Warren Buffett’s Berkshire Hathaway buys Amazon shares
Warren Buffett has said for years that “we missed it” on Amazon.
Buffett revealed on Thursday that Berkshire Hathaway has been buying Amazon shares, noting that the exact amount will be disclosed in Berkshire’s quarterly report to the United States Securities and Exchange Commission later this month.
“One of the fellows in the office that manage money … bought some Amazon,” Buffett said in an interview with CNBC. He was referring to Berkshire Hathaway’s top investment managers Ted Weschler or Todd Combs, according to CNBC.
Buffett is well-known for not being the biggest fan of tech stocks.
But he has made no secret of his admiration for Amazon and Jeff Bezos, repeatedly praising the e-commerce company and its chief executive during past Berkshire Hathaway annual shareholder meetings.
“Yeah, I’ve been a fan, and I’ve been an idiot for not buying” Amazon shares, Buffett told CNBC. “But I want you to know it’s no personality changes taking place.”
Last year, Buffett teamed up with Amazon and JPMorgan Chase to tackle the United States’ soaring health care costs.
Berkshire Hathaway has lagged the broader market this year. The stock is up just 6.6% in 2019, compared to a nearly 18% gain for the S<><><><><><><><><>&P 500./ppSeveral of Buffett’s favorite stocks — most notably Wells Fargo and Coca-Cola — have underperformed. Another top pick, Kraft Heinz, has been an outright disaster, plunging 25% this year./ppOne of Buffett’s big winners this year is another tech darling: Apple./ppBerkshire Hathaway owns about 250 million shares of Apple, making Berkshire the company’s second-largest investor. Shares in Apple have soared more than 30% this year./ppPaul R. La Monica contributed to this story./p