Amazon Got a Place in Berkshire Hathaway's Portfolio

Buffett Capitalism is still good for America

Amazon was trading sharply higher in pre-market trading on May 3.

Results were released before Buffett, 88, and Vice Chairman Vice Chairman Charlie Munger, 95, were expected to answer more than five hours of questions from shareholders, journalists and analysts at Berkshire's annual meeting. Buffett was referring to their portfolio managers either Ted Weschler or Todd Combs for more than $13 bn in equities for Berkshire.

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.

"Yeah, I've been a fan, and I've been an idiot for not buying", Buffett told CNBC.

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. "I hope [Buffett] lives forever, but that's probably not a good bet".

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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.

Warren Buffett bought a majority of the Borsheim's stock in the '80s and it paid off. Suncor rose 4.1%. Investors saw Berkshire Hathaway's investment in the company as a bullish sign. Past year he dumped the last of his stake in IBM, blaming some of the troubles at the company on Amazon.

'We now have the right person to succeed me as CEO - a successor ready to assume the job the day after I die or step down, ' said Buffett.

For almost 30 years from 1979 Berkshire outperformed the United States market by more than 12 per cent on average per year, but since October 2008 its performance has lagged behind the wider market. 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".

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