Business

Warren Buffett's Berkshire Hathaway just made a fast $1 billion on Snowflake's surging IPO


In a 2019 CNBC interview, when asked if he planned to buy the highly anticipated Uber IPO, Buffett replied, "In 54 years, I don't think Berkshire has ever bought a new issue."


"The idea of saying the best place in the world I could put my money is something where all the selling incentives are there, commissions are higher, the animal spirits are rising, that that's going to better than 1,000 other things I could buy where there is no similar enthusiasm … just doesn't make any sense," he added.


Buffett previously said investors are often buying into an IPO because of the hype involved with them and because they want to catch up with others getting rich and that's not a sound basis for an investment.


Berkshire's massive Apple stake — now accounting for about 40% of its equity portfolio — played a crucial role in helping the conglomerate weather the coronavirus crisis this year.


We're going to work hard to make it worth that bet," Sutter Hill Ventures managing director Mike Speiser said on CNBC's "Halftime Report" on Wednesday.


Warren Buffett's Berkshire Hathaway just made about $1 billion off of Snowflake's market debut, despite the legendary investor's typical aversion to IPOs.






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