🤑Greedy When Others are Fearful 🤑
Everyone knows yesterday was a brutal day in the market. We don’t want to talk about it and I’m sure you don’t want to hear about it. Obviously, there are a lot of people selling stock, but let’s discuss someone who is buying A LOT.
At the end of every quarter, investors with over $100M in assets must file a 13F, which contains all of their current investments. Lucky for us, this means we get to see what Warren Buffett has bought and sold in Berkshire Hathaway’s $364B investment portfolio! The Oracle of Omaha was a net buyer of $41.5B in stocks – that means he grew the portfolio by that amount, net of any stock sales. This is the most Berkshire has purchased since the Great Financial Crisis. Talk about being greedy when others are fearful! Let’s look at one of these moves.
If ain’t broke, don’t fix it. Berkshire has been bullish on oil stocks for more than a year and with oil now north of $100 a barrel, these stocks have seen a spike in their net income. This quarter Berkshire deployed an additional 7% of its portfolio into Chevron $CVX and Occidental Petroleum $OXY. These positions are now the fourth and sixth largest positions in the entire portfolio.
Buffett made a few more big moves, including one you might find a little surprising!
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