October 16, 2019 Finance and Tech Publication

Warren Buffett’s Berkshire Hathaway raises Amazon stake by 11%

Warren Buffett

Bloomberg | Getty

Warren Buffett’s Berkshire Hathaway has been loading up on shares of Amazon.

Berkshire upped its stake in Amazon by 11%, the Omaha, Nebraska-based holding company revealed in a government filing Wednesday. Berkshire now owns 537,300 shares of the e-commerce giant — worth $947 million after Wednesday’s market close. 

Buffett announced his initial Amazon investment in May, but said he was not the one behind the share purchases.

“One of the fellows in the office that manage money” bought shares of Amazon on behalf of Berkshire, Buffett told CNBC’s Becky Quick on the eve of the company’s annual shareholders meeting in Omaha.

Buffett also slightly increased his bet on bank shares, which have been hit this month on concerns about an inverted yield curve hurting profits for the group. Berkshire’s Bank of America stake was increased by 3.5% last quarter, according to the filing. It also raised its holding of USBancorp by 2.4%. Other big bank holdings, including Wells Fargo and J.P. Morgan Chase, remained the same.

The famous value investor has historically avoided major technology bets, ending a rough chapter in IBM last year. But in February 2017, he announced that Berkshire was buying a large stake in Apple. In the the first quarter of 2018, Berkshire added 75 million shares of the iPhone maker and told CNBC at the time that he clearly likes Apple, and “we buy them to hold.”

Buffett has consistently said he’s not overly focused on short-term performance. While he expects Berkshire to come out ahead over time, “we haven’t got the faintest idea what years we’ll be up or down,” Buffett told CNBC last year.

Kraft Heinz, Berkshire’s fourth largest holding, hit a record low last week after the company announced an additional write-down of $1.22 billion and missed revenue expectations. Buffett told CNBC in June that he “made a mistake in the Kraft purchase in terms of paying too much. “

In its last major SEC filing, Berkshire Hathaway disclosed an 18% increase in its J.P. Morgan Chase stake to 59.5 million shares in its last quarterly filing, and a 22% increase to its Red Hat holdings to 5.1 million shares. Red Hat was acquired by IBM for $34 billion in July.

in News
Related Posts

Germany set to allow Huawei into 5G networks, defying pressure from the US

October 16, 2019

October 16, 2019

The Huawei logo in front of the company’s German headquarters in Duesseldorf, Germany Wolfgang Rattay | Reuters Germany will not...

EU tells Broadcom to stop certain business deals in unprecedented move

October 16, 2019

October 16, 2019

Broadcom Corp. signage is displayed outside of the company’s headquarters in Irvine, California. Patrick Fallon | Bloomberg | Getty Images...

EU tells Broadcom to stop certain business deals in unusual move

October 16, 2019

October 16, 2019

Broadcom Corp. signage is displayed outside of the company’s headquarters in Irvine, California. Patrick Fallon | Bloomberg | Getty Images...

Google Pixel 4 could take advantage of Huawei’s troubles — but it won’t be easy

October 16, 2019

October 16, 2019

Pixel 4 smartphones are displayed during the Made by Google event in New York, U.S., on Tuesday, Oct. 15, 2019....

Alibaba Group thwarts 300 million hack attempts per day, founder Jack Ma says

October 16, 2019

October 16, 2019

Alibaba’s company logo at its office in Hong Kong on February 22, 2012. Aaron Tam/Stringer | Getty Images Chinese technology...

SoftBank is in talks with JP Morgan on WeWork bailout as cash expected to dry up by mid-November

October 16, 2019

October 16, 2019

SoftBank Group founder, chairman and CEO Masayoshi Son announces his group’s earnings results on May 9, 2019, in Tokyo. Alessandro...

Facebook employee says he was fired for speaking out about his colleague’s suicide

October 15, 2019

October 15, 2019

Yi Yin joined Facebook’s core growth team in July and he was fired after he participated in a protest demanding...

Twitter explains when it will remove abusive tweets by world leaders

October 15, 2019

October 15, 2019

Twitter CEO Jack Dorsey addresses students during a town hall at the Indian Institute of Technology (IIT) in New Delhi,...

Here’s a first look at Google’s new phone, which you can control by waving your hand over the screen

October 15, 2019

October 15, 2019

Google announced a bunch of new gadgets at a press event in New York City on Tuesday, including the Pixel...

Here’s a first look at Google’s Pixel 4, which you can control by waving your hand over the screen

October 15, 2019

October 15, 2019

Google announced a bunch of new gadgets at a press event in New York City on Tuesday, including the Pixel...

Google’s aggressive ‘ambient computing’ strategy means it wants to be everywhere

October 15, 2019

October 15, 2019

“Ambient computing” is the latest buzzword Google executives touted at its annual hardware event Tuesday. Google’s hardware strategy has been...

Warren pledges to turn down money from Big Tech and top Wall Street executives

October 15, 2019

October 15, 2019

Presidential candidate and U.S. Senator Elizabeth Warren (D-MA) speaks at a campaign rally at Keene State College in Keene, New...

JP Morgan and big bank earnings: Here’s what Wells Fargo’s former CEO and other experts are saying

October 15, 2019

October 15, 2019

Call it a financial frenzy. Big banks J.P. Morgan Chase, Citigroup, Wells Fargo and Goldman Sachs kicked off earnings season...

Oyo CEO says aggressive US expansion continues, defends investor SoftBank

October 15, 2019

October 15, 2019

Ritesh Agarwal, founder and CEO of OYO OYO Japanese tech conglomerate SoftBank may be struggling with its investments in WeWork...

Netflix faces its final quarter of calm before the streaming wars begin

October 15, 2019

October 15, 2019

Netflix CEO Reed Hastings. Philippe Huguen | AFP | Getty Images This quarter is Netflix‘s calm before the storm. The...