One of Berkshire Hathaway’s best investments in the past five years was its purchase of $10 billion of
preferred stock paying an 8% dividend yield.
Occidental Petroleum (ticker: OXY) could soon be in position to start redeeming that high-cost preferred, which was sold to Berkshire in the spring of 2019. At the time, Occidental CEO Vicki Hollub needed a lot of money quickly to help the company win a bidding war against the much-larger
(CVX) for Anadarko Petroleum.