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Berkshire Hathaway doubles stock purchases. Does Buffett see something big?

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(Read caption) Berkshire Hathaway Chairman Warren Buffett celebrates during opening bell ceremonies at the New York Stock Exchange. Buffett nearly doubled his stock purchases in the third quarter of 2011.

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As I've mentioned here and there, I've been buying the Berkshire B shares ($BRK-B) in size since the low 70's for client accounts.  This morning, we learn from Bloomberg's Andrew Frye that Warren Buffett himself has been a sizable buyer of late in the marketplace...

Warren Buffett’s Berkshire Hathaway Inc. invested $23.9 billion in the third-quarter, the most in at least 15 years, as he accelerated stock purchases and broadened the portfolio beyond consumer and financial-company holdings.

Berkshire bought almost $7 billion of equity securities in the three months ended Sept. 30, compared with $3.62 billion in the second quarter and $834 million in the first, the Omaha, Nebraska-based company said Nov. 4 in a filing. Stockholdings labeled “commercial, industrial and other” soared 62 percent in the three months to $17.4 billion on a cost basis, surpassing equity investments in financial and consumer-product firms.

“He sees something, and it’s big,” said Thomas Russo, a partner at Berkshire investor Gardner Russo & Gardner.

The last time interest rates were exceedingly low for an exceptional period (2002-2003), Buffett bought up home-building companies, aluminum siders, house paint manufacturers and carpeting mills.  He correctly gamed a massive housing boom that would dominate the economic story of the aught's decade.

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He now appears to be on yet another spree, what does the Oracle see that perhaps we do not?