Buffett voiced admiration for Sanders choosing to run a non-critical campaign and instead focus on disseminating his platform to prospective voters, in addition to strongly criticizing the Supreme Court’s ruling on corporate and union political campaign donations. At the end of June, Berkshire held 79.57m shares of IBM stock. I’m not suggesting this is enough reason to go out and buy the shares: Anyone who buys individual stocks is well advised to do their own due diligence before making any investment.
Advertisement
“We’re still on that path we’ve been on for six years”, the chairman and CEO of Berkshire Hathaway said.
Buffett said he bases his investments on a company’s prospects over the next five or 10 years, and he encouraged investors to take a long-term view.
The comments echo similar ones Buffett made during his holding company Berkshire Hathaway’s annual meeting on May 2.
Refiners have far outperformed other energy companies this year, rising 15 percent as the energy sector broadly has fallen about 20 percent, according to data compiled by Bloomberg. The second quarter witnessed no changes in this position, worth nearly $13 billion.
Mr Buffett said he doesn’t look at it as an oil investment.
Warren Buffett likes down days “because we buy ’em cheaper”. “We’re certainly not buying it as an integrated oil company”, Buffett said.
Buffett said that there are dozens of countries in which his sprawling Berkshire Hathaway conglomerate would be interested in buying new businesses.
In late 2013, Berkshire agreed to trade about $1.4 billion of its Phillips 66 stock for one of the refiner’s businesses that makes additives to help crude oil flow through pipelines.
Buffett’s support is interesting considering the investor has said he’s not a “card-carrying Democrat”.
Advertisement
While market economies do produce some inequality, Buffett said, he lamented that so many Americans now find themselves struggling in the world’s biggest economy. But he cautioned that the Fed shouldn’t be aggressive because significantly higher rates would likely hurt US exports.
