market folly

Warren Buffett's Berkshire Hathaway has filed a Form 4 with the SEC regarding its position in Phillips 66 (PSX).  Per the filing, Berkshire has acquired over 3.5 million more shares.

After the purchases, Buffett now owns over 61.48 million shares of PSX.  Buffett was out buying at prices around $77-82 on September 4th, 8th, and 8th.

This is the second time Berkshire has added to its PSX position recently.

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. It gathers, processes, transports and markets natural gas, and transports, fractionates and markets natural gas liquids (NGL) in the United States. The Chemical segment manufactures and markets petrochemicals and plastics. The Chemicals segment consists of its 50% equity investment in Chevron Phillips Chemical Company LLC (CPChem). The refining segment buys, sells and refines crude oil and other feedstocks into petroleum products (such as gasolines, distillates and aviation fuels) at 14 refineries, mainly in the United States and Europe. The Marketing and Specialties segment purchases for resale and markets refined petroleum products (such as gasolines, distillates and aviation fuels), mainly in the United States and Europe."

For more from the Oracle of Omaha, we also posted a summary of Buffett's recent media appearances.