Replies to post #177 on Phillips 66 (PSX)

[Enterprising Investor]

Got it right in 2012. And BRK keeps buying.

Validation!

As soon as the spinoff was announced, I immediately wondered which stake would increase over time. My expectation was that future money would go into PSX. I also envisioned a decrease in COP if total funds invested were purely reallocated.

COP has to allocate capital to find more oil and gas. PSX is more of a "toll bridge".

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