female CEO, Kathryn Farmer. On October 2, 2014, Berkshire Hathaway Automotive, an auto dealership subsidiary, was created through the acquisition of Van Tuyl Group, the remaining largest auto dealer in the nation and independently owned up to that date. It is the fifth-largest with ownership of 81 dealerships and revenues of $8 billion. On November 14, 2014, Berkshire Hathaway announced that it would acquire Duracell from Procter & Gamble for $4.7 billion in an all-stock deal. Finance and financial services Berkshire Hathaway acquired Clayton Homes, a maker of modular homes, storage trailers, chassis, intermodal piggyback trailers and domestic containers. Clayton's finance business, (loans to manufactured home owners), earned $206 million down from $526 million in 2007. Loan losses remain 3.6% up from 2.9%. Investments As well as owning companies outright, Berkshire maintains a concentrated portfolio of equities and investments which has historically been managed by Warren Buffett. Since 2010, Todd Combs and Ted Weschler also work alongside Buffett in managing investments. Buffett has spoken very highly of both in public interviews and in the 2015 letter to shareholders he described hiring them both as "one of my best moves". In the 2016 letter to shareholders, Warren revealed that each of them independently manages greater than $10 billion on behalf of Berkshire. As of February 2023, roughly 75% of Berkshire's equity securities were concentrated in five companies: American Express Company ($26.29 billion), Apple Inc. ($135.47 billion), The Coca-Cola Company ($23.91 billion), Chevron Corporation ($27.17 billion), and Bank of America Corporation ($35.36 billion). After a selloff of IBM stock in February 2018, on May 4, 2018, Buffett announced that Berkshire had completely sold its stake in IBM, and purchased more of Apple. In 2006, Berkshire Hathaway acquired Russell Corporation for $600 million, in fact getting most shares and brands in many sports leagues – including Spalding NBA official basketballs, BIKE Athletic Company protections, AAI (American Athletic) Gymnastics' tables, bars, rings, horses or Dudley softball balls and accessories. At the peak of the financial crisis in September 2008, Berkshire invested $5 billion in preferred stock in Goldman Sachs to provide it with a source of funding when capital markets had become constrained. The preferred stock yielded an annual interest rate of 10% earning Berkshire $500 million in interest income per year. Berkshire also received warrants to purchase 43.5 million shares with a strike price of $115 per share, which were exercisable at any