Billionaire Warren Buffett added two larger American brands to Berkshire Hathaway Inc.’s investment portfolio.
Mr. Buffett’s conglomerate has bought $ 8.6 billion worth of shares in Verizon Communications Inc., the largest U.S. mobile phone company, and $ 4.1 billion in oil company Chevron Corp.
In a presentation it is unclear whether Buffett made the decision to invest in the two companies or whether the decision was made by Berkshire money managers Todd Combs and Ted Weschler. They are both expected to take on all of Berkshire’s investments once Mr Buffett ceases to be in the top spot.
In the early months of the pandemic, Mr Buffett, 90, said he was optimistic that the US economy would recover over time from the turmoil of the Covid-19.
“You can bet on America, but you have to be careful about how you bet,” Buffett said in May. “Just because markets can do anything.”