No. of Recommendations: 3
Changing the subject a bit.
Why did Mr. Buffett do an about face on Chevron? Selling down the Chevron position by a third earlier in 2023 only to reverse the trend and add to the position in Q4 2023.
https://www.fool.com/investing/2023/11/26/buffett-...Was the decision to sell and buy based purely on stock price, or was it Chevron's decision to buy Amerada Hess in late October?
Based on the numbers below, stock price doesn't look to have been a significant driver.
Q1-23 Average Price: $167/share
Q2-23 Average Price: $160/share
Q3-23 Average Price: $162/share
Q4-23 Average Price: $151/share
I previously referenced a lunch between Mr. Buffett and Mike Wirth in September 2023. Surely Wirth would not have been able to disclose a pending Hess deal that had not been announced publicly.
Any other theories or ideas on why Buffett might have changed his mind?
Are there other instances of Buffett doing similar things with other Berkshire stock ownership positions - building a significant position- then reducing it significantly (in this case by a third) - only to increase the position again?
I'm too lazy to do the research. Not sure I could find an answer if I did.
