Jeff Matthews: Buffett’s Stake In PSX Not Meaningful

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Jeff Matthews: Buffett’s Stake In PSX Not Meaningful


Warren Buffett’s stake in refiner Phillips 66 may not really say anything about how investors should play the energy market, said Ram Partners general partner, author of Warren Buffett’s Successor: Who It Is and Why It Matters, and Buffett expert Jeff Matthews, on Monday.

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"I'm not sure what this means except he is moving money around and he thinks that the refining side of the business is probably a better bet because there is going to be a lot of oil around for a long time," he told CNBC's "Squawk on the Street."

Jeff Matthews: Buffett's Stake In PSX Not Meaningful

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PestYost Partners was up 0.8% for the first quarter, while the Yost Focused Long Funds lost 5% net. The firm's benchmark, the MSCI World Index, declined by 5.2%. The funds' returns outperformed their benchmark due to their tilt toward value, high exposures to energy and financials and a bias toward quality. In his first-quarter letter Read More

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