Warren Buffett has made himself and the investors in Berkshire Hathaway(NYSE: BRK.A)(NYSE: BRK.B) very wealthy by identifying companies trading at great value relative to their long-term outlook.

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Buffett's oil trade Berkshire Hathaway has made a pretty outsized bet on the oil market.Buffett's company holds 6.8% of Chevron's outstanding shares and 26.9% of Occidental's stock.