Ever since early 2006, when I learned about Berkshire Hathaway's (BRK) decision to purchase shares of ConocoPhillips (COP), I have wondered what caused BRK to choose COP over the other Big Oil companies. My analysis of an indepth study written by Deutsche Bank has yielded some results. These two graphs depict COP's conservative attitude towards geographic selection. While other companies drill with little regard for the political climate, COP appears to choose carefully based on honoring the "finders, keepers" principle.
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