Berkshire Hathaway (BRK-A, BRK-B) Chairman and CEO Warren Buffett isn’t worried that he missed out on investing in some of the high flying technology companies over the past few years like Alphabet (GOOGL) and Amazon (AMZN).
“There were a huge number of people that knew more about the [technology] game than I did,” Buffett said at the 2019 Berkshire Hathaway Annual Shareholders Meeting. “We don’t want to try to win in a game we don’t understand.”
He added that he may hire folks who do have a better grasp of the tech world, such as Todd Combs or Ted Weschler, who are two Berkshire money managers.
These managers recently made the decision for Berkshire Hathaway to establish a position in Amazon, during the first quarter, even though the stock is already up more than 500% over the past five years.
“We’ll miss a lot in the future, we missed a lot in the past,” Buffett said, referring to investing opportunities.
Even with sitting on the sidelines while tech stocks surged over the past few years, Buffett said he hopes to continue to be able to identify companies with big moats, which has long been a key criteria for Buffett.
“We won’t go into something because somebody else tells us it’s a good thing to do” he said. “We’re not going to subcontract your money into someone else’s judgement.”
Scott Gamm is a reporter at Yahoo Finance. Follow him on Twitter @ScottGamm.
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