A $3.5 billion vote of confidence in ExxonMobil
Warren Buffett makes a huge investment in the energy giant.
Berkshire is helmed by Warren Buffett, the renowned value investor. Given the size of this purchase, it's likely Buffett himself directed this investment. Berkshire also reduced its position in oil producer ConocoPhillips during the quarter.
Motley Fool analyst Simon Erickson believes this move speaks volumes for both Berkshire and ExxonMobil. It's another example of Buffett's focus on the long term, and Simon expects Berkshire will likely add to this position over time. Given Exxon's steady returns and long-established dividend, Simon thinks it's a great candidate for any portfolio.
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Excitement is growing about the company's new iPhone, expected this fall.
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