By THOUSIF INC
Buffett's Berkshire Hathaway just disclosed that it bought almost 121 million shares of HP.
Shares are worth about $4.2 billion, giving Buffett a stake of more than 11% in the technology company.
HP (HPQ) shares are up 14% in premarket trading on Thursday. It is the latest in a string of large purchases Buffett has made in the past month.
In March, Berkshire increased its stake in Occidental Petroleum (OXY) and announced an agreement to buy Alleghany Corporation, an insurer, for $11.6 billion.
Buffett, known for his love of a bargain, has complained that he was not spotting good investment opportunities for Berkshire Hathaway.
"We find little that excites us," he wrote to shareholders in February. That put him on the outside of a dealmaking frenzy during the economic recovery from the coronavirus.
Last year, low borrowing costs helped push mergers and acquisitions to an all-time high.
Buffett's conservatism generated much chatter last year. However, Berkshire Hathaway's shares rose almost 30%, while the S&P 500 climbed 27%.
This year, Berkshire looks even better. Its stock is up 15%. The S&P 500 has dropped 6% year-to-date.
One big reason is Buffett's ongoing commitment to the energy sector, even as other high-profile investors try to give their portfolios a green makeover.
Shares of energy companies have skyrocketed this year as oil, gas, and coal prices have spiked.
In addition to its stake of nearly 15% in Occidental Petroleum, Berkshire owns a chunk of Chevron (CVX) stock.
Shares of Occidental jumped 96% in the first quarter, while Chevron climbed almost 40%.