Buffett's Berkshire swings to big profit as stocks gain

Buffett Capitalism is still good for America
Berkshire Hathaway has been buying Amazon shares: CNBC

05 May, 2019

Its annual shareholder meeting is Saturday.

Berkshire Hathaway Inc has been buying Amazon shares and the purchases would show up in a regulatory filing later this month, Buffett told CNBC on Thursday. Instead, it was one of his younger deputies who opted to invest in the ecommerce behemoth.

Buffett, whose 54-year investment career has made him one of the richest men in the world, has previously hailed Amazon founder Jeff Bezos and last year Berkshire announced a joint healthcare venture with Amazon and JPMorgan Chase.

Billionaire investor Warren Buffett has said that he underestimated Amazon.com Inc chief executive officer Jeff Bezos, and now one of his deputies is willing to put money behind the technology giant.

Shares in Amazon, which have more than doubled since the start of 2017, rose more than 3 per cent in early trading on Friday. "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. "It benefits from changing tastes because it's an intermediary".

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The event, second of its kind following its inauguration previous year, came as USA multinational conglomerate Berkshire Hathaway will be holding its annual shareholders' meeting Saturday. The stock is up 30 percent in 2019.

Berkshire has more than 90 businesses in the insurance, energy, food and retail, industrial, railroad and other sectors, and often buys stocks when buying whole companies appears too expensive. Vice chairman Charlie Munger is 95.

Speaking on CNBC, the Berkshire Hathaway investor said that, "I was pleased with what they reported".

The Berkshire investment is contingent on Occidental completing its proposed purchase of Anadarko. "Whenever you've got 40,000 fans cheering on a CEO, there is probably less skepticism in the investment base than is appropriate", he added in reference to Berkshire's annual shareholder gathering.

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