The global energy market has been upended by the geopolitical conflict in the Middle East, sending oil prices sharply higher. Occidental Petroleum (NYSE: OXY) appears better positioned to benefit from high oil prices than Chevron (NYSE: CVX). But don't pull the trigger just yet. There's a very important reason you may want to own Chevron instead, and it may help explain why Berkshire Hathaway (NYSE: BRKA)(NYSE: BRKB) owns both. Warren Buffett once described investing as a baseball game where nobody is calling balls and strikes. The point of that folksy example is to highlight that investors don't have to swing at every pitch; they can just wait for the pitches they like. And that's exactly how Buffett handled Berkshire Hathaway's portfolio, cherry-picking the stocks he wanted inside of it. Image source: Getty Images.
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