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Billionaire Warren Buffett's company keeps buying shares of Occidental Petroleum, and Berkshire Hathaway now controls more than 25 per cent of the oil producer. A new filing with the Securities and Exchange Commission shows that Berkshire bought another 2.1 million Occidental shares this week worth about USD 123 million. The latest purchases give Berkshire more than 224 million shares worth nearly USD 13 billion that have all been purchased over the past year and a half. And Buffett may not be done buying because the price of Occidental stock is still right around where he bought shares at this week even after a modest 43-cent bump Thursday morning to trade at USD 57.89. Buffett has been consistently buying the stock when it dips below USD 60. Crude prices are down 13 per cent this year and shares of Occidental are down 8 per cent. Often, other investors rush into a stock after Berkshire discloses a purchase because of Buffett's remarkably successful track record over the decades.
Billionaire investor Warren Buffett donated more than USD750 million in Berkshire Hathaway stock to the four foundations run by his family, but unlike his annual gifts to charity each summer, the recipients didn't include the Bill & Melinda Gates Foundation. Buffett has been making annual donations to the same five charities every year since 2006 when he unveiled a plan to give away his fortune over time, with the Gates Foundation receiving the biggest donations. Wednesday's donations mark the first time the 92-year-old has made a second major gift within the same year. A filing with the Securities and Exchange Commission showed Buffett gave 1.5 million Class B shares in the Omaha, Nebraska-based conglomerate he leads to the Susan Thompson Buffett Foundation, named for his first wife. He also gave 300,000 Class B shares apiece to the three foundations run by his children: the Sherwood Foundation, the Howard G. Buffett Foundation and the NoVo Foundation. In June, he gave 11 million
Warren Buffett's company again reported a loss this time only USD 2.7 billion because of a drop in the paper value of its investment portfolio in the third quarter, but most of its operating businesses performed well with the notable exception of Geico. Berkshire Hathaway reported a quarterly loss on Saturday of USD 2.7 billion, or USD 1,832 per Class A share. That's down from a USD 10.3 billion profit, or USD 6,882 per Class A share, a year ago when the stock market was soaring. In the second quarter of this year, Berkshire reported a USD44 billion loss. Buffett has long said he believes Berkshire's operating earnings are a better measure of the company's performance because they exclude investment gains and losses, which can vary widely quarter to quarter. By that measure, Berkshire's operating earnings jumped 20per cent to USD 7.76 billion, or USD 5,293.83 per Class A share. That's up from USD6.47 billion, or USD 4,330.60 per Class A share. The four analysts surveyed by FactS