Buffett's Berkshire Posts Big Profit as Stocks Gain

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Mr Buffett said 3G's management, which is responsible for the day-to-day running of the food company, was doing well operationally.

Keep up with live updates on the Berkshire Hathaway 2019 Annual Shareholders Meeting here.

Among other businesses, the Berkshire Hathaway Energy unit posted a 3-percent profit increase, while earnings from retailing and services units increased 16 percent, despite a 19 percent revenue drop at See's sweets because Easter fell late.

Buffett also said Berkshire did not need to know the reasoning beyond its investments in stocks generally and foreign stocks, saying it might require the disclosure of proprietary strategies or would not be legally required. At the same time, Berkshire wrote down the value of its stake by $3bn. "Amazon is kind of the flip side of that".

His words seemed to lift shares of Amazon, which rose to $1,964.38 in afternoon trading Friday, its high for the year.

Berkshire Hathaway Inc., based in Omaha, Nebraska, owns a range of businesses including insurance, railroads, jewelry stores as well as major investments in American Express, IBM and Wells Fargo & Co.

Berkshire Shareholders were also seen at the Kiewit Building and taking selfies with the company headquarters building.

Combs, who was CEO of a hedge fund before he joined Berkshire in 2010, "is going to be more comfortable in that world", said Meyer, noting that Berkshire has been investing more in the tech sector as the younger men take on more responsibility. "I hope [Buffett] lives forever, but that's probably not a good bet".

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