Warren Buffett Now Controls More Than 15% Of Phillips 66 -- August 25, 2016

Every now and then one comes across a story that ... well, really surprises me ... in the investment arena. This is one of those stories. A big whoop! The ScottsbluffStarHerald says Warren Buffett/Berkshire Hathaway has bought more shares in Phillips 66. Another big whoop!

Warren Buffett's company now controls more than 15 percent of Phillips 66 stock after buying another 414,065 shares of the oil refiner this week.

Berkshire now owns about 79.5 million shares of Phillips 66, which represents 15.2 percent of the Houston-based company's stock.

Berkshire has been steadily buying Phillips 66 stock since 2012. After building up a sizeable initial stake, Berkshire traded about $1.4 billion of its Phillips 66 stock for one of the refiner's additive businesses in late 2013.

Many, many story lines.

And this is why I love to blog. It helps me put the Bakken into perspective.  

Gee! PSX was up nicely today ... on a day that the market was down a bit. Currently trading at $79. Warren will get  a little over 3% just by waiting around.

A bit of trivia a day later: Phillips 66 will defer maintenance on one of their Gulf Coast refineries. 

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GDP Now -- August 25, 2016

Latest forecast: 3.4 percent, Augsut 25, 2016.

The GDPNow model forecast for real GDP growth (seasonally adjusted annual rate) in the third quarter of 2016 is 3.4 percent on August 25, down from 3.6 percent on August 16. After yesterday's existing-home sales release from the National Association of Realtors, the forecast for third-quarter real residential investment growth declined from 1.0 percent to –2.6 percent.

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All My Loving, Paul McCartney