Berkshire Doubles Down on Wal-Mart (BRK.A, WMT)
Berkshire Hathaway (NYSE:BRK.A) has got the fever for Wal-Mart Stores Inc. (NYSE:WMT) and the only cure was buying more shares. Berkshire Hathaway's regulatory filing shows it nearly doubled its stake in Wal-Mart to 37.8 million shares valued at $1.86 billion.
GOING LONG WAL-MART
Berkshire also boosted its stake in Wal-Mart, the world's largest retailer, 90 percent from three months earlier, to 37.8 million shares worth $1.86 billion from 19.9 million shares. Warren also have a love for Exxon, Berkshire now owns 1.28 million shares of Exxon Mobil, (NYSE:XOM) the world's largest oil company, valued at $87.6 million. Worlds largest oil and retailer company, its like going all in with two aces and hoping for a final ace on the river card (just don't spill the oil).
Warren Buffett, the world's second-richest person, does not publicly discuss what he is buying and selling, or ordinarily explain purchases and sales revealed in quarterly SEC filings.
Monday's SEC filing includes investments made by Berkshire subsidiaries, including a portfolio at the car insurer Geico Corp overseen by Lou Simpson. Buffett has said investors should not assume all the reported investment decisions are his.
A separate SEC filing revealed that Berkshire had begun amassing its Exxon stake by the second quarter. The SEC occasionally lets Buffett delay disclosing investment activity so investors cannot copy him while he is buying and selling.
Wal-Mart shares finished the day at $53.16 and Exxon closed at $74.43, go big oil and retail.