In 3Q this year, under the situation of sliding stock prices, investing guru Warren Buffett's Berkshire Hathaway Inc. has became the biggest shareholder of Conoco Phillips. He has also bought into US manufacturer Eaton Corp.
Berkshire Hathaway in its submitted regulatory documents says that till 30 September 2008, Berkshire Hathaway has more than 83 million shares of Conoco Phillips, much higher then the value ended 31 March of 17.5 million. The reason given by Berkshire Hathaway is that it expects global demand for energy will keep on increasing.
Also in the document, Buffett says that he decreased holdings in Bank of America Corp. and at the same time increased holdings in Texas second largest electricity generator NRG Energy Inc.
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