In an interview with Becky Quick on CNBC earlier this summer he said, "I made a mistake with ConocoPhillips," and it left the impression that he'd soon be reducing his stake, which he has now done, only to purchase more Phillip66.
Anyone seen any other interviews or have any insight as to why he sold his entire stake of Exxon and is reducing his position in COP?
Moral of this story.....be the lead dog and don't follow the others. You'll only smell rears. If you are any kind of good investor you can beat warren. Don't think so ? Why not buy his stock? Warren has often stated that small investors can beat him. After all, he was a small investor at one time., Stick with COP and you'll be fine.
COP best independent E&P at today's prices for safety of principal and total return bar none.
WEB makes mistakes. He was dissing PG at 60 and now its 70. Same with Irena at KFT. He is a grumpy old man who kisses up to gov't favors. He is making a killing by not having Obama put in the oil pipeline with his little railroad. See how that works? Obama really does have his back.
Copdriper nailed it. As as nat gas stays depressed PSX will do very well. So IMHO Buffet is just bearish on nat gas. I think he bought COP very high in the 80s.I am waiting for earnings from both COP and PSX and might add to my postions. IMHO COP is best hold in the oil patch right now nice divi to fall back on. only time will tell with PSX. Remember Buffet is only humam also and makes mistakes! Disclosure long KOG,COP,MRO,PSX.