Buffett’s Berkshire turns $21bn profit - but Kraft Heinz numbers missing

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The Berkshire Hathaway 2019 Annual Shareholders Meeting kicked off early Saturday morning with Warren Buffett and Charlie Munger delivering welcome statements.

However, he added: "It doesn't destroy my appetite in the least for making a very large acquisition in the United Kingdom".

But Meyer Shields, an analyst at Keefe, Bruyette & Woods, said Berkshire's more conventional holdings - the so-called "value stocks" at the core of Buffett's philosophy - can likely offset any risk from having a position in Amazon.

Berkshire Hathaway, which manages assets equivalent to the size of the Swiss economy, revealed profits for the first quarter of $21.7bn (£16.4bn), up significantly from the $1bn loss reported a year ago.

Kraft Heinz lose $10.2bn past year, as consumers turned their backs on its processed food products.

One dead, two missing after 'catastrophic' plant explosion in IL
Lenzi said early Saturday it was too early to speculate on what might have caused the explosion. Residents in the area said they heard the explosion and felt their homes shake.

Investing in Amazon, whose shares are approaching $2,000 apiece, might seem at odds with Buffett's usual approach of buying stakes in profitable companies that are undervalued by the market.

Buffett has said that Berkshire has a succession plan in place for whenever it is needed.

Berkshire owns or co-owns several companies, such as the BNSF railroad, large enough to be in the Fortune 500 on their own, yet which merit no more than a couple of pages in its quarterly and annual reports.

But he said taking on Kraft had proved costly, adding: "You can turn any investment into a bad deal by paying too much".

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