13F Timing Lab / TSM · Q3 2022
Berkshire Hathaway
& TSMC.
Berkshire’s November 2022 filing reported TSMC’s U.S.-listed depositary shares. The first-session replay looks different at 20 and 60 trading sessions: an early loss becomes a later gain.
Explore the record
Change the timing. See the difference.
Reviewed filing
Berkshire Hathaway → TSM
Berkshire Hathaway · Q3 2022
Read the dates before the headline
The holding came first. Your entry comes later.
45 days between the portfolio snapshot and the filing. Calendar days, not trading sessions.
- The portfolio snapshotSep 30, 2022Shares held on this date. It is not the purchase date.
- SEC accepts the filingNov 14, 202216:01:07 Eastern
After market close - Your selected entryNov 15, 2022Next trading session’s close
TSM at $80.46 - The common exitFeb 13, 202360 sessions after the base entry.
60 sessions held in this replay.
We do not know the manager’s purchase date or price. Changing your entry moves only your replay; the exit stays fixed. Timeline steps are equally spaced, not a time scale.
Entry: Nov 15, 2022 at $80.46. Exit: Feb 13, 2023 at $96.11. 60 trading sessions between closes.
Same stock. Same exit. Different entry.
The exit stays Feb 13, 2023. Waiting shortens the holding period. “pp” means percentage points; this is a price comparison, not risk-adjusted alpha.
Scroll sideways to compare every column ↔
| Entry timing | Entry date | TSM | SPY | Difference |
|---|---|---|---|---|
| First session | Nov 15, 2022 | +19.45% | +3.60% | +15.85 pp |
| Wait 1 session | Nov 16, 2022 | +20.97% | +4.39% | +16.57 pp |
| Wait 5 sessions | Nov 22, 2022 | +16.44% | +3.23% | +13.21 pp |
Inspect the daily prices behind this chart
| Date | TSM | SPY |
|---|---|---|
| Nov 15, 2022 | $80.46 | $398.49 |
| Nov 16, 2022 | $79.45 | $395.45 |
| Nov 17, 2022 | $81.48 | $394.24 |
| Nov 18, 2022 | $82.27 | $396.03 |
| Nov 21, 2022 | $79.93 | $394.59 |
| Nov 22, 2022 | $82.54 | $399.90 |
| Nov 23, 2022 | $81.97 | $402.42 |
| Nov 25, 2022 | $81.40 | $402.33 |
| Nov 28, 2022 | $79.22 | $395.91 |
| Nov 29, 2022 | $79.33 | $395.23 |
| Nov 30, 2022 | $82.98 | $407.68 |
| Dec 1, 2022 | $82.68 | $407.38 |
| Dec 2, 2022 | $81.50 | $406.91 |
| Dec 5, 2022 | $81.62 | $399.59 |
| Dec 6, 2022 | $79.56 | $393.83 |
| Dec 7, 2022 | $79.24 | $393.16 |
| Dec 8, 2022 | $80.80 | $396.24 |
| Dec 9, 2022 | $80.69 | $393.28 |
| Dec 12, 2022 | $80.43 | $398.95 |
| Dec 13, 2022 | $80.51 | $401.97 |
| Dec 14, 2022 | $80.02 | $399.40 |
| Dec 15, 2022 | $77.61 | $389.63 |
| Dec 16, 2022 | $76.30 | $383.27 |
| Dec 19, 2022 | $76.10 | $380.02 |
| Dec 20, 2022 | $75.62 | $380.54 |
| Dec 21, 2022 | $77.14 | $386.23 |
| Dec 22, 2022 | $75.28 | $380.72 |
| Dec 23, 2022 | $74.89 | $382.91 |
| Dec 27, 2022 | $74.32 | $381.40 |
| Dec 28, 2022 | $73.06 | $376.66 |
| Dec 29, 2022 | $76.00 | $383.44 |
| Dec 30, 2022 | $74.49 | $382.43 |
| Jan 3, 2023 | $74.03 | $380.82 |
| Jan 4, 2023 | $76.32 | $383.76 |
| Jan 5, 2023 | $75.73 | $379.38 |
| Jan 6, 2023 | $78.07 | $388.08 |
| Jan 9, 2023 | $80.31 | $387.86 |
| Jan 10, 2023 | $81.27 | $390.58 |
| Jan 11, 2023 | $81.78 | $395.52 |
| Jan 12, 2023 | $87.00 | $396.96 |
| Jan 13, 2023 | $86.80 | $398.50 |
| Jan 17, 2023 | $88.99 | $397.77 |
| Jan 18, 2023 | $89.47 | $391.49 |
| Jan 19, 2023 | $88.40 | $388.64 |
| Jan 20, 2023 | $91.03 | $395.88 |
| Jan 23, 2023 | $95.66 | $400.63 |
| Jan 24, 2023 | $94.56 | $400.20 |
| Jan 25, 2023 | $92.41 | $400.35 |
| Jan 26, 2023 | $93.45 | $404.75 |
| Jan 27, 2023 | $93.30 | $405.68 |
| Jan 30, 2023 | $93.13 | $400.59 |
| Jan 31, 2023 | $92.73 | $406.48 |
| Feb 1, 2023 | $94.74 | $410.80 |
| Feb 2, 2023 | $96.65 | $416.78 |
| Feb 3, 2023 | $94.66 | $412.35 |
| Feb 6, 2023 | $91.83 | $409.83 |
