Starts buying a large stake in the stock of Conoco Philips (COP) as part of a speculation on future energy prices. The investment, however, turned sour as soon as oil price dropped from its peak. Crude oil price was well over $100/barrel before the crisis, and the price still hasn’t recovered to its prior peak. During 2008, when the S&P fell 38%, Conoco Phillips fell 41% (Exxonmobil -15%), resulting in huge losses. Berkshire Hathaway started divesting this investment in 2009 to free up capital for other investments.