My firm has bought 1st Amazon shares, says Buffett

Philanthropist Warren Buffett at the Forbes Media Centennial Celebration at Pier 60

The Amazon purchase adds an additional bond between Buffett and Bezos, whose companies teamed up previous year with JPMorgan Chase & Co to form a new venture, Haven, to reduce employee healthcare costs.

Buffett said the purchase was made by one of his investment managers, Todd Combs or Ted Weschler, and details would be disclosed later this month in Berkshire's quarterly report of its USA stock holdings. Suncor rose 4.1%. Investors saw Berkshire Hathaway's investment in the company as a bullish sign.

Warren Buffett said Berkshire Hathaway Inc has bought shares of internet retailing giant Amazon.com Inc for the first time, though he has not been the one doing the buying, CNBC reported on Thursday. The firms are setting up an independent company to offer healthcare services to their United States employees more transparently and at a lower cost.

Stock buybacks: Quarterly earnings, to be released before the meeting, will disclose how much of Berkshire's stock Buffett and Vice Chairman Charlie Munger saw fit to repurchase in Q1. "Whenever you've got 40,000 fans cheering on a CEO, there is probably less skepticism in the investment base than is appropriate", he added in reference to Berkshire's annual shareholder gathering.

Buffett, 88, and long-time business partner, Charles Munger, 95, have praised the pair, with Munger saying they give Berkshire "younger eyes". A year ago in an interview with CNBC, Warren Buffett said: "The truth is that I've watched Amazon from the start and I think what Jeff Bezos has done is something close to a miracle, and the problem is if I think something is going to be a miracle I tend not to bet on it".

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GEICO, the USA auto insurer known for its mascot, a green, British-accented gecko, was one of Buffett's first big moves.

In February, Buffett called acquisition prices "sky-high for businesses possessing decent long-term prospects".

Since making his first stock purchase at 11 years old, Warren Buffett has built a business empire that extends to insurance, rail transport and frozen desserts, not to mention a bulging portfolio of financial market investments.

"They've done better than I have", Buffett said.

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