It is rare to find a company that has a dominant market-leading position in not one, but two completely separate industries, but Amazon.com (NASDAQ: AMZN) is in that category. Its e-commerce platform is larger than its next 10 competitors combined, and Amazon Web Services (AWS) has a strong lead over the other major cloud platforms.

As my colleague Sean Williams pointed out in a recent article, no fewer than eight billionaire investors scooped up shares of Amazon in the fourth quarter of 2023, including Citadel's Ken Griffin. And it isn't just a recent phenomenon -- Warren Buffett-controlled Berkshire Hathaway owns shares of Amazon, as do notable billionaires David Tepper and Stanley Druckenmiller.

Now, I would never suggest buying a particular stock just because billionaires are buying it, but there is a lot to like about Amazon. I've added shares to my own portfolio several times in the past couple of years, and I believe patient investors will be rewarded by this impressive business.

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Source Fool.com