What Did Warren Buffett See in Occidental That Carl Icahn Missed?

Berkshire Hathaway ( (BRK.A) – Get Berkshire Hathaway Inc. report) purchased another 9.6 million shares of Occidental Petroleum ( (OXY) – Get Occidental Petroleum Corporation Report), increasing the behemoth’s total stake to 16.3% as oil prices remain volatile.

The Berkshire conglomerate, run by billionaire Warren Buffett, said it spent $530 million acquiring the shares of the oil company, whose stock rose by 1% following the announcement, but had fallen by 13% during the past month, according to a regulatory filing.

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