For a guy who loves to invest, Warren Buffett isn't doing much of it these days. In the fourth quarter of 2023, Buffett bought only three stocks for Berkshire Hathaway's portfolio. Chevron (NYSE: CVX) was one of them.

Buffett increased Berkshire's stake in the oil and gas giant by 14.4% in Q4. Chevron ranks as the fifth-largest holding in the conglomerate's portfolio. The simple fact: Buffett is loading up on this high-yield dividend stock. Here are four reasons why I am too.

By most metrics, the stock market is priced at a premium. The S 500, for example, trades at more than 21 times forward earnings. The long-term average price-to-earnings ratio for the index is around 16.

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Source Fool.com