Warren Buffett’s JPMorgan Chase ‘mistake’

By Business LeadersFOXBusiness

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Warren Buffett, the billionaire investor and founder of Berkshire Hathaway, said the company made a “mistake” by never investing in JPMorgan Chase, according to a report on Thursday.

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“I should’ve,” Buffett said in an interview with Yahoo Finance. “Very obviously. I mean, it’s been a terrifically run operation. And it was very cheap, just like a number of others were.”

Berkshire Hathaway has invested in several other banks, including Goldman Sachs, Wells Fargo and Bank of America. The company, however, has never owned any shares in JPMorgan. Buffett told Yahoo that his personal portfolio includes some JP Morgan shares.

For the “Oracle of Omaha,” the self-described error is a minor blemish on a stellar career. Berkshire Hathaway earned $44.94 billion in net profit in 2017. A significant portion of Buffett’s estimated net worth of $89.3 billion stems from his Berkshire Hathaway shares.

“We have had a pretty heavy weighting in banks right along. But I should have bought JPMorgan,” Buffett added. “I wish we bought a lot more. I made a mistake.”

While Berkshire hasn’t invested in JPMorgan, the companies are in the midst of a collaboration. The corporate juggernauts are partnering with Amazon to create an independent healthcare company for their employees that aims to improve “employee satisfaction” while “reducing costs,” according to a press release in January.

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