market folly

As we've detailed previously, Warren Buffett's Berkshire Hathaway has been continuously buying Phillips 66 (PSX) shares.  They've filed yet another Form 4 with the SEC indicating they've purchased even more PSX.

The latest filing shows Berkshire purchased 82,361 shares at a weighted average price of $77.8617 on September 1st.

After this round of buying, Berkshire now owns over 79.65 million shares of PSX.

Per Google Finance, Phillips 66 is "an energy manufacturing and logistics company with midstream, chemicals, refining and marketing, and specialties businesses. The Company operates its business through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment includes its equity investment in DCP Midstream , LLC (DCP Midstream) and its investment in Phillips 66 Partners LP. The Midstream segment consists of three business lines: Transportation, DCP Midstream and NGL. The Midstream segment also transports crude oil and other feedstocks to refineries and other locations, and delivers refined and specialty products to market, and provides storage services for crude oil and petroleum products. The Chemical segment manufactures and markets petrochemicals and plastics. The refining segment buys, sells and refines crude oil and other feedstocks into petroleum products. The M&S segment purchases for resale and markets refined petroleum products."