Warren Buffett, of Berkshire Hathaway Inc held talks with senior government officials in Joe Biden on the banking crisis, according to Reuters.
The White House and the US Treasury declined to comment. Bloomberg News previously reported that Buffett had been in contact with government officials in recent days about the regional banking crisis.
The failures of Silicon Valley Bank and Signature Bank this month shook confidence in the banking system and prompted a sell-off in bank shares.
Buffett’s latest investment to weather the storm
Despite the current turmoil, American guru Warren Buffett is not backing down. He is taking the opportunity to buy shares in one of the companies that he likes the most.
Warren Buffett is the sixth richest man in the world and, although he is 92 years old, he is in top financial shape. He is not afraid of the current situation and believes that it is best to continue investing in the stock market.
One of his main motto is: “You have to be greedy when others exit the market.” He has fulfilled it in the last few days, and he has gone fishing on Wall Street. He has done it in one of his favorite companies: his financial conglomerate, Berkshire Hathaway, has bought more than 7.88 million shares of Occidental Petroleum, for a value close to US$467 million. Last Thursday, after his move, the company’s shares rose 1.8%.
Occidental Petroleum is a multinational dedicated to the search and exploitation of oil, its headquarters are in Westwood, Los Angeles. It has also had interests in other forms of energy such as coal and the production of other minerals such as phosphates.
In one of his last letters to his shareholders, the renowned investor recommends that you never bet against Wall Street, not even in the worst moments like the present. “Nothing can stop the United States. I was convinced of this in World War II, I was convinced of this during the Cuban missile crisis and also on 9/11 and during the financial crisis of 2008,” he said. “We are facing tougher problems and the American miracle , the American magic, has always prevailed and will do so again.”
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