Berkshire Hathaway wants to apologise.
During the investment conglomerate’s 2017 annual shareholder meeting, vice chairman Charlie Munger admitted Berkshire missed the boat on Google and Walmart.
“We failed you there,” he said, calling the firm’s decision to not invest in the two companies its “worst mistake.”
“We were smart enough to figure it out and we didn’t,” said Munger.
The comments stemmed from New York Times columnist Andrew Ross Sorkin’s question asking why Berkshire sold a third of their IBM shares, and why the firm has historically stayed away from tech stocks.
“When I started buying IBM six years ago, I thought it’d do better in the six years that have lapsed than it has,” chairman Warren Buffett responded.
Munger continued, saying that Berkshire avoided tech stocks because “we felt we had no advantage there.”
The discussion then pivoted to Munger’s lament over missing on Google, as well as one other regret.
“We blew Walmart too,” he said.
Buffett will continue answering shareholder questions throughout the day. Follow Business Insider’s coverage of the event here.
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