Buffett 'blew it' by not buying stock in Amazon and Google

The topic arose at Berkshire Hathaway's shareholder meeting in Omaha, where Buffett talked about his struggles to find ways to deploy the company's enormous hoard of more than $90 billion in cash, at a time when it has been hard to find worthy investments at an attractive price.

On Saturday tens of thousands of investors attended an annual Berkshire Hathaway event in Omaha, Nebraska.

Apple's (AAPL) brand loyalty and reasonable valuation is what convinced billionaire investor and Bershire Hathaway (BRK.A) (BRK.B) Chairman and CEO Warren Buffett to invest in the company, Buffett told CNBC Monday.

For a guy who stands to keep over half-a-million dollars, Warren Buffett is not too pleased.

"We have an extraordinary group of good managers", Buffett said.

Buffett said USA stocks looked "dirt cheap" for anyone who believed interest rates will stay low for a long time.

As a result, Buffett said that even very smart people fall victim to the urge to speculate in the stock market during times stocks are performing well.

Coattail investing, or simply investing alongside market-moving investors, has proven to be a fruitful strategy for Berkshire Hathaway aficionados, with the Buffett-owned company posting S&P500-beating returns nearly annually for decades.

Asked why Berkshire Hathaway bought Apple stock, Buffett said, "The shares when we bought them at least were much more reasonable in relation to current earnings".

Buffett said there is no change in Berkshire's plan to eventually replace him, adding that one of the most important qualities his successor would need is a talent for wisely investing Berkshire's cash.

But he also said it would be a "terrible mistake" if capital allocation were not the "main talent" of his successor.

Vice chairman Munger reminded the meeting "you've got to remember railroads were a awful business for decades and decades and decades, and then they got good".

Buffett also admitted he was wrong to think International Business Machines Corp (IBM.N) "would do better" six years ago, when he started amassing an 81 million share stake.

Dozens of companies Berkshire owns set up booths in an adjoining 200,000-square-foot exhibit hall to sell their products and take questions about their businesses.

He was joined at the traditional newspaper tossing contest by friends including Microsoft Corp (MSFT.O) co-founder and Berkshire director Bill Gates and Miami Dolphins defensive tackle Ndamukong Suh.

"I was impressed with Jeff early".

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