Citing a filing with the U.S. Securities and Exchange Commission on Friday, the news agency said Berkshire purchased 57.98 million Phillips 66 shares worth $4.48 billion, which is equivalent to a 10.
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Warren Buffett will turn 85 on Sunday, but he’s shown no signs of slowing down or retiring from the Berkshire Hathaway conglomerate he built over five decades.
Buffett along with Ted Weschler and Todd Combs who are his deputy investment managers are known in the industry for making contrary and large bets on various stocks. “They seem to be taking the long view that demand for fuel is going to come back”, said Cliff Gallant, an analyst at Nomura Holdings Inc.
Warren Buffet’s Berkshire Hathaway (NYSE:BRKB) sees gold in oil, which remains near six-year lows and looks to stay under pressure as prospects for China’s economy weaken further.
Earlier this month, Berkshire did not disclose an investment in Phillips 66 at the end of the second quarter. This was the time when Buffett’s firm also stated that some data were omitted by it which was however reported with great confidentiality to the regulators.
Previously, Berkshire Hathaway held a large percent of Phillips 66 but reduced its hold by nearly two-thirds in February of past year, when it traded $1.35 billion of shares for a chemical business it then made apart of its Lubrizol unit. The company is a top shareholder in Coca-Cola, IBM and American Express Co.
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Alot of what’s happening in the markets recently is being driven by emotion, and in times like these, it’d be a mistake to bet against an investor with his level of market poise. As he spent more than $10 billion amassing a position in worldwide Business Machines Corp. He did the same while building a holding in Exxon Mobil in 2013.
