Warren Buffet is recognized as one of the world’s most successful investors. He is a billionaire and a brilliant business mind that boasts a net worth of over $73 billion. However, Buffet is not just any billionaire – he is an interesting character that is full of colorful insight and humorous quotes of economic wisdom. He donates nearly 99% of his salary every year, so it’s no wonder that the man they call the “Oracle of Omaha” attracts such a massive media attention.
Recently, Buffet spoke publicly at Berkshire Hathaway’s annual shareholders meeting about the value of Amazon’s stock, why he feels bad for not pursuing it earlier and how his hat goes off to Jeff Bezos. As an audience of 40,000 hung on Buffet’s every word, reading between the lines of the billionaire’s words was easy – he missed the potential that was right in front of him.
While the current stock prices of Amazon are just a bit too pricey for Buffet, the business magnate was not shy in heaping praise on Amazon’s chief Jeff Bezos.
“I was impressed with Jeff early. I never thought he could pull off what he did,” an honest Buffet said with a chuckle in his voice. “The remarkable thing about Jeff, is he’s done it in two industries almost simultaneously that really don’t have that much connection. I’ve never seen any person develop two really important industries at the same time.”
Many consider Bezos a renaissance man of his time, so it does not come as any surprises that the 86-year old investment guru has a bit of a business “crush” on Amazon’s chief. It is kind of hard not to when you consider the fact that Bezos is the brain trust behind the fastest company ever to reach $100 billion in annual sales. He also runs the Washington Post and is planning for commercial suborbital spaceflight with his manufacturing company Blue Origin.
In the past, Buffet has a history of staying away from tech stocks because he had trouble understanding how the companies were making money, what their exact business module was and whether or not the company would be able to sustain profitability over a long period of time. But this time, Buffet summed up his thoughts on avoiding an Amazon investment in a very blunt, one word answer: “stupidity”.
So although the ship has set sail for Buffet to buy Amazon stock, he remains committed to endorsing Amazon stock for prospective and current investors. Those who are looking to making money off the tech giant should grab a piece of the pie while they can.
Even the world’s fourth-richest man can still be humble by admitting that he made a mistake not purchasing the retailer’s stock. This should be music to the ears of those still looking to invest in Amazon. The marketability is there, the profitability is there – investors just have to trust their judgment and take the leap of faith.
Michael Joyce is a contributing writer at Amazon Sellers’s Lawyers, a burgeoning legal service that provides counsel for Amazon sellers affected by complaints, seller account suspensions and