Warren Buffett, the man who pioneered buy and hold investing, just made quite a fast billion bucks from a type of investment he once mocked.
Berkshire Hathaway bought $250 million worth of Snowflake stock at the IPO price and an additional 4.04 million shares from another stockholder at the debut price. Shares of Snowflake surged 111% to about $253.93 at its market debut on Wednesday, pushing Berkshire’s stake to about $1.55 billion from around $730 million based on the IPO pricing of $120 apiece. That’s a more than $800 million paper profit on day one.
