Warren Buffett and Charlie Munger reflected on having missed out on investing on some of the high-flying tech focused stocks, such as Amazon and Google-parent Alphabet.

"The truth is that I've watched Amazon from the start and I think what Jeff Bezos has done is something close to a miracle, and the problem is if I think something is going to be a miracle I tend not to bet on it."

On Alphabet, Mr. Buffett said that when he originally looked at the stock, he wasn't able to come to the conclusion that at its present price, the prospects were far better than the price indicated. Mr. Munger, in classic form, said he had been to the colorful Google campus and it looks like a Kindergarten.

Though Berkshire now owns a big stake in Apple, Mr. Buffett has long said that tech is not his area of expertise. Mr. Munger concurred. But they noted that the arrival of portfolio managers Todd Combs and Ted Weschler has brought more expertise on the space.

Messrs. Buffett and Munger took their lack of foresight on Amazon and Alphabet in stride. As Mr. Buffett put it: "There is not a penalty in investing if you don't swing at a ball in the strike zone as long as you swing at something eventually."

-- Ben Eisen

Write to Ben Eisen at ben.eisen@wsj.com

(END) Dow Jones Newswires

May 05, 2018 17:01 ET (21:01 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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