Busy Week Begins – PMI, ISM, FOMC, NFP and Earnings
That’s what Warren Buffett said about the markets at this weekend’s annual convention for his company. That did not stop Buffett from making $40Bn worth of bets this quarter – using about 1/4 of Berkshire’s cash pile – mainly to by Occidental Petroleum (OXY) and Chevron (CVX). As we did, Buffett took advantage of the extreme volatililty to pick up some undervalued equities but he and I disagreed on CVX, as we took a short position – albeit after his long posltion caused the stock to make what we felt were undeserved new highs. We took the following position in our Short-Term Portfolio (STP):
CVX Long Put | 2023 20-JAN 200.00 PUT [CVX @ $156.67 $-5.12] | 15 | 3/25/2022 | (263) | $60,375 | $40.25 | $9.40 | $40.25 | $49.65 | - |
Provided courtesy of Phil’s Stock World.
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Source: https://www.philstockworld.com/2022/05/02/busy-week-begins-pmi-ism-fomc-nfp-and-earnings/?utm_source=beforeitsnews&utm_medium=feed&utm_campaign=psw-feeds&utm_content=article-link
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