Subject: Re: considering coat tailing OXY
Getting back to OXY, I think he's looking at it on the basis of free cashflow and share buybacks and is taking a massive bet on this as management are on board and will allocate capital in the most efficient manner. I saw an analysis of Chevron for example which showed they performed most of their buybacks over the last decade or so when the shares were at their most expensive.

He doesn't need to buy the whole company, if he has 40% and they buy back lots of share over the next decade his ownership will increased markedly.