Holding company Berkshire Hathaway, which manages the shares of the largest companies in the US and owned by the famous billionaire Warren Buffett, invested $600 million in two start-UPS working in the field of financial technologies. Previously, Berkshire has refrained from investments in the FINTECH sector.
The management company Berkshire Hathaway, owned by Warren Buffett, invested a total of $600 million in two FINTECH companies. This was reported by the newspaper The Wall Street Journal. Both deals led one of the two leading portfolio Fund managers, Todd Combs.
Both companies becoming subject to attachment, Berkshire, working in emerging markets. Investments in the amount of $300 million Indian Paytm, the country’s largest mobile operator payments. In addition, Berkshire bought a stake in Brazilian StoneCo, in the IPO, launched last week. The company provides payment processing services for commercial sector.
The publication notes that while Berkshire typically does not invest in technology companies at an early stage of development, these startups already dominate their markets, not contrary to Buffett’s criteria for investment.
Investor Warren Buffett is known for his skepticism about investments in technology companies. Famed entrepreneur, in particular, called bitcoin a “real bubble” and refused to recognize the purchase of bitcoins investment.
What are the reasons for this position Buffett, read the material BitNovosti.