FRI, SEP 30, 2022
Berkshire buying resumes after OXY shares fall
Berkshire Hathaway purchased another $352 worth of Occidental Petroleum shares this week after the stock fell back into the high $50s from a 52-week high of $77.13 in late August.
According to a filing with the SEC Wednesday evening, it paid an average of $58.89 for nearly six million shares on Monday, Tuesday, and Wednesday.
They are the first purchases since early August when Berkshire spent $391 million for 6.7 million shares, averaging $58.48 per share.
Because Berkshire owns more than 10% of Occidental's shares, it is required to disclose purchases or sales within two business days.
So it is possible Berkshire bought more stock yesterday or today, but we won't know if that happened until early next week.
OXY shares went into the low $60s after the filing, however, which may have discouraged more buying.
As of Wednesday, Berkshire owned 194.4 million OXY shares. They have a market value of $11.9 billion, based on today's closing price of $61.45, accounting for around 4% of its stock portfolio.
They are also 20.9% of OXY's outstanding shares.
Last month, Berkshire received regulatory approval to buy up to half of the oil giant.
David "Sandy" Gottesman (1926-2022)
David Gottesman, a longtime friend and business partner of Warren Buffett, has died at the age of 96.
In 1963, after a decade on Wall Street, Gottesman met Buffett and, as his New York Times obituary puts it, "The two hit it off over a Wall Street club lunch and a subsequent golf game, launching a close business and personal association that lasted for decades."
Most of Gottesman's estimated net worth of roughly $3 billion came from an early investment in Berkshire by First Manhattan, the investment firm he co-founded in 1964. He started serving on Berkshire's board of directors in 2004.
Buffett told the Times he fondly recalls many years of trips and long conversations with Gottesman. "Absent Sandy doing anything financially for me, we would have been the best of friends."
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BERKSHIRE'S TOP U.S. STOCK HOLDINGS - Sep 30, 2022
Berkshire's top holdings of disclosed publicly-traded U.S. stocks, and BYD, by market value, based on today's closing prices.
Holdings are as of June 30, 2022 as reported in Berkshire Hathaway’s 13F filing on August 15, 2022, except for:
Apple, Bank of America, Chevron, and U.S. Bancorp, which also include shares held as of June 30, 2022 as disclosed in New England Asset Management’s 13F filing on August 15, 2022
- BYD, which is as of September 1, 2022
Occidental Petroleum, which is as of September 28, 2022
The full list of holdings and current market values is available from CNBC.com's Berkshire Hathaway Portfolio Tracker.
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-- Alex Crippen, Editor, Warren Buffett Watch