Berkshire Hathaway has been buying Amazon shares

Oscar PerryMay 05, 2019

Amazon's stock, up 27% this year at Thursday's close, climbed 2.1% in pre-market trading in New York Friday.

"We have an investment company that is trying to be like Warren Buffett in Sweden".

"One of the fellows in the office that manage money.bought some Amazon so it will show up in the 13F" later this month, Buffett told CNBC, referring to Berkshire's quarterly report to the Securities and Exchange Commission in which it details its equity holdings.

But that unsuccessful investment did not stop the company from becoming one of the biggest in the world, with a market value of more than $500 billion and with almost 400,000 employees.

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Buffett said in the CNBC interview that he has been "a fan" of the online retail giant and "an idiot for not buying" shares in the past.

That hasn't just benefitted Buffett, but also Apple shareholders in general. "I hope [Buffett] lives forever, but that's probably not a good bet".

Buffett has mostly avoided technology-related stocks over the years, saying he didn't understand the products and markets well enough. After taking losses, Buffett had sold almost all the IBM stock by previous year. By contrast, Amazon's shareholders have allowed Bezos to expand aggressively at the expense of delivering consistent profits. Suncor rose 4.1%. Investors saw Berkshire Hathaway's investment in the company as a bullish sign.

The Amazon stake further cements the relationship between Berkshire and Bezos's company. Most investors tend to follow anything and everything that Warren Buffett says. "I have admired Jeff for a long, long time but I did not think he could succeed on the scale that he has". Oracle (ORCL) closed with a gain despite Berkshire Hathaway exiting the stock within a quarter of buying it. He explains, "Mr. Buffett has commented pretty negatively on the airline space over the years, and actually speaks a lot about his poor experience with his U.S. Airways investment".

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