Warren Buffett, one of the most successful investors in the world, maybe underestimated but will never be denied. He is considered the most intelligent investor of all time.
Recently the boomerangs have deemed the oracle of Omaha a relic of ages. They term him old and not skilled enough to handle trades in this corona-stricken investment landscape.
The boomerangs don’t know that Warren Buffett has seen more cycles than they do or any other traders they might know of.
Today, Warren Buffett is re-upping is an investment in oil and out to show us why.
The Intelligent Investor Pet Oil Stock is on the top
In January Occidental Petroleum, Warren Buffett’s big oil bet was almost $48 per share. This didn’t last a month, and there was an economic shutdown, and the price of the shares was crawling along at $10.
At this point, the world’s most intelligent investor lost a massive amount of money, and he continued to sit on the sidelines.
Analysts all over the world had a lot of questions in mind and started wondering if he had lost his touch. David Portnoy, a day trader, claimed that he was smarter than Warren Buffett.
In mid-April, Berkshire Hathaway an American multinational conglomerate holding company purchased 17 million shares of OXY, and analysts were left blasted.
Currently, Occidental Petroleum is the S&P 500’s top performer. It has increased up the ladder by 20% since Buffett’s purchase in April.
This is just the beginning. For companies like Occidental Petroleum to build sustained rally, oil prices and demand need to keep rising.
You should know that this is not the only win Buffett has recently made.
Buffett’s Major Moves
Rumors have it that Warren Buffett has repurchased $5 billion in shares of Berkshire Hathaway.
Companies have been buying back their shares at these unprecedented times. However, Warren Buffett has allegedly repurchased Berkshire Hathaway stocks at a steep discount.
Warren Buffett has indeed lost a lot of money than almost any other trader. It is prudent to note that Warren Buffett has underperformed in bull markets as the stock market continues to rise against all the odds.
I’m not saying I’m smarter than Warren Buffet…. but I probably am. pic.twitter.com/Fkocnwq6iy
— Dave Portnoy (@stoolpresidente) May 5, 2020
Even though it has been a rough year for the intelligent investor, but you have no reason to count him out yet. Warren Buffett might be back in a significant way if the market comes to its senses and reflect on the damages it has cost. Warren Buffett might grab the steep discount to get back to the system once again. Now you can enjoy Dave Portnoy’s World.
Disclaimer: The opinion expressed herein do not necessarily reflects the views of Africaotr.com. The information should not be considered an investment or trading advice from Africaotr.com whatsoever. The author is not an investment advisor and holds no position in the above mentioned securities.