An investment company Berkshire Hathaway has bought a share of the world’s largest retailer Amazon. Its owner Warren Buffett has informed CNBC about this event. The billionaire stresses that it was not his idea, but the portfolio manager. It is about either Ted Weschler, or Todd Combs. Mr.Buffett is indignant because he hasn’t invested in Amazon before.
We will see reports on the company’s assets for the first quarter of this year a bit later.
Previously, Warren Buffett spoke positively about the CEO of Amazon Jeff Bezos. He has acknowledged that a very old decision not to invest in the retailer in the early stages was a big mistake. The billionaire made this statement during a meeting of shareholders. Together with Amazon and JPMorgan Chase & Co, Berkshire started a project to reduce the cost of medical services for the employees of these companies.
Investment managers Ted Weschler and Todd Combs work with portfolios of $ 13 billion each.
For a long time, Mr. Buffett ignored the high-tech sector companies as objects for investment. He said that he did not understand that market and did not want to enter it. The only exception was made for IBM. In 2011, Berkshire invested about $ 10 billion in Bill Gates’ brainchild. But the investment was a failure, and in 2018 the share was sold.
Berkshire bought the securities of another technology company Apple only in 2016. After some time, it increased its share in the company’s production to $ 50 billion.
For the current year, the stock price of the company Amazon has grown by 27%. According to preliminary trading on Friday, retailer’s securities have grown by 2.3%.
The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade