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Buffett on His Massive Occidental Investment

Tiger Newspress2022-04-30

Buffett scooped up 14% of oil giant Occidental Petroleum, worth more than $7 billion, in two weeks during March.

He pointed out that the stake was even larger when accounting for the index fund providers who own a huge chunk of the company.

“That’s not investment. You’re not buying from [investors]. I find it just incredible. You couldn’t do that with Berkshire. ... Overwhelmingly, large companies in America, they became poker chips,” Buffett said.

“That enabled us, in a two-week period, to buy 14% of a business that’s been around for decades,” Buffett said. “Imagine trying to [buy] 14% of the farms in this country. 14% of the apartment houses. 14% of the auto dealerships, or just anything, when already 40% were locked up some other place. It defies anything Charlie and I have seen, and we’ve seen a lot.”

The legendary investor said that the short-term volatility earlier this year fueled by “gambling mentality” allowed him to find good long-term opportunities.

In his annual chairmanletter to shareholdersin February, Warren Buffett said there is “little that excites us” in the market. But soon after, he put Berkshire’s money to work.

Berkshire at the beginning of March revealed abig stake in oil giant Occidental Petroleum. At the beginning of April, Berkshire announced amajor stake in tech hardware stock HP. Berkshire’s first-quarter filing revealed the companysignificantly increased its bet on Chevron.

“We found some things we prefer to owning Treasury bills,” quipped Berkshire vice chairman and Buffett’s right-hand man Charlie Munger.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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Comment88

  • Alex1709
    ·2022-05-06
    I see
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  • JMheart
    ·2022-05-02
    NICE!
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  • Fayedea
    ·2022-05-02
    Great
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  • Jess261
    ·2022-05-02
    Okay
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  • vodkalime
    ·2022-05-02
    Warren Buffet owns this stock before and total liquid it. I do make some money from. As with one user feedback, the takeaway is the green tech will not grow as fast and OPEC and the Ukraine Russia War aftermath will still impact the oil price. Ask anyone who has been pumping petrol last 3 months, the black gold only have up and limited down.
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  • BenjiFuji
    ·2022-05-01
    Buffett seems to be stocking up on oil related companies. Perhaps he thinks the Russia Ukraine crisis will not end soon. Neither will green energy take off so fast. What do you think?
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  • Dindindino
    ·2022-05-01
    Like pls
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  • Jialatsia
    ·2022-05-01
    Meep
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  • Jeff2022
    ·2022-05-01
    Nice!
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  • koolgal
    ·2022-05-01
    Warren Buffett has obviously found value in Occidental Petroleum as he owns 14% of it now.  Then there is his HP purchase too. I wonder what his next major purchase will be. 
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  • ping23
    ·2022-05-01
    pls like
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  • OJC
    ·2022-05-01
    Ok
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  • PearlynCSY
    ·2022-05-01
    Buffett scooped up 14% of oil giant Occidental Petroleum, worth more than $7 billion, in two weeks during March.The legendary investor said that the short-term volatility earlier this year fueled by “gambling mentality” allowed him to find good long-term opportunities.
    Reply
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  • Universe宇宙
    ·2022-05-01
    Buffett scooped up 14% of oil giant Occidental Petroleum, worth more than $7 billion, in two weeks during March.$Occidental(OXY)$
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  • OddEyeCircle
    ·2022-05-01
    Ok
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  • OddEyeCircle
    ·2022-05-01
    Great ariticle, would you like to share it?
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  • Worpeng2002
    ·2022-05-01
    Pls like
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  • Blading23
    ·2022-05-01
    Read
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  • hiryan
    ·2022-05-01
    Ooog
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  • estherytwu
    ·2022-05-01
    Ok
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