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Buffett Orders Amazon

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Warren Buffett’s Berkshire Hathaway has taken a stake in Amazon (+3.24%), the investing demigod told CNBC.

Important programming note: Buffett made it clear it wasn’t he who bought Amazon stock, but rather “one of the fellows in the office that manage money.” He has a name, Warren. And that name is likely Todd Combs or Ted Weschler, Buffett’s protégés at Berkshire.

That Berkshire (or Todd or Ted) is investing in Amazon is significant. Buffett’s held a special place in his Coke-filled heart for Amazon and CEO Jeff Bezos, but he never bought shares...

  • "I’ve been an idiot for not buying," Buffett said this week.
  • In 2018: "I had no idea that it had the potential. I blew it."

And here’s an excerpt from an interview he did with us:

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Giphy

So why now?

Buffett (whose entire shtick is value investing) had shunned the move-fast-and-break-things tech sector for years. But then he greenlit a sizeable investment in Apple, a stake which has since grown to more than $40 billion. And now, Berkshire has put Buffett’s stamp of approval on Amazon, a company that only recently started thinking about profit.

This could offer a glimpse into Berkshire once Buffett is gone (he’s 88 years old).

  • Todd and Ted have gained influence in Berkshire’s day-to-day, earning Buffett’s praise for A+ investments like Apple and airline stocks.
  • Buffett’s BFF Charlie Munger says they’re Berkshire’s “younger eyes.”

Looking ahead: Investors will get even more insight into Berkshire’s future this weekend, when Buffett hosts his annual shareholder meeting in Omaha. We’re also counting on more color re: Berkshire’s recent Occidental Petroleum deal, its Amazon stance, and its massive cash pile.

+ While we’re in Omaha: We present you with Buffett Bingo, c/o the WSJ.

Morning Brew

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