Warren Buffett’s Berkshire Hathaway is expanding its involvement in the megatechs.
First, it was Apple where Berkshire is the third biggest investor.
Now the company has dipped its toe into the share register of Amazon.
News of the investment came ahead of the 2018 annual meeting of Berkshire in Omaha on Saturday and the release of the company’s first-quarter results the same day.
Speaking on CNBC late on Thursday Buffett said the Amazon stake had been bought by one of the two investment managers – Todd Combs and Ted Weschler – he employs to oversee some of the company’s near $US200 billion portfolio.
The size of the stake and price will appear on the quarterly 13F form on May 15. That form is filed by fund managers detailing their investments and any changes 45 days after the end each quarter.
He told CNBC he had been a “fan” of Amazon for some time and “an idiot for not buying” before.
“Yeah, I’ve been a fan, and I’ve been an idiot for not buying” Amazon shares, Buffett said in the interview. “But I want you to know it’s no personality changes taking place.”
For years Berkshire was the biggest shareholder in IBM but has exited the stock because it is ‘old tech.’
Banks and financial stocks are the single biggest area of investment for Berkshire, accounting for around 40% of the company’s huge portfolio.
