Warren Buffett’s Holiday Shopping Spree: Snatching Up Stocks at a Steal
As the holiday season approached, Warren Buffett, the legendary investor, seized the opportunity to go on a stock-buying spree. Berkshire Hathaway, his Omaha-based conglomerate, snapped up shares of Occidental Petroleum, Sirius XM, and VeriSign, taking advantage of a broad market pullback that made these stocks more affordable.
Occidental Petroleum: A Big Bet on Energy
Berkshire Hathaway purchased an additional 8.9 million shares of Occidental Petroleum, worth $405 million, pushing its stake above 28%. This significant investment makes Occidental Petroleum Berkshire’s sixth-biggest equity holding. Despite the energy company’s 24% losses this year, Buffett appears to have confidence in its potential.
Sirius XM: A Bet on Satellite Radio
Berkshire Hathaway also bought about 5 million shares of Sirius XM, worth around $113 million, increasing its stake to about 35%. This investment comes on the heels of billionaire John Malone’s Liberty Media completing its deal to combine its tracking stocks with the rest of the audio entertainment company. Despite Sirius XM’s struggles with subscriber losses and demographic shifts, Buffett seems to believe in its long-term potential.
VeriSign: A Tech Stock on the Rise
Berkshire Hathaway acquired about 234,000 shares of VeriSign, worth roughly $45 million. This tech stock has had a rough year, down 6% in 2024, but Buffett’s investment suggests he sees value in its future growth.
A Savvy Investor’s Strategy
Warren Buffett’s holiday shopping spree is a testament to his investment strategy: buying quality stocks at discounted prices. With a total investment of over $560 million, Berkshire Hathaway is poised to benefit from these companies’ potential growth. As the market continues to fluctuate, Buffett’s moves serve as a reminder to stay vigilant and seize opportunities when they arise.
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