Amazon shares jump on Buffett investment


Shares in Amazon, which have more than doubled since the start of 2017, rose more than 3 per cent in early trading on Friday.

Buffett and Berkshire Vice Chairman Charlie Munger will share their views on the current development of the company, the stock market, the global economy - among others - during the shareholders' meeting, which investors and non-investors alike are paying close attention to.

Some were anticipating Amazon's rise before the Berkshire investment however. That was more than the $1.3 billion that Berkshire, which historically has preferred using its cash on equities or acquisitions, spent all of past year after relaxing its policy on buybacks.

Buffett said the purchase was made by one of his investment managers, Todd Combs or Ted Weschler, and details would be disclosed later this month in Berkshire's quarterly report of its US stock holdings.

Shares of Amazon hit highs of the year after Buffett discloses investment, but said he wasn't the person behind decision.

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"Yeah, I've been a fan, and I've been an idiot for not buying", Mr Buffett said, according to the report. That hasn't just benefitted Buffett, but also Apple shareholders in general.

Today marks the beginning of the yearly invasion of Berkshire Hathaway shareholders, with the shareholder shopping day taking over the CHI Health Center, starting at noon. The company's annual retreat should answer these questions for investors.

Buffett has championed Amazon and its CEO, Jeff Bezos, in the past, lauding Amazon's dominance and Bezos' business acumen.

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 also this week pledged $10 billion to help finance Occidental Petroleum's bid to beat out rival Chevron take over Anadarko Petroleum. The company also has taken large positions on the bond market and, as of the end of past year, held $112 billion in United States debt.