Warren Buffett increases his stake in Occidental Petroleum. Berkshire Hathaway has bought another $500 million in shares of Occidental Petroleum, according to a regulatory report. This purchase brings Buffett’s total investment to nearly $8.5 billion, or ~16% of the energy company. Buffett began buying Occidental Petroleum shares earlier this year and Berkshire now owns 152.7 million shares.
The Oracle of Omaha appears to be taking advantage of recent weakness in the oil price and energy stocks to add to Berkshire’s holdings. Despite the market’s current condition, Buffett is apparently convinced that value will emerge when he has more cash on hand.
TFC POV: We are skeptical that the recession will happen anytime soon as Mr. Buffett still has some confidence in the market. Gradual growth for the coming quarter is very likely.