At the age of 94, Warren Buffett is now worth more than $143 billion.
So, when he buys what he considers to be a bargain, you may want to jump in too. Here’s where the billionaire has been investing most recently.
Occidental Petroleum (SYM: OXY)
As expected with the latest pullback in oil names, like Occidental Petroleum, Buffett just bought another 8.9 million shares for about $409 million. He now owns 28.2% and still has no plan to buy the company or take a majority stake.
At this rate, it would be easy to assume that Buffett wants to buy the whole company. However, according to Buffett, that’s not the case.
“Though we very much like our ownership, as well as the option, Berkshire has no interest in purchasing or managing Occidental. We particularly like its vast oil and gas holdings in the United States, as well as its leadership in carbon-capture initiatives, though the economic feasibility of this technique has yet to be proven. Both of these activities are very much in our country’s interest,” he wrote in a 2023 shareholder letter.
Buffett also believes OXY is being run the “right way,” he mentioned to CNBC. “I read every word [of its earnings call], and said this is exactly what I would be doing.”
Sirius XM (SYM: SIRI)
Buffett also added to his SIRI stake.
Just days ago, he bought another 8.9 million shares between $45.55 and $46.92 a share. He now owns 264.2 million shares of SIRI with 84,897 shares of preferred stock.
Buying weakness in SIRI does look appealing, especially with the company expecting for free cash flow to grow to $1.8 billion with 50 million subscribers, which is up from 39 million.
Verisign (SYM: VRSN)
Buffett also bought 234,312 shares of VRSN at an average price of $193.77 for about $45 million. The stock also saw upside after analysts at Baird upgraded it to an outperform rating with a $250 price target.
“With regulatory concerns now behind, the focus shifts to domain growth, where data is beginning to show improvement,” analyst Rob Oliver said, as quoted by Seeking Alpha. “We believe the prospects of better macro, potential for channel marketing plans, and the removal of price concerns support a higher risk-adjusted multiple.”
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Despite recent rallies, big banks such as JP Morgan, Goldman Sachs, GMO, and Apollo Global Manage are warning that stocks could now be dead money – for the next 10 years. At the same time, well-connected billionaires like Warren Buffett have been selling off US stocks at an alarming rate. Today, one of America’s most trusted market experts is stepping forward to explain what’s really going on behind the scenes of this bull market – and why, even if you’re sitting on large gains right now, you could soon face losses of 50% or more if you do nothing.
