Buffett finally embraces Amazon as Berkshire Hathaway acquires stake

Warren Buffett has said that he underestimated Amazon.com Inc’s Jeff Bezos. Now, one of Buffett’s deputies is willing to put money behind the technology giant.

Berkshire Hathaway Inc has been buying Amazon shares and the purchases will show up in a regulatory filing later this month, Buffett told the media.

Buffett, Berkshire’s Chairman and Chief Executive Officer (CEO), said one of the fellows in the office that manage money made the purchases, a reference to investment managers Todd Combs and Ted Weschler.

Combs and Weschler have gained influence at Berkshire in recent years. Buffett credited some of his conglomerates purchases of airline stocks and Apple Inc to the deputies as well as noted their involvement in helping Berkshire beyond their stock-picking duties.