Amazon.com shares boosted by Warren Buffett's comments

Amazon.com shares boosted by Warren Buffett's comments

Buffett has said that Berkshire has a succession plan in place for whenever it is needed.

Buffett also maintained that "we paid too much" for Kraft Heinz, which was created in a 2015 merger between Kraft Foods and H.J. Heinz, which Berkshire and Brazil's 3G Capital controlled.

Keep up with live updates on the Berkshire Hathaway 2019 Annual Shareholders Meeting here. "They got into Apple late in the game-from nowhere five years ago to now it's their biggest holding", Cathy Siefert, equity research analyst at CFRA Research, told CBS MoneyWatch.

Buffett told CNBC on Thursday that a money manager at Berkshire Hathaway has been buying shares in Amazon lately. Berkshire wrote down the value of its stake in the company by $3bn at the same time. "It benefits from changing tastes because it's an intermediary".

Berkshire Hathaway Inc., based in Omaha, Nebraska, owns a range of businesses including insurance, railroads, jewelry stores as well as major investments in American Express, IBM and Wells Fargo & Co. On Friday, shares of Amazon jumped more than 3%.

The veteran USA investor said he would like to make more of a name for his firm, Berkshire Hathaway, in the United Kingdom and in Europe.

Buffett's admission also may signify something about Berkshire's future - namely, the conglomerate's future when Buffett, 88, and longtime partner Charlie Munger, 95, are no longer a part of its present. Someone younger will need to take over.

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