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The week's question
In December 2024, in the thread "Re: BRK: Why Not XOM?", BreckHutHigh asked the members: "What about the long road trips with kids?" This week it is put to everyone again. The button below opens the small thread re-asking it - read what others have said so far, then give your own answer as an ordinary reply.
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Stocks A to Z / Stocks B / Berkshire Hathaway (BRK.A)
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Author: BreckHutHigh   😊 😞
Number: of 21938 
Subject: Re: 13F : More Chevron
Date: 02/17/24 3:35 PM
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Changing the subject a bit.

Why did Mr. Buffett do an about face on Chevron? Selling down the Chevron position by a third earlier in 2023 only to reverse the trend and add to the position in Q4 2023.
fool.com - Buffett berkshire sells more chevron stock

Was the decision to sell and buy based purely on stock price, or was it Chevron's decision to buy Amerada Hess in late October?

Based on the numbers below, stock price doesn't look to have been a significant driver.

Q1-23 Average Price: $167/share
Q2-23 Average Price: $160/share
Q3-23 Average Price: $162/share
Q4-23 Average Price: $151/share

I previously referenced a lunch between Mr. Buffett and Mike Wirth in September 2023. Surely Wirth would not have been able to disclose a pending Hess deal that had not been announced publicly.

Any other theories or ideas on why Buffett might have changed his mind?

Are there other instances of Buffett doing similar things with other Berkshire stock ownership positions - building a significant position- then reducing it significantly (in this case by a third) - only to increase the position again?

I'm too lazy to do the research. Not sure I could find an answer if I did.

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This community has written 21,448 posts about Berkshire Hathaway. The article-length ones it recommended most:
BRK: Why Not XOM? · 62 recs · 2024
Second quarter comments · 60 recs · 2023
Berkshire's Profit Contributors · 57 recs · 2023
Summary of 2Q 2026 · 54 recs · 2026
3Q Summary · 53 recs · 2024
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