Yet another question on tech investments, this time focused on Amazon. The questioner wants to know, effectively, how Berkshire missed the chance to invest.
Mr. Buffett says he "underestimated the brilliance" of Amazon's Jeff Bezos, not just of vision, but of execution. The odds that he would succeed was "not at all obvious."
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Mr. Munger adds: "I don't feel any regret" for having overlooked that investment, and suggests that was a harder one to spot than Google...suggesting perhaps that he's sorry to have overlooked that investment opportunity.
But he's still able to joke about having gotten a few other investments right along the way.
"That's our secret," says Munger, "we don't miss them all."
Click here to see the full live coverage of Warren Buffett at Berkshire Hathaway's annual meeting:
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(END) Dow Jones Newswires
May 06, 2017 15:56 ET (19:56 GMT)