The Story Behind Buffett’s Love Of OccidentalRupert Hargreaves
In the middle of August the Federal Energy Regulatory Commission (FERC) gave Berkshire Hathaway Inc permission to buy up to 50% of oil company Occidental Petroleum Corp common stock.
Berkshire, which is controlled by the Oracle of Omaha Warren Buffett, has been aggressively buying shares in the oil group for the past year.
The size of the stake, just under $10 billion at the end of the second quarter according to regulatory filings, implies that Buffett himself is behind the deals (he’s said that anything below $1 billion in value in the portfolio is managed by his portfolio managers . . .
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