Replies to post #162 on Phillips 66 (PSX)

[Enterprising Investor]

Berkshire buys another 759K Phillips 66 shares (1/11/16)

Phillips 66 (NYSE:PSX) was one of today's stronger oil and gas stocks following the disclosure that Berkshire Hathaway (BRK.A, BRK.B) had added to its stake in the refiner and now owns nearly 12% of the stock.

BRK said it bought more than 759K PSX shares last Wednesday, and now owns 62.3M shares.

BRK disclosed a $4.5B stake in August and increased its position the following month, then halted purchases until last week, when it added stock for less than $80/share.

http://seekingalpha.com/news/3025266-berkshire-buys-another-759k-phillips-66-shares

[Timothy Smith]

Truthfully it does make sense to average down for them now that they have controlling interest.