I was re-reading the 1977 annual letter and came across this excerpt by Warren which made me think of our OXY position:

“Our experience has been that pro rata portions of truly outstanding businesses, sometimes sell in the securities markets at very large discounts from the prices they would command in negotiated transactions involving entire companies. Consequently, bargains in business ownership, which simply are not available directly through corporate acquisition, can be obtained indirectly through stock ownership. When prices are appropriate, we are willing to take large positions in selected companies, not with any intention of taking control and not foreseeing sell-out or merger, but with the expectation that excellent business results by corporations will translate over the long run into correspondingly excellent market value and dividend results for owners, minority as well as majority.”—WEB

It will be quite fun to see us continue to nibble and watch how it all plays out. I lean towards thinking we will ultimately make a full offer as we did BNSF but hard to say.

Berkshire Hathaway FAQ

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