Buffett Says Berkshire Bought Stake in Amazon -- WSJ
May 03 2019 - 3:02AM
Dow Jones News
By Nicole Friedman
This article is being republished as part of our daily
reproduction of WSJ.com articles that also appeared in the U.S.
print edition of The Wall Street Journal (May 3, 2019).
Berkshire Hathaway Inc. has taken a stake in Amazon.com Inc.,
Berkshire Chairman Warren Buffett told CNBC on Thursday.
Mr. Buffett said he hadn't personally decided upon the
investment but that one of his portfolio managers -- either Ted
Weschler or Todd Combs -- made the investment. Berkshire will
report its stockholdings as of March 31 later this month.
Mr. Buffett will take the stage and answer shareholder questions
at the company's widely attended annual meeting Saturday in Omaha,
Neb.
Mr. Buffett has praised Amazon Chief Executive Jeff Bezos in the
past and said he erred in not investing in Amazon early on. "I had
a very, very, very high opinion of Jeff's ability when I first met
him, and I underestimated him," Mr. Buffett said at Berkshire's
annual meeting last year.
Neither Berkshire nor Amazon immediately responded to a request
for comment.
Berkshire, Amazon and JPMorgan Chase & Co. have launched a
joint project called Haven to lower health-care costs for their
employees.
Messrs. Weschler and Combs each manage about $13 billion for
Berkshire, and Mr. Buffett oversees the rest. The portfolio
managers have total freedom to choose their investments, Mr.
Buffett has said.
One of the portfolio managers was the first to buy Apple Inc.
shares for Berkshire's portfolio. Mr. Buffett subsequently looked
into the company and started buying its stock himself. Berkshire
owned about 5% of Apple as of the end of 2018.
Write to Nicole Friedman at nicole.friedman@wsj.com
(END) Dow Jones Newswires
May 03, 2019 02:47 ET (06:47 GMT)
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