Berkshire Hathaway disclosed a $4.5 billion stake in a Houston-based oil refiner according to a regulatory filing issued Friday
- Buffett's company now holds more than 10% percent of the total outstanding shares in Phillips 66
Says Cliff Gallant, an analyst at Nomura Holdings
- "Berkshire's made a clear statement about how they view the oil business
- "hey seem to be taking the long view that demand for fuel is going to come back"
Bloomberg adds that the Phillips 66 holding is relatively small for Berkshire's stock portfolio.
