(Source = Reuters Union)

Buffett’s investment in Chevron and Occidental Petroleum

(Source = Reuters Union)

Warren Buffett, CEO of Berkshire Hathaway, a major US investment firm, made an aggressive investment by net buying about $41 billion (about 51 trillion won) in the first quarter of this year. As he once said, “buy stocks when everyone is panicking,” he returned to net buys after six quarters.

In Buffett’s investment, Chevron Corp, an American oil refinery, is receiving the most attention. Chevron shares purchased by Berkshire Hathaway surged from $4.5 billion in the fourth quarter of last year to $25.9 billion in the first quarter of this year. This brings Chevron to the fourth largest portion of Buffett’s stock portfolio, behind Apple, Bank of America and American Express. Due to the recent surge in oil prices, Chevron shares have risen more than 33% this year.

Buffett also invested an additional $7 billion in OXY, a company that develops energy such as natural gas and oil, in early March. Berkshire’s stake in Occidental has increased to 14%.

On the other hand, he pointed out that the stock market has been reduced to gambling houses (casinos) and large American companies have become chips on the stock market poker board. Buffett especially criticized Wall Street financial institutions for encouraging people to buy and sell 20 times a day, claiming that they “gamble” rather than “invest”.

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