Berkshire Hathaway (BRK.B-US) shareholders are excited by Warren Buffett, who is snapping up shares to buy an insurance company at a bargain price.
Buffett, who turns 92 in August, has been relatively inactive in the wake of the Covid-19 pandemic, but has significantly accelerated his investment since 2022, according to Barron’s.
Berkshire’s $11 billion acquisition of insurer Alleghany in March was attractively priced and net purchases of more than $40 billion in stock in the first quarter, including Chevron (CVX-US) of more than $15 billion in stock.
Berkshire’s 57th year at the helm, Buffett has expanded Berkshire’s bet on the energy industry this year, grabbing nearly $11 billion in Occidental Petroleum (OXY-US) stock, raising its stake to 18%, prompting speculation about whether Buffett intends to buy the entire Occidental oil company.
Berkshire shares edged up just 0.55% to $280.83 a share on Friday, but still outperformed over the past year S&P 500 index.
Buffett looked as sharp as ever at Berkshire’s annual shareholder meeting on April 30, even lashing out at all globalbitcoinCombined, it’s not worth his $25 purchase either. He also reiterated his criticism of independent directors, emphasizing that Berkshire directors must be financially savvy and very concerned about the company, and independent directors often come for a salary of $250,000 a year or more.
Buffett, who has no retirement plans so far, said in an interview earlier this year that “I will always work for Berkshire.”