Warren Buffett’s Berkshire Hathaway has made significant investments during the recent market slump, taking advantage of bargain prices. The conglomerate’s latest moves include a $405 million investment in Occidental Petroleum (OXY), acquiring 8.9 million new shares and increasing its stake to over 28%. Despite Occidental’s 24% decline in 2024, Buffett believes in the company’s operational upgrades, such as higher margins and continued shareholder payouts.
Berkshire also purchased 5 million shares of Sirius XM (SIRI) for $113 million and added 234,000 VeriSign (VRSN) shares worth $45 million. The moves come after a period of market volatility, with Sirius XM down 62% this year and VeriSign underperforming the tech sector. However, Berkshire sees long-term potential in these sectors and is doubling down on them.
Buffett’s strategy is to identify value during market downturns, as demonstrated by his latest moves. By taking advantage of low prices and focusing on sectors with growth prospects, Berkshire is showcasing its expertise in navigating turbulent markets.
Source: https://finance.yahoo.com/news/buffetts-560m-buying-spree-stocks-153704508.html