Value investor Warren Buffett distances himself from Amazon stock buy
FBN's Liz Claman on Berkshire Hathaway's investment in Amazon and some of the highlights from the upcoming coverage of the Berkshire Hathaway shareholders meeting.
Billionaire investor Warren Buffett seems to be disowning the purchase of Amazon stocks after one of Berkshire Hathaway’s portfolio managers invested in the e-commerce giant this week.
Buffett told FOX Business’ Liz Claman, “I didn't know about it until after it was done,” on the eve of Berkshire’s annual shareholder meeting in Omaha, Nebraska.
The Berkshire Hathaway chairman and CEO is referring to the investment transaction executed by either Todd Combs and Ted Wechsler, who manage more than $13 billion in equities for the company. Buffett told CNBC about the share purchases during an interview on Thursday, saying he was an "idiot" for not investing in the e-commerce behemoth earlier.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AMZN | AMAZON.COM INC. | 204.61 | +2.91 | +1.44% |
Buffett, the 88-year-old “Oracle of Omaha,” is known for being a disciplined value investor who tries to avoid overpaying -- no matter his feelings on the company.
With a price-to-earnings ratio of 79.37, Amazon is an investment Buffett wouldn’t bite at if he were making the decision, he said.