According to disclosures, Berkshire Hathaway (BRK.A)(BRK.B) purchased another 759K shares of Phillips 66 (PSX). Berkshire now owns 62.3 million shares of Phillips 66 for a roughly $5 billion investment. The move is peculiar in that the purchases were made on January 6 at prices around $79 per share. Interestingly, possibly due to the buys by the firm run my Warren Buffett, Phillips 66 didn't collapse over the last couple of days similar to other energy related stocks. The company has a diverse business from refineries to chemicals to midstream operations that are in most cases benefiting from the energy renaissance in the US. For this very reason, Phillips 66 hasn't seen the stock collapse similar to most other energy related plays. The stock peaked at $94 making the Berkshire purchase prices only roughly 15% off the highs. In reality, the stock trades back at the levels of last October providing limited discounts in a market with carnage all around. $PSX, Phillips 66 / 1440 Maybe if anything, the move signals an unwillingness to step into the beaten down energy sectors where buying the dips of a Williams Cos (WMB) or something similar would provide some assurance to the market. Berkshire would see substantially higher returns in these beaten down stocks, if the company saw a sure opportunity to invest. Would you bet on Phillips 66 in this market without a discount?