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Warren Buffett has losses as well as wins on his stock picking record.
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Billionaire investor Warren Buffett has revealed he has increased his stake in
western oil
at 18.7%. It is an investment worth around $11 billion in the oil exploration company after crude prices soared this year.
Buffett’s legendary status as a stock pick is well deserved, but his record shows big losses as well as wins. Here’s what happened when he bet on other companies.
Chevron
In a move similar to the bet on Occidental (ticker: OXY), ‘the Oracle of Omaha’ has increased its stake in the oil major
Chevron
(CVX) in the first quarter, increasing its holdings to around $26 billion at the end of March, from less than $5 billion at the end of 2021. The shares rose through May and remain 22% higher than at the start of the year, but they have fallen by 15% in the last three months.
resume
Buffett increased his stake in
resume
(
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Q) to 11% earlier this year. The maker of computers and other tech hardware has since proven it’s not immune to the 2022 tech selloff. Shares closed at $31.78 yesterday, down from $40 in April. . They are down 15% this year, compared to a 25% drop for the Nasdaq.
Town
Shares in
Citigroup
(C), the fourth-largest U.S. bank, caused a stir in mid-May when it was revealed that Buffett had increased his stake to around $3 billion by the end of March. It was short-lived and the stock has fallen further ever since. It now trades around $47, down from a peak of $80 in May 2021 and is down 22% on the year.
Bank of America
Buffett stepped in to shore up
Bank of America
(BAC) in 2011 following the financial crisis and increased its participation last year. This bet paid off until early 2022, when they reached their post-pandemic peak of around $49. The stock is down 28% this year and closed at $31.86 yesterday.
Coke
Buffett held shares of
Coca-Cola Co.
(KO) for decades and owns nearly 10% of the company. His long-term returns have been huge on this bet, and it’s still a decent game this year. The shares are down less than 7%, compared to a 17% drop in the S&P 500.
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