Buffett’s Chevron Gambit: A Value Investor’s Paradox
Chevron, you see, is a stock that wears its contradictions with aristocratic indifference. Discounted yet not cheap, dividend-rich yet growth-challenged, it is the kind of paradox that makes the S&P 500-trading at 31 times earnings-look like a spendthrift’s promissory note. The market, that fickle mistress, offers no obvious trinkets for the bargain hunter, but Chevron, in contrast, dons the modest habit of 19 times earnings. A sartorial choice that whispers, “I am not for everyone.”