Warren Buffett'sBerkshire Hathaway Inc. (NYSE:BRK) (NYSE:BRK) has significantly increased its stake inOccidental Petroleum Corp.(NYSE:OXY) through five purchases last week, seemingly diverging from the legendary investor's long-held investment principles regarding declining stocks.
What Happened: Regulatory filings show Berkshire acquired approximately 8.9 million shares of Occidental between Dec. 17 and Dec. 19, investing about $405 million at an average price of $46 per share. The purchases have increased Berkshire's ownership to 264.2 million shares, representing a 28% stake worth approximately $12 billion.
The move appears to contrast with Buffett's own investment philosophy, outlined in his 1988 letter to Berkshire shareholders.
Login or create a forever free account to read this news
Sign up/Log in
