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Buffett Buys Oil, Sells Drywall

World's Richest Man Warren Buffett just reported the holdings of his Berkshire Hathaway investment company in an SEC filing and it shows the Oracle of Omaha is going long in oil.

BerkHath increased its stake in oil giant ConocoPhillips to 84 million shares, or 5.6 percent of company ownership. Conoco is the world's fifth-largest refiner and BerkHath is now the company's largest shareholder.

He also picked up a sizeable stake in Eaton Corp., a big manufacturer that makes hydraulic parts, power distribution systems and drivetrain systems, among other heavy metal products.

Buffet's company sold holdings in both Home Depot and Lowes, a move that suggests he believes in a prolonged housing downturn.

He also eased his positions in CarMax (another business that depends on consumer spending) and Bank of America, which has exposure to financial uncertainties.

Buffett is the lead director of The Washington Post Co.

Earlier today, billionaire hedge fun manager and Democratic activist George Soros reported that he significantly increased his holdings in (recession-proof?) Wal-Mart and trimmed his holdings in all airlines expect for JetBlue.

-- Frank Ahrens

The Ticker is Twittering!

By Frank Ahrens  |  November 14, 2008; 4:50 PM ET
Categories:  The Ticker  
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