| Feb 7, 2023 | $94.55 | $415.19 |
| Feb 8, 2023 | $94.28 | $410.65 |
| Feb 9, 2023 | $96.69 | $407.09 |
| Feb 10, 2023 | $95.37 | $408.04 |
| Feb 13, 2023 | $96.11 | $412.83 |
These selected historical cases are not a strategy test. Price movements can reflect earnings, market news and other events. These comparisons do not establish that the filing caused the move or that copying a manager works.
Filing facts / Q3 2022
The record behind the replay.
This is TSM, the U.S.-listed depositary security, not Taiwan-listed 2330. It replays a follower’s hypothetical prices and does not reconstruct Berkshire’s trades or Buffett’s personal decisions. Chip-sector news and the broader market also affected the window.
- Reported share quantity
- 60,060,880 shares
- Reported quarter-end value
- $4,117,774,000.00
- Security identifier
- 874039100
Combined from 5 non-option rows for this security in this single filing. The original table reports values in USD thousands; the amount above is converted to USD. Value is a quarter-end mark, not purchase cost. Source rows retain their manager designations in the linked table.
No matching TSM CUSIP appears in the reviewed June 2022 table. The November table reports five rows for this security. This comparison establishes a newly reported position in these tables, not a purchase date or the earliest public mention.
- SEC filing · 0000950123-22-012275 ↗
- SEC information table ↗
- Prior quarter information table ↗
- TSM historical market prices ↗ · SPY historical market prices ↗
SEC index acceptance: 2022-11-14 at 16:01:07 America/New_York. Historical review through Oct 24, 2026; this page does not monitor later amendments or current positions automatically.
How to read the numbers
A replay you can check.
01 / Start after the filing
The base entry is the next trading session’s close after the filing date, whether the filing arrived during trading or after the close. Scion’s Alibaba filing arrived during market hours; the other selected filings arrived after the close. It is a reproducible daily-price convention, not the earliest executable trade. Overnight and first-session moves are already in that entry price.
02 / Keep the exit fixed
Choose an exit 20 or 60 trading sessions after the base entry. Waiting one or five sessions moves the entry only. All scenarios exit on the same date; delayed entries therefore have shorter holding periods. Sessions follow the observed SPY trading dates, including holiday gaps.
03 / Compare like with like
Price change = (exit close ÷ entry close − 1) × 100. SPY uses the same dates. The difference is measured in percentage points, not risk-adjusted alpha. The chart rebases both series to 100 at the selected entry. Prices are USD closes from Yahoo Finance; the reviewed windows contain no recorded stock splits.
04 / Keep the limits visible
Dividends, trading costs, taxes and slippage are excluded. The snapshot-to-filing comparison is not the manager’s return. A weekend quarter-end uses the last trading close on or before that date. For an intraday filing, the filing-day close includes post-disclosure trading. Options, short positions and a manager’s actual trade dates are not reconstructed. These six selected cases cannot establish causation, predictive power or a profitable strategy.
Download all six cases’ prices (CSV) ↓ · Read the research · Report a correction
Reviewed snapshot · Oct 24, 2026 · Version 2026-10-24.1. Source retrieval and calculation checks are part of this release. No live prices or automatic refresh are implied.
Financial interest: the publisher/researcher has disclosed a GOOGL holding in Buteon’s Alphabet research. This collection includes GOOGL. Educational research, not an investment recommendation.