Billionaire Warren Buffett gives new hint about his successor

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Amazon stock climbs as Warren Buffett admits he was an "idiot" for not investing earlier

Instead, it was one of his younger deputies who opted to invest in the ecommerce behemoth.

Buffett also maintained that "we paid too much" for Kraft Heinz, which was created in a 2015 merger between Kraft Foods and H.J. Heinz, which Berkshire and Brazil's 3G Capital controlled.

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

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Buffett told CNBC on Thursday that a money manager at Berkshire Hathaway has been buying shares in Amazon lately. At the same time, Berkshire wrote down the value of its stake by $3bn. "It benefits from changing tastes because it's an intermediary". On Friday, shares of Amazon jumped more than 3%.

Results were released as Buffett, 88, and Vice Chairman Charlie Munger, 95, prepared to answer more than five hours of questions from shareholders and analysts at Berkshire's annual meeting in Omaha, Nebraska, which draws tens of thousands of people. The stock is up 30 percent in 2019.

Warren Buffett on Saturday rejected a frequent criticism that his Berkshire Hathaway Inc does not disclose enough about its more than 90, often large operating businesses or its common stock investments. That hasn't just benefitted Buffett, but also Apple shareholders in general. "Whenever you've got 40,000 fans cheering on a CEO, there is probably less skepticism in the investment base than is appropriate", he added in reference to Berkshire's annual shareholder gathering.

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