The world's most famous investor, the Oracle of Omaha, Warren Buffett expressed regrets about not being able to gauge two tech companies, where he doesn't own a stock but they are doing extremely well.
Well, he was talking about Google and Amazon. At the Berkshire Hathaway's annual shareholders meeting on Saturday, Buffett said that he failed to understand that Google was going to be this huge. CNN reported that he remembered Berkshire subsidiary Geico was paying $10 or $11 to Google every time someone clicked on an ad.
According to the publication, Warren Buffett said, "I blew it," as he admitted that he was amazed to see the business making additional money with no incremental cost, but he still didn't buy a stock.
Apart from Google, Warren Buffett also praised Amazon and Jeff Bezos heartily, along with Berkshire Hathaway' Vice Chairman Charlie Munger.
While Munger called Bezos "a different species, Buffett went on to say that "I was too dumb to realize what was going to happen. I've admired Jeff, and I've admired him for a long, long time. But I did not think he was going to succeed on the scale that he has."
The two major tech companies in which Berkshire holds stocks are Apple and IBM.
According to CNN, Earlier this week, Buffett announced that Berkshire Hathaway had dumped about a third of its IBM stock. It's the company's largest shareholder. "I thought it would do much better," Buffett admitted.
Apple, which Buffett bought a stake in last year, accounts for about 5.5% of Berkshire's portfolio.