The world's 4th richest man just took a stake in the world's largest publicly traded company. Should you buy along with Buffett?
Warren Buffett is dumping nearly half his shares of one oil giant and is taking a huge bet on another.
New regulatory filings released Thursday show that Buffett's Berkshire Hathaway bought 40.1 million shares – about $3.5 billion worth – of Exxon Mobil. At the same time, he sold 44% of his stake in ConocoPhillips. Still, his remaining 10.6 million shares are worth over $770 million.
Buffett's purchases occurred in the second quarter of the year. However, the US Securities and Exchange Commission gave him special permission to defer his filings.
(CNBC tool: Berkshire Hathaway Portfolio Tracker)
Interestingly enough, since the start of the second half of the year, ConocoPhillips's 20% returns have far outpaced Exxon Mobil's 4%. Exxon Mobil remains the world's largest publicly traded company with a market cap of nearly $413 billion, dwarfing ConocoPhillipsRead More »from Buffett bought $3.5 billion worth of this stock