Warren Buffett: Berkshire quickly bought big stake in Occidental Petroleum in a ‘casino’ market

Berkshire Hathaway was able to quickly buy a large stake in Occidental Petroleum Corp. during the first quarter as the market has been “a casino” to an “extraordinary degree” over the past couple years, said Berkshire chief executive officer Warren Buffett at the conglomerate’s annual meeting in Omaha on Saturday. He said Berkshire bought a 14% stake in about two weeks. “I find that just incredible,” said Buffett. “You wouldn’t be able to do that with Berkshire.” Buffett said that “overwhelmingly,” large U.S. companies have become “poker chips,” with people buying and selling call options as opposed to making investments. He said the “gambling” nature of the stock market enabled Berkshire to quickly buy 14% of “a business that’s been around for decades,” Buffett said.

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