Warren Buffett Is Buying Big Again

For years, billionaire investor Warren Buffett has been sitting on a mountain of cash. But with stocks at record highs, he struggled to find deals that caught his eye. Now, with many other investors in selling mode, he's going shopping, Julia Horowitz reported for CNN Business.

Photo Insert: Warren Buffett

Buffett's Berkshire Hathaway just disclosed that it bought almost 121 million shares of Hewlett Packard (HP) worth about $4.2 billion, giving Buffett a stake of more than 11% in the technology company. HP shares are up 14% in premarket trading on Thursday.

It's 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 Corp., an insurer, for $11.6 billion.

Buffett, known for his love of a bargain, has complained that he wasn't spotting good investment opportunities for Berkshire Hathaway. “We find little that excites us," he wrote in a letter to shareholders in February.

That put him on the outside of a deal-making frenzy during the economic recovery from the coronavirus.

Last year, low borrowing costs helped push mergers and acquisitions to an all-time high. But now, with the war in Ukraine and concerns about how fast the Federal Reserve will pull back support for the economy weighing on stocks and deal-making, he appears to be more inclined to spend big.

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