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Warren Buffett is betting big on oil.
His company Berkshire Hathaway has been snapping up shares of Occidental Petroleum for the past 9 days – now owning almost 29% of the company.
Let’s discuss if this stock is the right investment for you…
Or if you’d be better off with my #1 trade for 2024.
Go here to see how it could make you a 1,355% return.
Founded in 1920…
Occidental Petroleum (NYSE: OXY) was later headed by Armand Hammer.
The company expanded operations around the world, from Venezuela to the North Sea,
Its current CEO is Vicki Hollub.
She took over in 2016 – becoming the first woman to lead a major American oil company.
Her early years were marked by a collapse in crude prices…
And she was forced to cut costs and exit from noncore regions in the Middle East and North Africa.
Buffett said that Hollub is “running the company the right way.”
Berkshire Hathaway’s (NYSE: BRK-B) relationship with Occidental began in 2019, when it committed $10 billion to the firm’s cash-and-stock bid for rival petroleum company Anadarko, and received the right to buy Occidental shares.
Three years later…
Berkshire Hathaway won regulatory approval to buy up to 50% of the company.
Back then, experts thought an acquisition was likely.
But Buffett said at Berkshire’s May 2023 shareholder meeting that they wouldn’t take control.
While Berkshire hasn’t taken over the oil giant, it has bought around 7.3 million shares.
The stock price went from under $60 on June 5, the first of Berkshire’s nine purchase days, to about $62 at the time of publication.
Now, what Buffett invests in is always worth paying attention to.
But let me show you something that could give you much bigger gains.
Take a look at this chart…
It shows that big tech has been outspending big oil since 2020.
Right now, the spread between big tech spending and big oil spending is around $100 billion.
That’s right…
TWO TIMES more money is being invested in Artificial Intelligence than is being spent developing new sources of oil and natural gas.
That’s why smart investors must…
“Follow the money.”
The huge investment in AI requires huge amounts of electricity.
That’s why I’m incredibly bullish on Hyper Power 2.0 stocks.
This has quickly become my…
#1 Trade for 2024: The Secret Backdoor to AI Profits
To discover how it could help you turn $5k into $67,750…
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Yours in Wealth,
Ian Wyatt