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

Amazon stock climbs as Warren Buffett admits he was an

Buffett defended Berkshire's disclosures in responding to three questions at Berkshire's annual shareholder meeting in Omaha, Nebraska.

Billionaire investor Warren Buffett's sprawling conglomerate Berkshire Hathaway has revealed a big profit boost after racking up a loss a year ago - but the figures exclude any hit from Kraft Heinz.

Keep up with live updates on the Berkshire Hathaway 2019 Annual Shareholders Meeting here.

Mr Buffett said 3G's management, which is responsible for the day-to-day running of the food company, was doing well operationally.

Mr Buffett, known as the "Sage of Omaha", is chairman and chief executive of Berkshire Hathaway, which owns dozens of U.S. stocks.

But his acquisition of 26.7 per cent stake in food giant Kraft Heinz still gave the investment giant cause for concern, having not yet filed its quarterly results. Berkshire wrote down the value of its stake in the company by $3bn at the same time. On Friday, shares of Amazon jumped more than 3%.

Buffett's admission also may signify something about Berkshire's future - namely, the conglomerate's future when Buffett, 88, and longtime partner Charlie Munger, 95, are no longer a part of its present.

Berkshire Hathaway CEO Warren Buffett tells FOX Business' Liz Claman that he paid too much for Kraft Heinz.

Combs, who was CEO of a hedge fund before he joined Berkshire in 2010, "is going to be more comfortable in that world", said Meyer, noting that Berkshire has been investing more in the tech sector as the younger men take on more responsibility.

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