Subject: Re: Back of the envelope
Grove 3) I do include the Oxy preferred and warrants. This is about $10 BB. Do you have these somewhere or am I doing a double count?

I think it is double counting. See Note 5 on p.11 in the Q3 report:

Note 5. Investments in equity securities In 2019, we invested $10 billion in non-voting Cumulative Perpetual Preferred Stock of Occidental Petroleum Corporation (“Occidental”) and in Occidental common stock warrants. During 2022, we began acquiring common stock of Occidental. Our aggregate voting interest in Occidental common stock exceeded 20% on August 4, 2022, and we adopted the equity method as of that date. See Note 6. Our investments in the Occidental preferred stock and Occidental common stock warrants are recorded at fair value within commercial, industrial and other in the preceding tables. Such investments are not in-substance common stock under GAAP and are not eligible for the equity method.

The 'preceding tables' is on the previous page, a table that summarizes investments in equity securities in 3 lines,

                             Cost basis     Net Unrealized Gains Fair Value December 31, 2023*
Banks, insurance and finance      $ 27,136       $ 51,176              $ 78,312
Consumer products                 $ 34,248       $166,895              $201,143
Commercial, industrial and other  $ 48,032       $ 26,355              $ 74,387
Total                             $109,416       $244,426              $353,842

So it certainly seems like the ~$10b in OXY preferreds and warrants are already counted in that $74,387m of industrial equity investments, i.e. as part of grove 2.


DTB