Warren Buffett has repeatedly said he was an “idiot” for not buying stock of Amazon.com Inc. when the company was younger and its share price was lower. One of the investing lieutenants at Berkshire Hathaway — not Buffett himself, he stressed to CNBC — opted to buy Amazon shares for the firm in recent months, Buffett said on Thursday. He was very insistent that it wasn’t him doing the Amazon buying, perhaps because Buffett’s reputation as a lifetime proponent of value investing would be dinged by a purchase of Amazon stock. Amazon shares are definitely not a bargain, unlike the $41, nearly one-and-a-half-pound T-bone at Buffett’s favorite steakhouse. To be fair, Amazon shares weren’t inexpensive even in 2014 on a multiple of earnings.

Source: Washington Post May 03, 2019 15:32 UTC