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Billionaire investor Warren Buffett continues to see opportunities in the stock market despite a selloff in recent months, recently snapping up more shares of energy company Occidental Petroleum, as some of his biggest holdings continue to outperform despite surging volatility this year.
Some of the billionaire investor’s big bets in energy and consumer-related stocks have been paying … [+]
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The “Oracle of Omaha” has been aggressively buying up shares of energy company Occidental Petroleum this month, purchasing an additional 18 million shares for nearly $1 billion in the first three days of this week, according to recent filings.
Buffett now has 136 million shares and owns nearly 15% of Occidental, which has seen its stock surge more than 80% so far this year as energy prices spike from the ongoing Russia-Ukraine conflict.
Shares of Buffett’s investing conglomerate, Berkshire Hathaway, are up 13% in 2022 and sit near record highs, first passing the $500,000 per share mark on Wednesday and valuing the company at more than $750 billion.
While Occidental has outperformed this year in tandem with the surge in oil prices, Buffett’s other top holdings have had mixed results amid the selloff that has taken place.
Buffett’s biggest holding—with a stake worth $144 billion at the end of 2021 and accounting for over 40% of his portfolio—is tech giant Apple, but shares of the iPhone maker are down roughly 10% this year amid the wider selloff in tech stocks .
While Buffett’s biggest financial stock, Bank of America, is down roughly 3% this year, some of his large bets in consumer-related companies, such as American Express (shares are up 10%) and Kraft-Heinz (up 5%), have been paying off and outperforming the rest of the market.