If we’ve learned anything about Warren Buffett over the decades, it’s that he buys in when others bail. “Be fearful when others are greedy and greedy when others are fearful,” he once famously said, perfectly capturing his investment philosophy. In 2008, when investors were running away from Goldman Sachs as fast as they could, Buffett bought $5 billion worth of Goldman Sachs preferred stock, and made about a $3 billion profit on the investment. He made similarly profitable investments in Bank of America and in GE at around the same time.

Now, he’s at it again, albeit with much less fanfare. In recent weeks, he’s backed up the truck on two companies, Occidental Petroleum and Chevron, that most other money managers wouldn’t touch with a ten-foot pole, largely because they are so capital intensive and heavily regulated, to say nothing of how politically incorrect it has become to own anything to do with oil, gas, or other fossil fuels. But apparently Warren doesn’t care about being politically correct or that he might get called on to the carpet by the E.S.G. police. He’s 91 years old and the eighth-richest person in the world, according to Bloomberg, with a net worth of around $100 billion.