Billionaire Warren Buffett added two more major American brands to Berkshire Hathaway Inc.’s investment portfolio.
Mr. Buffett’s conglomerate has purchased $ 8.6 billion in shares in Verizon Communications Inc., the largest US cellular provider, and $ 4.1 billion in oil company Chevron Corp. according to a snapshot of investments in the quarter ended December 31.
It is not clear in an application whether Mr. 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. The two are expected to take over all of Berkshire’s investments once Mr. Buffett is no longer in the top job.
In the early months of the pandemic, 90-year-old Mr. Buffett said he was optimistic that over time the U.S. economy would recover from the Covid-19 turmoil.
“You can bet on America, but you’ll have to be careful how you gamble,” Mr. Buffett said in May. “Simply because markets can do anything.”