Posted on 01/19/2016 7:53:14 AM PST by bananaman22
Warren Buffett has been consistently wrong on oil, but many experts are calling a bottom on oil prices now that the investor extraordinaire has upped his ante in Phillips 66, betting that he can’t be wrong three times in a row.
Buffett’s Berkshire Hathaway Inc. paid some $390 million for another 5.1 million shares of oil refiner Phillips 66 this month, boosting its investment to 65.68 million shares that today are worth around $5.21 billion. Phillips 66 shares closed up at $4.03 (5.4 percent) at $79.28 on the New York Stock Exchange on the deal.
Experts have been calling the bottom since the price of oil dropped to $80/barrel. Now, it’s below $30/barrel, and of course those calls continue, but when Buffett makes a contrarian move, these calls get more credence.
(Excerpt) Read more at oilprice.com ...
Buffet is one of the world’s greatest minds. Warren Buffett is a terrific guy and a very common-sense person. I mean, Warren is a very common-sense person. That’s how he makes the money: with common sense — smart, but common sense. If you take some of these great minds that we have in America, team them up with an ambitious politician, then nobody can beat them.
Who doesn’t pay his taxes while wanting to raise everybody else’s
It's working for coal, so why not oil?
Hell, this will work for just about any domestic industry.
What most people don't realize, is that most investors and shareholders want to cash out, not invest. And the name of the game is to bleed as much equity out of business as possible, and then dump it on some foreign buyer, preferably chinese seeing as they have US dollars to burn.
Really? Well then, anyone who would want him in his presidential administration is a profound hypocrite. He certainly isn’t a conservative. I wonder what we should think of such an one who would endorse a person like that. Thanks for clearing that up for me.
It is a whole lot easier to make money when you own politicians who do your bidding such as by blocking the Keystone Pipeline so you can keep tanker cars moving on the BNSF railroad which you own.
He’s a card carrying liberal.....could care less about his opinion. He likes to support rules on others after he has already exploited them...real prick!!!
You hit that slow pitch out of the park!!
On the off chance that you were not being sarcastic,
here’s how smart “Buy high, Sell low” Buffett is ... FTA
The first time he bought ConocoPhillips—parent of Phillips 66 before the two split in 2012—was from 2007 to 2009, when both its price and oil prices were at their peak.
He sold 44 percent of the stock around the lows of crude oil in 2009, and the rest over a period of time until 2013. What’s more, he has admitted his mistake in picking a very large stake at the wrong time. It ended up costing him millions.
Those were Trump’s words. http://www.businessinsider.com/donald-trump-warren-buffett-cainbet-carl-icahn-henry-kravis-jack-welch
He was right on!!!
I really, really wish I could find any clue that you’re being intentionally ironic. If you were not, my already cynical view of humanity just got much worse.
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