Kevin O'Leary Bought Disney Shares Today And Plans To Buy More, Why The Stock Will Act As 'Protection' In 2022

Having fallen nearly 15% year-to-date, The Walt Disney Co DIS is on pace to record its first negative year since 2016 and its worst year since 2008.

O'Shares ETFs chairman Kevin O'Leary is taking advantage of the stock's underperformance and adding to his Disney position.

"There's no company run like Disney," O'Leary said Tuesday on CNBC's "Fast Money Halftime Report."

He told CNBC that he knows all of the Disney executives and has owned the stock since the 1960s.

"Everytime you get this opportunity at 14.20% correction ... you've got to double down which is what I've done."

O'Leary doubled his stock position today giving Disney about a 2.3% weighting in his portfolio, but he told CNBC that he plans to continue to increase his position all the way up to a 5% total weighting. 

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Everyone seems to be focused on Disney+, but it's just a fraction of the company's business, according to O'Leary.

"I love it when people get so focused on one attribute of a business, they forget about all the balance sheet strength and the other aspects including the content," he said.

Disney has the power to find and finance the best content, as well as the distribution channels to get that content out, O'Leary noted.

"Mr. Wonderful" expects Disney to act as protection against volatility in 2022. "We've all been talking about volatility in Q1 and Q2, Disney is where I think you hide," O'Leary emphasized.

DIS Price Action: Disney has traded as high as $203.02 and as low as $142.04 over a 52-week period.

The stock was up 1.72% at $155.43 at time of publication.

Related Link: Is Now The Right Time To Buy Disney? Why BofA Analyst Says Stock Is Heading Higher

Photo: onecrazykatie from Pixabay.