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Berkshire Hathaway’s Occidental Petroleum Bet Tests Buffett’s Conviction
Berkshire Hathaway’s Occidental Petroleum Bet Tests Buffett’s Conviction
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Warren Buffett’s late-stage investment in Occidental Petroleum has turned sour as U.S. oil prices dip below $60 per barrel. The energy giant’s shares have collapsed to a three-year low of $39—well below Berkshire’s average entry price above $50—erasing $6.4 billion in paper gains since last year’s peak.
All eyes now turn to Greg Abel, Buffett’s designated successor. While Berkshire rarely makes rash moves, the staggering unrealized loss raises existential questions about the conglomerate’s willingness to ride out prolonged downturns. The situation mirrors crypto’s volatility, where even blue-chip assets like BTC and ETH routinely weather 50% drawdowns before recovering.
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