SNOW - Down 62% This AI Stock Is Owned by Warren Buffett's Investment Firm -- and You Might Want to Buy It Too
2023-08-30 09:15:00 ET
Warren Buffett is widely considered to be one of the world's best investors. He heads the Berkshire Hathaway investment company, which has outperformed the benchmark S&P 500 for more than 50 years!
Buffett has a simple approach targeting companies with solid growth prospects and strong profitability -- and that aim to return money to shareholders through dividends and share buybacks. He's also known to stick to businesses he understands.
So when one of Buffett's deputies at Berkshire took a position in a cloud computing company called Snowflake (NYSE: SNOW) right before its initial public offering in 2020, investors were left scratching their heads. Snowflake was (and still is) unprofitable, doesn't return money to shareholders, and develops highly advanced software technologies.
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Down 62%, This AI Stock Is Owned by Warren Buffett's Investment Firm -- and You Might Want to Buy It, Too