Buffett Dumping Exxon Points Investors to Review Oil Bets
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Warren Buffett’s decision to dump his stake in Exxon Mobil Corp. after oil prices plunged is pointing investors toward smaller, more nimble producers that will deliver higher returns during a market recovery.
Buffett’s Berkshire Hathaway Inc. sold its entire position in Exxon during the final three months of last year, according to a regulatory filing on Tuesday. The exit marks the end of a $3.7 billion investment in 2013 that at the time was Buffett’s biggest single bet since he bought into International Business Machines Corp. two years earlier.