Berkshire Adds $3.7 Billion Exxon Stake, Biggest Since IBM

Bloomberg November 14, 2013 0

Berkshire Hathaway Inc.

Berkshire CEO Warren Buffett

Berkshire Hathaway Inc. (BRK/A) reported a
stake in Exxon Mobil Corp. (XOM) valued at about $3.7 billion as
Warren Buffett’s company disclosed its largest new holding since
adding International Business Machines Corp. in 2011.

Buffett’s company owned 40.1 million shares of Exxon on
Sept. 30, Omaha, Nebraska-based Berkshire said today in a
regulatory filing. The world’s biggest oil company by market
value closed at $93.22 in New York trading today. The Irving,
Texas-based company advanced to $93.83 in extended trading at
4:33 p.m. in New York, after the filing.

Berkshire has benefited this year as its stock picks
rallied along with the broader market, affirming Buffett’s
strategy of favoring equities instead of bonds amid near record-low interest rates. The stock portfolio was valued at $106.8
billion as of Sept. 30.

Buffett’s track record of compounding shareholders’ money
earned him a following among investors. Quarterly filings
listing Berkshire’s U.S. stock holdings are studied by mutual
funds and individuals looking for clues about his strategy.

Two years ago, Buffett disclosed he had spent more than $10
billion accumulating shares of IBM. Buffett calls Berkshire’s
investments in Coca-Cola Co., Wells Fargo & Co., American
Express Co. and IBM his “big four.” Each was valued at more
than $10 billion at the end of September.

To contact the reporter on this story:
Noah Buhayar in New York at
nbuhayar@bloomberg.net

To contact the editor responsible for this story:
Dan Kraut at
dkraut2@bloomberg.net

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