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Buffett’s Berkshire Increases Stake in Chevron and Occidental

  • Berkshire sold its entire stake in DR Horton, Markel, StoneCo, and Globe Life.
  • It reduced holdings in Apple and Paramount while also slashing its stake in HP Inc.
  • It added to holdings in Chevron, Occidental, and Sirius XM.
Warren Buffett

In what was a rather uneventful quarter for Warren Buffett's Berkshire Hathaway, the massive hedge fund made only a few modest changes to its portfolio in Q4 2023, which as of Dec 31, 2023 was valued as $347.4 billion (at least the long book, short positions don't have to be disclosed).

Among the notable changes, Berkshire sold out of its entire stake in homebuilder DR Horton (valued at $641MM in Q3), Markel ($234MM), StoneCo ($114MM) and Globe Life ($90MM).

The fund also reduced its holdings in its top position Apple, by 10 million shares, cutting the total stake from 915.6MM to 905.6MM shares, although since the value of the underlying shares actually rose from $157 billion to $174 billion, the reduction was probably due to size limitations.

Berkshire also trimmed its holdings of Paramount Global by 30 million shares, or 32.4%, from 93.7 million to 63.3 million shares (which sent the stock down 6% after hours), and slashed its stake in HP Inc by 77.7% (or 80 million shares), from 102.5 million to 22.9 million shares.

Finally, while Berkshire did not reveal any new positions, it added to its holdings in energy giants Chevron - an increase of 14.4% to 126 million shares - and Occidental, which rose by 8.7% to 243.7 million shares. The fund also added 30.6 million shares to its existing small stake in Sirius XM, bringing it to a total of 40.2 million shares, or $220 million as of Dec 31.

The full Q4 breakdown is shown below.

Source: SEC 13F.

By Zerohedge.com


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  • George Doolittle on February 15 2024 said:
    Ratio of natural gas to oil should be 6 to 1 on an energy equivalent basis. Plus natural gas is far less expensive to transport in the USA than is oil product. Price differentials between a USA and the rest of the World are truly amazing at the moment as well with US natural gas prices to incredibly dirt cheap, widely available, very much in use now both as a domestic energy resource but now as a massive energy export product far less expensive by an order of magnitude than is true of any other energy resource in production currently. This continues to lead to truly awesome inventory builds of everything and anything upon the US economy and into a slowing US economy no less. In short don't really understand the wheeling and dealing in the oil patch in the USA at the moment with this as the context other than that the money is there and is thus being spent in said way. Definitely not a fan of Chevron anyways and much more of a fan of former Royal Dutch Shell now $shell energy I think. Long $kmi Kinder Morgan Energy strong buy. Insanely undervalued name especially with interest rates still holding up high quite well thus generating huge internal free cash flows for a on the face of it anyways a far more stable business than is the oil business not that the oil business doesn't continue to execute...just requires insanely high prices to do that something that could very much change at the proverbial "drop of a hat" as interest rates stay high. Coal prices are now more dirt cheap in the USA and economic than at any time since the 1980s as well as has started to become reflected in the equity price of Southern Companies...but of course new nuclear power continues to come on line in the USA as does a massive amount wind power energy. Tech names might start finding a way to drop their electrical bills big time here as well just by moving away from energy hog nVidia into Intel systems by way of example. Plus Apple and now Facebook are starting to build their own proprietary processing semiconductor units Apple having been doing this for some time now. That has as of yet begun to show up as a growth driver for the Apple computer segment which has absolutely massive profit margins despite still very low sales volumes. Plus Apple has a retail presence that could expand *BIG TIME* here if need be given how much brick and mortar is now basically free to be bought in the USA suddenly...so can't say I understand at all what Berkshire Hathaway is doing here. Long $ibm International Business Machines strong buy.

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