Buffett calls himself ‘idiot’ for not buying Amazon

But now Berkshire Hathaway has added the shares

NEW YORK – Billionaire investor Warren Buffett called himself an “idiot” for not buying stock in Amazon but said someone at his investment firm, Berkshire Hathaway, is making I’ve been an idiot for up for his lack of not buying” Amazon foresight. shares, Buffett said

Buffett told on CNBC Thursday. CNBC on Thursday “But I want you to that a money manager know it’s no personality at Berkshire changes taking Hathaway has been place.” buying shares in Buffett In 2017, Buffett Amazon lately. On Friday, told CNBC that “stupidity” shares of Amazon jumped was to blame for his not more than 3%. seeing Amazon’s potential.

“Yeah, I’ve been a fan, and And at last year’s Berkshire annual meeting, Buffett said that he has long admired Amazon CEO Jeff Bezos, but he blew the chance to invest in it early on when the stock was priced more reasonable.

Buffett said then that he thought Amazon stock was likely too expensive for him to buy now at a value, but one of his investment managers at Berkshire decided differently this year.

While the famously technology-averse investor admits he made a mistake, he also made it clear that Berkshire’s Amazon buy was not directed by him.

Details about the transactions are expected to be revealed in a future regulatory filing.

Shares in the Seattlebased Amazon.com rose to $1,960.91 in afternoon trading Friday, its high for the year.

Berkshire Hathaway, based in Omaha, Neb., owns a range of businesses including insurance, railroads, jewelry stores as well as major investments in American Express, IBM and Wells Fargo & Co. Its annual shareholder meeting is Saturday.