Buffett dismissed the notion that Berkshire's purchases of Amazon marks a departure from value-investing principles -- here's what he said:
Billionaire investor Warren Buffett on Saturday dismissed the notion that Berkshire Hathaway’s purchases of highflying shares of Amazon.com Inc. marks a departure from value-investing principles.
Asked during the question-and-answer session of Berkshire’s annual meeting on Saturday whether the purchases marked a divergence from Buffett’s maxim of being “fearful when others are greedy” and Berkshire’s traditional price-versus-value considerations, Buffett argued that value wasn’t tied solely to factors like book value or low price-to-earnings ratios, popular metrics for assessing equity valuations.
Those same calculations are in play whether deciding to buy a bank at 70% of book value or Amazon AMZN, +3.24% at some very high multiple, for example, he said.
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