'I blew it': Warren Buffett laments missing out on Google

Justin hats on display at the 2017 Berkshire Hathaway Annual Meeting in Omaha NE

A image of Warren Buffett towers over Berkshire Hathaway shareholders as they visit and shop at company subsidiaries in Omaha, Neb., on Friday.

Wells Fargo - whose largest shareholder is Berkshire, with a 10 per cent stake worth $27 billion U.S. - gave employees too much autonomy to engage in "cross-selling" multiple products to meet sales goals, Buffett said.

Buffett echoed Munger's comments: "I had plenty of opportunities to ask [Google] questions but I blew it".

Speaking on CNBC television, Buffett said, "It's a defect of mine" that he doesn't focus as closely on the efficiency of business units at Berkshire Hathaway Inc (BRKa.N), the conglomerate he has run since 1965.

Buffett told CNN that he is now reading three books and is looking forward to reading "Shattered" about the Clinton campaign.

"As we sit here, somebody is doing something wrong at Berkshire", he said, and the Wells Fargo situation shows the potential "damage" from inaction. "The main problem was they didn't act". He criticized the company's incentive system which led to the creation of fake accounts, which he said encouraged "bad behavior".

Buffett also addressed questions about his successor as chief executive, including whether plans had changed because he praised fewer managers than usual in his February shareholder letter. He's the company's largest shareholder.

He disclosed this week that Berkshire has sold about one-third of the IBM stake, even as it bulks up its holdings in Apple Inc AAPL.O , which Buffett said he thinks of more as a "consumer" company that a technology company.

"I could be making two mistakes on IBM, it's harder to predict, in my opinion, the winners in various items and how much competition will enter in to something like cloud services", Buffett continued.

"We're the largest holder of the four largest airlines, and that is much more of an industry thought", Buffett said.

Apple, which Buffett bought a stake in a year ago, accounts for about 5.5% of Berkshire's portfolio.

Berkshire and 3G control Kraft Heinz Co (KHC.O) and recently tried to merge it with Unilever NV (ULVR.L) UNc.AS for $143 billion, but was rebuffed.

That's a lot of capital that remains available for another big deal.

"We would have invested an additional $15 billion, and 3G an additional $15 billion, if a friendly agreement had been reached", Buffett said.

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