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Berkshire invests in Amazon
Liz Claman, of FBN, about Berkshire Hathaway's investment in Amazon and some of the highlights of the upcoming coverage of the Berkshire Hathaway shareholders meeting.
Although Warren Buffett is known for his talents as a savvy investor for several decades – a boat that he confessed that he missed was investing early in the Amazon e-commerce giant.
"Yes, I 've been a fan and I' ve been foolish not to buy" Amazon shares, Buffett told CNBC Thursday.
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However, the billionaire, who is widely known for not being the biggest fan of tech stocks, said things had changed and that one of his employees at Berkshire Hathaway had bought shares in Amazon .
"One of the fellows at the office who manages the money has bought an Amazon so that it will appear in the 13F" later this month, Buffett said.
The news of the investment was announced Friday at Berkshire's annual shareholders meeting in Omaha, Nebraska.
While the Berkshire stock generally outperforms, it rose only 6.6% in 2019, against nearly 18% for the S & P 500.
Several of Buffett's flagship companies, including Coca-Cola, Wells Fargo and Kraft Heinz, underperformed this year, as its 250 million shares of Apple rose by more than 30 percent.
| Teleprinter | security | Latest | Change | % Chg |
|---|---|---|---|---|
| KO | COMPANY COCA-COLA | 48.91 | 0.52 | + 1.07% |
| AAPL | APPLE INC. | 211.13 | +1.98 | + 0.95% |
| KHC | KRAFT HEINZ COMPANY | 32.51 | +0.33 | + 1.01% |
| WFC | WELLS FARGO & COMPANY | 48.64 | 0.34 | + 0.70% |
Last year, Buffett told CNBC that Amazon "has by far exceeded anything I could have imagined I could do."
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"I did not know it had potential. I've ruined everything, he says.
In addition, last year, Buffett announced a partnership with Amazon's founder, Jeff Bezos, and JPMorgan Chase's executive director, Jamie Dimon, to create a health company called Haven, which helps companies to reduce the health costs of their employees.
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