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.
At Berkshire's annual meeting in Omaha, Nebraska, holders filtered past the Kraft Heinz Co. booth featuring an inflatable ketchup bottle and a giant hot dog. The displays served as a reminder of a rough bet by Buffett, 88, and of questions about whether traditional consumer brands still carry weight in the age of internet stocks including Amazon, Berkshire's latest investment.