But this week, there’s been some relief as the West taps more of its emergency reserves.
Greg Abel, the Berkshire vice chairman who oversees Berkshire Energy and the company’s other non-financial businesses, was tapped last year to eventually succeed Buffett - now 91- as Berkshire CEO. Shares of Occidental jumped 96% in the first quarter, while Chevronīerkshire also has a huge energy subsidiary that owns leading electric utilities such as PacifiCorp and MidAmerican, oil and natural gas pipelines and several renewable power companies. In addition to its stake of nearly 15% in Occidental Petroleum, Berkshire owns a chunk of Chevron Shares of energy companies have skyrocketed this year as the price of oil, gas and coal has spiked.
One big reason is Buffett’s ongoing commitment to the energy sector, even as other high-profile investors try to give their portfolios a green makeover. Where was the Oracle of Omaha, and what was he waiting for? But Berkshire Hathaway’s shares still rose almost 30%, while the S&P 500 climbed 27%. How Buffett measures up: Buffett’s conservatism generated a lot of chatter last year. Last year, low borrowing costs helped push mergers and acquisitions to an all-time high.īut now, with the war in Ukraine and concerns about how fast the Federal Reserve will pull back support for the economy weighing on stocks and dealmaking, he appears to be more inclined to spend big. That put him on the outside of a dealmaking frenzy during the economic recovery from the coronavirus. “We find little that excites us,” he wrote in a letter to shareholders in February. Step back: Buffett, known for his love of a bargain, has complained that he wasn’t spotting good investment opportunities for Berkshire Hathaway. (OXY) and announced an agreement to buy Alleghany Corporation, an insurer, for $11.6 billion.
In March, Berkshire increased its stake in Occidental Petroleum It’s the latest in a string of large purchases Buffett has made in the past month. (HPQ) shares are up 14% in premarket trading on Thursday. What’s happening: Buffett’s Berkshire Hathaway just disclosed that it bought almost 121 million shares of HP worth about $4.2 billion, giving Buffett a stake of more than 11% in the technology company.
Now, with many other investors in selling mode, he’s going shopping. But with stocks at record highs, he struggled to find deals that caught his eye. For years, billionaire investor Warren Buffett has been sitting on a mountain of cash.
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