Berkshire Hathaway CEO Warren Buffett told CNBC he sold shares of Oracle last year due to his lack of understanding of the cloud business.
Berkshire had a $2.1 billion stake in Oracle in the third quarter of 2018 but sold its shares by the end of the fourth quarter. In an interview with CNBC's Becky Quick on Feb. 25, Mr. Buffett explained, "Oracle is a great business, but I don't think, particularly after my experience with IBM, I don't think I understand exactly where the cloud is going. … I've been amazed at what Amazon has done there and now Microsoft is doing it as well. I don't know where that game is going."
Berkshire Hathaway has been cautious about tech investments in the past, but did have a long-term investment in IBM, according to Bloomberg. It sold those shares when sales declined.
See the full interview here.
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