Buffett finally embraces Amazon

NEW YORK. Warren Buffett has said that he underestimated Amazon.com Inc’s Jeff Bezos. Now one of Buffett’s deputies is willing to put money behind the tech giant.

Berkshire Hathaway Inc has been buying Amazon shares and the purchases will show up in a regulatory filing later this month, Buffett told CNBC on Thursday. Buffett, Berkshire’s chairman and chief executive officer, said “one of the fellows in the office that manage money” made the purchases, a reference to investment managers Todd Combs and Ted Weschler.

Combs and Weschler have gained influence at Berkshire in recent years. Buffett credited some of his conglomerate’s purchases of airline stocks and Apple Inc to the deputies.