Mr. Buffett said he underestimated what a disruptive force Amazon and its founder Jeff Bezos would be in the retail and cloud computing realms.
“I made the wrong decisions on Google and Amazon,” Mr. Buffet said at the Berkshire Hathaway annual shareholder meeting May 5. He added it took the convincing of Microsoft’s Bill Gates to get him to switch from Altavista to Google.
“I had very very very high opinion of Jeff’s ability when I first him, and I underestimated him,” he added. “I’ve watched Amazon from the start. I think what Jeff Bezos has done is something close to a miracle … The problem is when I think something will be a miracle, I tend not to bet on it. It would have been far better obviously if I had some insights into certain businesses.”
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