The Best Fund Manager of the Decade Just Bought This Stock

By Joel South and Taylor Muckerman – May 17, 2013 at 5:19PM

OTC: CHKA.Q

Chesapeake Energy

A company emerging from a C-Suite transition is the latest stock purchase of this mutual fund titan.

A traditional financials investor, Bruce Berkowitz, has jumped into the oil and natural gas game this week. Taking a 2% stake worth about $276 million dollars places him among the ranks of several other well-known investors. With so much flux in Chesapeake Energy's (CHKA.Q) management and board room finally coming to a close, it is hoped that the company can finally begin focusing all of its efforts on the operations.

This new holding adds some credibility to what Chesapeake has been trying to make happen over the last several months. Being an investor that typically does his homework to the nth degree, Mr. Berkowitz commands attention with each and every buy or sell decision. For more details why he might be interested in Chesapeake, tune in below.

Joel South owns shares of Devon Energy. Taylor Muckerman has no position in any stocks mentioned. The Motley Fool owns shares of Devon Energy and has the following options: Long Jan 2014 $20 Calls on Chesapeake Energy, Long Jan 2014 $30 Calls on Chesapeake Energy, and Short Jan 2014 $15 Puts on Chesapeake Energy. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.