Berkshire Hathaway gives Buffett's successors spotlight in annual meeting

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

Charlie Munger, business partner of billionaire Warren Buffett, said Saturday the two are "ashamed" of not having invested in Google, which has become one of the world's most valuable companies.

Speaking on CNBC, the Berkshire Hathaway investor said that, "I was pleased with what they reported".

The company reported first-quarter earnings of $21.7bn (£16.5bn) on Saturday, a marked improvement on last year's first-quarter loss of $1.1bn.

Analysts on average expected operating profit of about $3,399 per Class A share, according to Refinitiv data.

After a shareholder asked if Jain and Abel might join the Oracle of Omaha - as Buffett is often called due to his history of astute investments - on stage to answer questions more regularly in the future, Buffet hinted at the possibility of a larger role for his successors.

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Kraft Heinz has been a thorn for Berkshire, which in February took a $3 billion write-down on its 26.7 percent stake, because of the packaged food company's inability to keep up with changing consumer tastes and reliance on older brands such as Oscar Mayer and Jell-O.

But he also maintained that "we paid too much money" for Kraft.

Buffett defended 3G's management, saying the combined company is doing well operationally, and that its current problems can not be blamed on a lack of investment. And this rose 5% to $5.6 billion this year from $5.3 billion last year. Edward Jones analyst Jim Shanahan said that's an encouraging sign because it means Berkshire is willing to pay higher prices for its own stock than it has in the past.

At the end of 2018, Buffett's firm owned more than $40 billion of the company.

Berkshire's Class A shares closed Friday at $327,765.61, and its Class B shares closed at $218.60.

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