The release of April's CPI in the United States led to a decline in the US stock market.
8.3%, exceeding expectations, $Nasdaq Composite Index (.IXIC.US)$ Dropped by 3%, $S&P 500 Index (.SPX.US)$ Even fell by 1.65%, $Apple (AAPL.US)$ Even plunged by 5%, losing its global leading position,But there is still a glimmer of hope in the "sea of green" from last night $Occidental Petroleum (OXY.US)$ and it continued to rise against the market trend.
Do you know that as of the closing on May 10, 2022,occidental petroleum has achieved a cumulative increase of exactly 100% since the beginning of this year。
While the Dow Jones index fell by 11.26% during the same period.
In other words, Buffett made a big profit from petroleum again. Just two days ago on May 3, Buffett's Berkshire Hathaway once again made a significant investment in Occidental Petroleum, spending $336 million, increasing its shareholding to 15.2%. This is the fourth time he has increased his shares this year.
Why did Buffett increase his shareholding in petroleum stocks four times in 2022?
And why did crude oil products go against the norm and skyrocket in 2022?
Why did Buffett buy petroleum?
At this year's Berkshire Hathaway annual shareholders meeting in 2022, when asked by investors about their views on the petroleum industry,
Munger stated...