Banking Turmoil

Warren Buffett Has Been Betting Big on Oil. It’s Time to Find Out Why.

One of the most successful stock pickers of all time admitted years ago that he was ‘dead wrong’ on an earlier oil-company investment. What’s changed? The answer could come this weekend.

Illustration by Alexandra Citrin-Safadi/The Wall Street Journal

Not long ago, Warren Buffett seemed like he was mostly done with oil stocks. The renowned investor lost big on an oil-company investment in 2008, and bailed out of another in 2014. He assured his shareholders he had learned his lesson.

Then, last year, Mr. Buffett built up a fresh $39 billion bet.

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