PSXP - Phillips 66 - My Opinion After The Third Quarter 2018
Source: The Street/Bloomberg
Investment Thesis
Many investors are considering Phillips 66 (PSX) as an iconic US stock which should be considered as a long-term investment, and it is not surprising that at least three renowned billionaires (e.g., Warren Buffett, Daniel Loeb, and T. Boone Pickens) have been investing in this company.
However, Berkshire Hathaway cut its position drastically in the stock this year (sold about 10 million shares each quarter) to less than 4% stake in the company now. I do not think it is a sign of weakness. Nonetheless, it is essential