Although WB have received countless accolades for his investment accomplishments,
not so sure he deserved 100% bestowed on him.
WB bought COP years back at that time at COP's high, he held on while COP had a
long slide. That continuous slide gnawed at WB's side and finally he gave in and
sold a chunk at COP"s low and took a substantial loss.
WB, Time (lots of it) and luck made you look better than you actually are.
WB has explained clearly his investing principles and methods. His success using such principles has been demonstrated and evidenced by consistent above-average returns. The same applies to Benjamin Graham and his other disciples. Time is not the friend of luck - it's just the opposite.
I think Buffet made a mistake by selling COP. If he wanted more oil stocks he should of
kept COP and also bought XOM. Remember only GOD is right all the time and us mortals
due make wrong decisions at times as Buffet did this time. GO COP.
Write down where COP and XOM stand today and compare again one year from now. He still has 56% of what he had so he may be diversifying his oil stake, but for me no thank you. COP WILL outperform XOM over the next twelve months.
If he wanted to diversify, OXY would have fit the bill because like COP they are restructuring. Although they are not a refiner there is a lot they can do to raise shareholder value. XOM market cap is $412 billion. It takes a lot to move that. Both COP and OXY still have assets that are none core and both have targeted operational efficiency as a way of reducing CAPEX, while drilling the same number of wells. It is amazing how lax these companies can become when not pressed for performance. They also became asset accumulators having more leasehold than they could possibly drill in the forseeable future.