Warren Buffett Once Called Berkshire The 'Opposite of Those Who Hurry To Sell' — Now He's Offloading Apple And Snapping Up Occidental Petroleum Amid A 20% Drop

Benzinga · Dec 24 16:58

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.

The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.

Warren Buffett Once Called Berkshire The 'Opposite of Those Who Hurry To Sell' — Now He's Offloading Apple And Snapping Up Occidental Petroleum Amid A 20% Drop

Risk Disclaimer