Warren Buffett’s Berkshire boosts Amazon bet, attracts Ackman

17 Août, 2019, 15:41 | Auteur: Auguste Feret
  • Berkshire Hathaway boosts stake in Amazon 11%

Warren Buffett's Berkshire Hathaway Inc on Wednesday said it boosted its stake in Amazon.com Inc by 11 per cent during the second quarter, as USA stock indexes traded near record highs.

According to the filing made by Berkshire Hathaway, the company now owns 537,300 shares in Amazon and it has a total value of $1.02 billion. The company boosted its bet on US Bancorp by 2.4% to a stake valued at $6.9 billion as of June 30.

This story has not been edited by Firstpost staff and is generated by auto-feed. However, in a new development, it has emerged that Warren Buffett's Berkshire Hathaway has made a decision to raise its stake in the world's biggest e-commerce company. It also cut investment in Charter Communications by 5%, even after the cable company's stock surged 14% during the quarter. Berkshire officials don't generally comment on these quarterly filings.

Berkshire sold its 31% stake in USG, a wallboard maker that was acquired by the German company Knauf KF in April, after Buffet labeled it a disappointing two-decade investment. The famous investor-duo also hasn't pursued any major acquisitions in recent years. Berkshire liquidated about $1 billion more worth of stocks in Q2 than it purchased during the first quarter of 2019.

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While he could have tried to oust executives and board members - something he has done at companies ranging from Canadian Pacific to Chipotle - Ackman said it made more sense to just leave.

In the past, Buffett has mostly avoided tech stocks because he said he didn't understand them well enough to invest in them. In this regard, it is interesting to note that Berkshire Hathaway increased its stake when the company's shares were trading at record highs.

Berkshire's stock price is more than 12% below its record high set in October.

"These structural competitive advantages of Berkshire's insurance business are enduring and will likely further expand", Ackman wrote, adding that Buffett should also be known as the "world's greatest insurance company architect and CEO".

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