It is reported that Buffett's investment company, Berkshire Hathaway, increased its holdings of American oil refining company Phillips 66 for ten consecutive times on 26th, 27th and 28th, totaling nearly 3,654,388+0.8 million shares. As of August 28th, Berkshire Hathaway held nearly 58 million shares of Phillips 66, with a market value of $4.5 billion.
Since the beginning of this year, international oil prices have continued to slump. Although it has rebounded recently, some analysts said that due to the slowdown of global economic development, the global demand for crude oil has decreased, the peak of energy consumption in the United States is about to pass, the global crude oil supply will still be maintained, and the international oil price has not yet met the conditions of reversal and strength. At the dawn of the oil price, the stock god made another move. What's the mystery? Is it a consistent reverse injection style, or is it extremely optimistic about the long-term prospects of the refining industry? Let's look back at the situation of stock gods investing in oil stocks several times before, and maybe we can find some secrets of stock gods' "bargain hunting".
As we all know, Buffett's company bought 2.339 billion H shares of PetroChina in April 2003 at around HK$ 2, becoming the second largest shareholder of PetroChina. In 2002, the international crude oil price rose sharply, and the share price of PetroChina began to fluctuate accordingly, reaching a maximum of HK$ 20.25 in June 2007 1 65438+1October1day. At the end of April 2003, the Hang Seng Index had fallen to the bottom of 83,365,438+0. Subsequently, the Hang Seng Index rose in reverse, reaching an all-time high of 365,438+0,958 on October 30th, 2007. Even in the favorable situation of PetroChina's A-share listing, the stock god began to sell PetroChina in July, and announced all the selling in the middle of 10, with a profit of $3.55 billion.
Since 2065438+June 2004, the international oil price has been falling continuously, but the stock god has a strong preference for oil assets. 20 14 12, Buffett's company announced that it would acquire Charter Broker from private equity fund Arsenal Capital Partners. According to the data, the charter broker is a third-party logistics provider serving the petrochemical industry, mainly serving the petroleum and related industries in North America.
But when the stock god also made mistakes, his overall investment in energy companies was mixed. In 2008, when the oil price was at a high level, Buffett bought a lot of ConocoPhillips shares. However, the financial crisis in 2008 led to a sharp drop in energy prices, and the price of crude oil fell below $80/barrel. This transaction, which he once thought was a sure bet, failed to meet expectations.
In addition, Buffett's company had a heavy position in ExxonMobil, the largest listed oil company in the United States. The last time was 20 13 12, and Warren spent $3.45 billion to buy 4,065,438+ten thousand shares of ExxonMobil. In the case of low oil prices, Buffett cleared Mobil in February 20 15, and this transaction did not give him any sweetness.
Judging from Buffett's investment in oil stocks, most stock gods still tend to sell at low oil prices, and this time may be no exception. In the case of pessimistic market expectations, there are also some signals that are beneficial to the strength of oil prices. If the economic growth data of the United States in the second quarter is better than expected, the probability of the Fed raising interest rates will increase, the inflation rate may rise, and the motivation for oil prices to continue to rise will increase. With the rebound of oil prices, oil stocks are expected to be favored by investors.
I hope this investment can bring back Buffett's investment performance in energy stocks.