INSUBCONTINENT EXCLUSIVE:
Warren Buffett's Berkshire Hathaway Inc said it owned $860.6 million of Amazon.com Inc shares at the end of March, after the billionaire
admitted to underestimating the online retailer and its Chief Executive Jeff Bezos.
The size of the investment was disclosed in a regulatory
filing detailing Berkshire's United States -listed stocks as of March 31.
Wednesday's filing includes investments by Buffett and his
portfolio managers Todd Combs and Ted Weschler, but does not say who bought and sold what.
Buffett told CNBC this month that the 483,300
share Amazon investment, which would now be worth $904 million, was made by Combs or Weschler, and that he had been "an idiot" for not
investing in Amazon himself.
The investment tightens the relationship between Buffett and fellow billionaire Bezos, whose companies teamed
up last year with JPMorgan Chase Co to create a venture, Haven, to reduce their employees' healthcare costs.
Berkshire also invests in
JPMorgan, and boosted its holdings in the largest United States bank by 19 per cent in the first quarter to 59.5 million shares, worth
Bezos has also drawn praise from longtime Berkshire Vice Chairman Charlie Munger.
"I don't mind not having caught Amazon early
The guy is kind of a miracle worker," Munger said at Berkshire's annual shareholder meeting on May 4, referring to Bezos
I give myself a pass on that."
Combs and Weschler's initial investments have sometimes heralded major Berkshire commitments directed by
Buffett.
These have included Berkshire's $32.1 billion purchase in 2016 of industrial and aircraft parts maker Precision Castparts, and a
stake in Apple Inc worth close to $48 billion.
Investors monitor Berkshire's quarterly filings for signs about how where Buffett, Combs
and Weschler see value, and stock prices often rise when Berkshire discloses new stakes.
Berkshire also owns more than 90 businesses such as
the BNSF railroad and Geico auto insurer.
It often buys stocks when buying whole companies appear too costly
23 that prices were "sky-high for businesses possessing decent long-term prospects." The Standard Poor's 500 has since risen 2.1 per
cent.
Among other portfolio changes, Berkshire reported adding to its stakes in Delta Air Lines Inc, PNC Financial Services Group Inc and
software company Red Hat Inc, and paring stakes in oil refiner Phillips 66, Southwest Airlines Co and Wells Fargo Co.