'We screwed up' not buying Google shares, Berkshire's Munger says

06 May, 2019, 00:34 | Author: Frank Williams
  • Berkshire Hathaway Chairman and CEO Warren Buffett and his Vice Chairman Charlie Munger in red tie are seen on large screens as they preside over the Berkshire Hathaway shareholders meeting in Omaha Neb. Saturday

The shareholder meeting is Saturday.

However, that does not reflect the performance of one of its more troublesome investments, the 26.7% stake in food giant Kraft Heinz, which has not yet filed its quarterly results with the US Securities and Exchange Commission.

Warren Buffett, the CEO and chairman of the Berkshire Hathaway, doesn't think the USA political system is shifting toward socialism anytime soon, despite a progressive push from some Democrats.

Among other businesses, the Berkshire Hathaway Energy unit posted a 3-percent profit increase, while earnings from retailing and services units increased 16 percent, despite a 19 percent revenue drop at See's sweets because Easter fell late.

Buffett has said that Berkshire has a succession plan in place for whenever it is needed. At the same time, Berkshire wrote down the value of its stake by $3bn.

More news: Tesla to Raise $2 Billion in Debt and Stock Offerings

"Kraft Foods, as a strong legacy brand, is vulnerable to strong legacy brands mattering much less than they used to", Shields said.

Speaking ahead of Berkshire's annual shareholders meeting on Saturday in Omaha, Nebraska, Buffett also told CNBC he'd been "an idiot for not buying" shares in Amazon in the past.

Berkshire Shareholders were also seen at the Kiewit Building and taking selfies with the company headquarters building.

"He said Berkshire Hathaway bought Amazon - Warren Buffett didn't buy Amazon", Siefert said. "I hope [Buffett] lives forever, but that's probably not a good bet".

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