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Where Warren Buffett finds value as oil sinks

Alex Crippen
Where Warren Buffett finds value as oil sinks

Warren Buffett is finding something to buy amid the oil market wreckage.

In the days before crude fell below $30 for the first time in 12 years, Buffett's Berkshire Hathaway (BRK-A) was picking some shares of oil giant Phillips 66 (PSX) as that stock hit three-month lows.

In three days of purchases just revealed in an SEC filing, Berkshire bought almost 2.5 million shares of the company at an average price of $77.22.

That's just around $190 million worth, a small percentage of Berkshire's total stake that's now worth almost $5 billion, but it does indicate that Buffett is finding some value as prices drop.

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The most recent, and largest, purchases were made last Thursday when the stock went as low as $75.95.

Since then the stock has continued to edge lower, hitting $74.37 on Monday. The shares ended Tuesday at $77.82, up more than 2.1 percent.

As there can be a lag of several days between purchases and SEC filings, we may find out soon that Berkshire continued to buy.



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