shares boosted by Warren Buffett's comments


Buffett has been prepping shareholders for the possibility of more stock buybacks, a move he's largely shunned throughout his more than six-decade career.

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. Berkshire Hathaway is known for its value investments.

The figures were released hours before Berkshire Hathaway's marathon annual shareholder meeting kicked off in Omaha, Nebraska on Saturday.

"One of the fellows in the office that manage money. bought some Amazon", Buffett, Berkshire's chairman and CEO, told CNBC, likely referring to one of two investment managers, Todd Combs or Ted Weschler, at the company. Although Buffett has always been a fan of Amazon, he has never bought shares of Amazon.

More news: Venezuela's opposition leader Guaido claims support of soldiers in Caracas
More news: Irving, Celtics romp to win in opener
More news: Huawei is funded by Chinese security agencies according to the CIA

Warren Buffet is 88 and won't be the CEO of Berkshire Hathaway (BRKB) forever.

Before then, the company's stock bets were dominated by banks and other financial services and consumer goods groups such as Coca-Cola. One stock that has particularly led the charge though is Amazon (AMZN). That was more than the $1.3 billion that Berkshire, which historically has preferred using its cash on equities or acquisitions, spent all of previous year after relaxing its policy on buybacks. To solidify its dominance of the online retail market, Amazon is spending hundreds of millions of dollars to cut shipping times to a single day for some members. The company's annual retreat should answer these questions for investors. While Berkshire Hathaway's stake in Amazon might not be a game changer, it could decrease some of the valuation concerns. In 2016, Berkshire has a last major acquisition.

The company this week signed a deal to pump US$10b into Occidental Petroleum to fund the oil and gas company's US$55b takeover of rival Anadarko.