Berkshire, Exxon, Durable Competitive Advantages And A Valuation Tail

Recently, Berkshire’s portfolio shows a new position of 40.1 million shares valued at $3.4 billion in ExxonMobil (NYSE:XOM). ExxonMobil is the largest of the vertically integrated oil companies. It is also the second largest publicly-traded corporation in the world by market cap and revenue. With a market value of $417 billion, ExxonMobil has longevity, and it pays a 2.7% dividend yield. In his 2011 shareholder letter, Buffett wrote: “A century from now… ExxonMobil will probably have delivered trillions of dollars in dividends to its owners and will also hold assets worth many more trillions…” Recent investments in shale and natural…