Buffett's Berkshire Posts Big Profit as Stocks Gain

Berkshire Hathaway Chairman and CEO Warren Buffett and his Vice Chairman Charlie Munger in red tie are seen on large screens as they preside over the Berkshire Hathaway shareholders meeting in Omaha Neb. Saturday

That means Berkshire Hathaway's corporate culture should live on even after Buffett is gone. At the end of 2018, Buffett's firm owned more than $40 billion of the company.

The Berkshire Hathaway Inc Chairman and Chief Executive Officer said he would "love to put more money in the UK" despite uncertainty over whether and how Britain will leave the European Union.

A young shareholder, brought to Berkshire Hathaway's annual meeting by her father, asked Warren Buffett what his favourite investment was outside of the conglomerate. "They got into Apple late in the game-from nowhere five years ago to now it's their biggest holding", Cathy Siefert, equity research analyst at CFRA Research, told CBS MoneyWatch. Berkshire wrote down the value of its stake in the company by $3bn at the same time.

"Kraft Foods, as a strong legacy brand, is vulnerable to strong legacy brands mattering much less than they used to", Shields said. "It benefits from changing tastes because it's an intermediary".

"I don't think the country will go into socialism in 2020, or in 2040, or 2060", Buffett told investors in Omaha, Nebraska during Berkshire's annual meeting on Saturday. The stock is up 30 percent in 2019.

"It strikes me as a disgusting problem", Berkshire Vice Chairman Charlie Munger added.

That gradual shift at Berkshire as is a healthy development, Shields said.

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