Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B) CEO Warren Buffett has a knack for making money. Despite navigating his way through more than a half-dozen bear markets since taking the reins in 1965, the Oracle of Omaha has created more than $590 billion in shareholder value and overseen a better than 3,600,000% aggregate return for his company's Class A shares (BRK.A). Warren Buffett's success as an investor is the result of a long list of factors, including his love of dividend-paying stocks and time-tested businesses that can outperform in virtually any economic environment.
Occidental Petroleum is trading higher on news of Berkshire Hathaway buying more shares of the company.
The purchases were made over the past week and cost about $529 million, Berkshire said in a regulatory filing on Wednesday. Following the purchases, Berkshire now owns about 152.7 million Occidental shares worth about $8.52 billion based on Occidental stock's Wednesday close, which is down over 21% since it touched its year's high in May. However, Occidental's share prices are currently up over 90% this year, after more than doubling, as they benefited from Berkshire's purchases and rising oil prices following Russia's invasion of Ukraine.