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Berkshire Hathaway Inc. Message Board

  • ss613489 ss613489 Nov 14, 2013 10:11 PM Flag

    Don't expect Exxon to be a long-term holding

    Buffett has had a strange history with Exxon and based on that history I don't expect this to be a long-term holding and may be more of a temporary holding. Berkshire first bought Exxon in the mid 80s but the year after it appeared in the annual letter it was gone. Berkshire again bought it a few years ago in smaller amounts before disposing of it entirely. I think this might be some sort of a hedge against inflation or a placeholder that has some yield that will be disposed of when a replacement investment can be found. the company does have very good returns on capital but it cannot replace reserves at the rate that it is using them up so it is very unlikely to grow from here.

 
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