Buffett Confronts Tech-Driven Change Amid Investor Questions
- Kraft Heinz slide, Amazon stake a focus at Berkshire meeting
- Deputy stock pickers helped Buffett finally embrace tech bets
Warren Buffett
Photographer: Houston Cofield/Bloomberg
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Berkshire Hathaway Inc. overpaid for part of venerable food giant Kraft Heinz Co. and failed to realize the potential of Amazon.com Inc., snapping up stock in the internet retailer only after it had already risen by thousands of percent.
That was the assessment by Warren Buffett and Charles Munger of two recent bets, leaving them in an unusual position on Saturday: Answering shareholder questions about whether changes are needed to an approach that has made them investing legends.