

We have been wondering what Warren Buffett does to his other two railroad holdings. Today Berkshire Hathaway Inc. (BRK-A, BRK-B) reported that Warren Buffett reduced his stake in railway companies Norfolk Southern Corp (NSC) and Norfolk Southern Corp (UNP).

Geoff Gannon provides additional insight into Buffett's recent 13F.

"Registered users may participate this contest by entering up to 3 stock symbols into the comment area. Also please state briefly the reasons for your guesses."

Morningstar analyst, Justin Fuller, reviews the changes to Berkshire Hathaway's portfolio in this first part of a two article series.

It appears that Buffett's other two railroad stock buys include Norfolk Southern and Union Pacific. Remember it was initially disclosed that he accumulated a large stake in Burlington National.