"I had very, very, very high opinion of Jeff's ability when I first met him, and I underestimated him."
""the most remarkable business person of our age,""
""an idiot for not buying""
Berkshire Hathaway's initial Amazon position began in 2019 with about 536,000 shares valued near $930 million and expanded after Amazon's 20:1 stock split to roughly 10 million shares worth about $2.1 billion by the end of the third quarter. In the fourth quarter, Berkshire sold 7,724,000 shares, a 77% reduction, leaving 2,276,000 shares valued at $525 million. The 2019 purchase was made by an investment manager (Ted Weschler or Todd Combs), not Buffett. Buffett has praised Jeff Bezos and admitted underestimating him, calling himself "an idiot for not buying" sooner. The Amazon sale was likely executed by Berkshire's investment managers; Todd Combs resigned in December to join JPMorgan after the trades but could have initiated the sale before leaving.
Read at 24/7 Wall St.
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