Berkshire Hathaway is Buying up Amazon Shares, Before Its Annual Stockholders Meeting

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

"I'm a card-carrying capitalist", Buffett said. Amazon's closing price on Thursday, ahead of this disclosure, was $1,900.82, and the shares were up nearly 2% at $1,938 shortly after the opening bell on Friday. Buffett was referring to their portfolio managers either Ted Weschler or Todd Combs for more than $13 bn in equities for Berkshire.

Buffett's admission also may signify something about Berkshire's future - namely, the conglomerate's future when Buffett, 88, and longtime partner Charlie Munger, 95, are no longer a part of its present. While Berkshire Hathaway's stake in Amazon might not be a game changer, it could decrease some of the valuation concerns.

Warren Buffett's pledge to provide Occidental Petroleum $10B to fund its bid for Anadarko and his new position in Amazon are sure to be topics of discussion at Berkshire Hathaway's (BRK.B +1.4%) (BRK.A +1.3%) annual shareholder meeting in Omaha, NE, on Saturday.

"Yeah, I've been a fan, and I've been an idiot for not buying", Mr Buffett said, according to the report. 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".

Then in 2016, Berkshire Hathaway jumped into Apple and has built its stake in the iPhone maker into a holding valued at more than US$50 billion. His US$10 billion investment in the computer giant in 2011 was a curiosity for Berkshire, and it didn't end well.

Buffett bought Apple and Amazon when they were not at their cheapest. On February 14, the entire FAANG (Facebook, Amazon, Apple, Google, and Netflix) pack closed with losses despite the NASDAQ Composite (QQQ) closing in the green.

Berkshire Hathaway Inc., based in Omaha, Nebraska, owns a range of businesses including insurance, railroads, jewelry stores as well as major investments in American Express, IBM and Wells Fargo & Co.

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