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...