Berkshire Hathaway has been buying Amazon shares

It may seem like a reasonable response to move out of investments that are underperforming into those that are outperforming but this can destroy wealth

Berkshire Hathaway's CEO calls himself an "idiot" for not buying shares of the online retailer in the past.

While this would seem to stray from the traditional Buffett investment target, and while previously Buffett said he missed the boat even back in 2017 (when shares were less than half the current price), Buffett made it clear that he was not the one who purchased the Amazon shares for Berkshire Hathaway. Instead, it was one of his younger deputies who opted to invest in the ecommerce behemoth.

"One of the fellows in the office that manage money. bought some Amazon", Buffett was quoted as saying. At the end of 2018, Buffett's firm owned more than $40 billion of the company. "They got into Apple late in the game-from nowhere five years ago to now it's their biggest holding", Cathy Siefert, equity research analyst at CFRA Research, told CBS MoneyWatch. Amazon was trading sharply higher in pre-market trading on May 3.

Buffett bought Apple and Amazon when they were not at their cheapest. "Amazon is kind of the flip side of that".

He holds a stake in Apple and had a sizeable investment in IBM at one point, but has generally refrained from investing in numerous biggest technology companies that have become powerhouses in the 21st Century, including Google, Facebook and - until now - Amazon.

Berkshire Shareholders were also seen at the Kiewit Building and taking selfies with the company headquarters building. "It speaks to what we're seeing at Berkshire, the beginning of the changing of the guard, as Warren and Charlie Munger are getting on in years".

Mega-investor Warren Buffett says that Apple's most recent earnings confirm "the reason [my firms owns] $50 billion-plus of Apple".

Berkshire's interest in Amazon hasn't developed completely out of the blue though. Amazon shares on Thursday closed at US$1,900.82, while Apple shares closed at US$209.15. Berkshire Hathaway is known for its value investments.



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