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What Is Warren Buffett Thinking?

While so many asset managers are titillated by post-correction Big Tech stocks, the Oracle is doubling down on… oil and gas? Will the asset-heavy, lower multiple play be his ultimate zag?

Warren Buffett
The Oracle of Omaha. Photo: Chip Somodevilla/Getty Images
William D. Cohan
July 13, 2022

If we’ve learned anything about Warren Buffett over the decades, it’s that he buys in when others bail. “Be fearful when others are greedy and greedy when others are fearful,” he once famously said, perfectly capturing his investment philosophy. In 2008, when investors were running away from Goldman Sachs as fast as they could, Buffett bought $5 billion worth of Goldman Sachs preferred stock, and made about a $3 billion profit on the investment. He made similarly profitable investments in Bank of America and in GE at around the same time.