"Warren Buffett Stocks" That Might Not Be His Ideas

"Warren Buffett Stocks" That Might Not Be His Ideas

Investing in Amazon, whose shares are approaching $2,000 apiece, might seem at odds with Buffett's usual approach of buying stakes in profitable companies that are undervalued by the market.

Both Jim Weber, the CEO of Berkshire running shoe subsidiary Brooks, and Dan Calkins, the new CEO of paint giant Benjamin Moore, told me at the shareholder meeting Friday that reporting to Abel isn't too different than having Buffett as a boss.

Still, Berkshire Hathaway ended a year ago with its Apple investment valued more than the cost of buying the shares.

For what it's worth, few expect any major changes at Berkshire after Buffett retires or passes away.

The billionaire all-star investor disclosed the move in an interview with CNBC, telling the broadcaster that the stock purchases were bought by "one of the fellows in the office that manage money".

He holds a stake in Apple and had a sizeable investment in IBM at one point, but has generally refrained from investing in numerous biggest technology companies that have become powerhouses in the 21st Century, including Google, Facebook and - until now - Amazon. Buffett, 88, is chairman and CEO of Berkshire.

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That hasn't just benefitted Buffett, but also Apple shareholders in general.

Before then, the company's stock bets were dominated by banks and other financial services and consumer goods groups such as Coca-Cola. Approaching $1 trillion valuation once more, Apple stock is up more than 32% this year.

Buffett is well-known for not being the biggest fan of tech stocks.

The patience afforded to Bezos is starting to pay off. Amazon reported a record US$3.6b profit in the first quarter, although its pace of sales growth had slowed. The Berkshire investment is contingent on Occidental completing its proposed acquisition of Anadarko.

Berkshire Hathaway also has significant stakes in companies like the food conglomerate Kraft-Heinz. Buffett's assistant didn't immediately respond to a message seeking comment.

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