Warren Buffett has been making a bold bet on oil prices over the past year. While oil prices have cooled off on fears that we're about to enter a global recession, that slump has reversed recently thanks to OPEC.
(Reuters) -In a February meeting with mining executives, President Joe Biden laid out an aggressive goal for the United States to produce more of its own minerals for the electric vehicle revolution in ways that respected the environment. A "big part" of those efforts, the president said, was a plan by Warren Buffett's Berkshire Hathaway Inc to filter lithium from superhot geothermal brines swirling beneath California's Salton Sea, something that had never been done before. The project aimed to help usher in a new way of producing lithium – a key constituent of EV batteries – in the United States while avoiding the controversies that come with building mines that are often unpopular with local communities.
When Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B) CEO Warren Buffett buys or sells a stock, everyone from Wall Street professionals to everyday investors pays close attention. While there are a number of reasons for Buffett's nearly six-decade outperformance of the major stock indexes, such as his love of cyclical businesses and dividend stocks, it's his opportunistic long-term approach to investing that might be his greatest not-so-secret weapon. With the understanding that every stock market correction and bear market decline throughout history has been a buying opportunity, Buffett uses big pullbacks in the broader market as an excuse to go shopping.