“ It’s a gambling parlor .” That's what Warren Buffett said about the markets at this weekend's annual convention for his company.  That did not stop Buffett from making $40Bn worth of bets this quarter – using about 1/4 of Berkshire's cash pile – mainly to by Occidental Petroleum (OXY) and Chevron (CVX).  As we did, Buffett took advantage of the extreme volatililty to pick up some undervalued equities but he and I disagreed on CVX, as we took a short position – albeit after his long posltion caused the stock to make what we felt were undeserved new highs.  We took the following position in our Short-Term Portfolio (STP):    CVX Long Put 2023 20-JAN 200.00 PUT [CVX @ $156.67  $-5.12 ] 15 3/25/2022 (263) $60,375 $40.25 $9.40 $40.25     $49.65 - …