Buffett Pulls $3.7B from Exxon, Seeks ‘Smaller, More Nimble Producers’
Warren Buffett’s Berkshire Hathaway dropped its investments in ExxonMobil and ConocoPhillips at the end of last year, Bloomberg Business reports, while buying stock in “smaller, more nimble producers that will deliver higher returns during a market recovery.”
The departure from Exxon “marks the end of a $3.7-billion investment in 2013 that at the time was Buffett’s biggest single bet since he bought into International Business Machines Corp. two years earlier,” and is expected to grab the attention of other investors.
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“When Buffett does something, it gets people’s attention, definitely,” Calgary-based analyst Manuj Nikhanj told Bloomberg. “He’s the best investor in the world, but with oil and gas it’s just tougher.” (h/t to InsideClimate News)