Warren Buffett’s Berkshire Hathaway has significantly increased its stake in Occidental Petroleum Corp., spending over $400 million on the oil-and-gas company’s shares. This move comes as the company’s stock price hit a nearly 3-year low, fueled by concerns that falling oil prices may lead to lower revenues.
Despite this trend, Buffett’s investment is a testament to his long-term approach and willingness to buy when others are fearful. The billionaire investor has stated that his strategy of being “greedy when others are fearful” continues to guide his investment decisions.
Source: https://www.marketwatch.com/story/warren-buffett-ignores-wall-street-buys-more-stock-in-this-oil-and-gas-company-683d9c0e