It's tough to teach an old dog new tricks and it doesn't look like Warren Buffett will be switching up his style anytime soon.
Buffett's Berkshire Hathaway (BRK.A) purchased nearly 5.8 million shares of oil company Occidental Petroleum (OXY) over the past few trading sessions, paying between $59.80 and $61.90 between last Friday and Tuesday, according to a regulatory filing.
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While the purchase was the first time since September the firm has raised its stake in the company, the $350 million investment brings Berkshire's totals stake in Occidental to over 200 million shares worth $12.2 billion. It brings Occidental into the top 10 of Berkshire's largest holdings.
OXY could use the bump.
In 2023, the stock has been down about 3% year to date after a strong 2022 run that peaked in November. But the stock was able to erase that deficit just in the morning trading session, jumping 3.5% after Berkshire's increased stake was revealed.
Buffett's Investment Strategy
Berkshire released its annual letter to shareholders last month, and the Oracle of Omaha offered sage advice to the investment advice.
Buffett says that Berkshire's "satisfactory" results over its 58 years are from an advantage that favors long-term investments.
The billionaire mentions the fact that it was 1994 when Berkshire completed its purchase of 400 million shares of Coca-Cola (KO). He says the total cost was $1.3 billion.
"The cash dividend we received from Coke in 1994 was $75 million," Buffett wrote. "By 2022, the dividend had increased to $704 million. Growth occurred every year, just as certain as birthdays."
