Buffett finally embraces Amazon as Berkshire acquires stake

Philanthropist Warren Buffett at the Forbes Media Centennial Celebration at Pier 60

Amazon's closing price on Thursday, ahead of this disclosure, was $1,900.82, and the shares were up nearly 2% at $1,938 shortly after the opening bell on Friday.

He was speaking ahead of Berkshire Hathaway's annual shareholders' meeting today in Omaha, Nebraska.

These results illustrate what Buffett has called the "wild and capricious" and, in his view, meaningless swings caused by an accounting rule requiring the reporting of unrealized stock gains with earnings, regardless of Berkshire's plans to sell.

"One of the fellows in the office that manage money. bought some Amazon", Buffett was quoted as saying.

Berkshire Hathaway CEO Warren Buffett tells FOX Business' Liz Claman that he paid too much for Kraft Heinz. Although Buffett has always been a fan of Amazon, he has never bought shares of Amazon. "Whenever you've got 40,000 fans cheering on a CEO, there is probably less skepticism in the investment base than is appropriate", he added in reference to Berkshire's annual shareholder gathering.

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Berkshire Shareholders were also seen at the Kiewit Building and taking selfies with the company headquarters building. Now one of Buffett's deputies is willing to put money behind the tech giant. To solidify its dominance of the online retail market, Amazon is spending hundreds of millions of dollars to cut shipping times to a single day for some members.

It's a question that needs to be answered.

Buffett told the FT in an interview last week that he has struggled to find investments that could make a meaningful impact to Berkshire's bottom line given the conglomerate has US$700b in assets, with US$112b of that in cash and cash-like securities.

The company this week signed a deal to pump US$10b into Occidental Petroleum to fund the oil and gas company's US$55b takeover of rival Anadarko.

The Amazon stake further cements the relationship between Berkshire and Bezos's company. "I promise this is good for Omaha", Buffett said. 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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