Warren Buffett recognizes how important the internet has become not just for business, but for society.
That said, the Oracle of Omaha and Berkshire Hathaway are still trying to figure out how to harness the rapid growth of online commerce, something Amazon has done very well.
“We’re not going to try to out- Bezos Bezos,” Buffett said Saturday, referring to Amazon CEO Jeff Bezos, at the company’s annual shareholders meeting. “The internet has “already disrupted plenty of people and it will disrupt more.”
The internet’s rapid growth has also led to companies moving away from “push marketing”—an approach where the company tries to reach the consumer—to “pull marketing,” or making the consumer come to the company, Buffett said.
Still, Charlie Munger, Berkshire’s vice-chairman, said Berkshire has been helped by the internet on net, adding Berkshire’s retailers are are so strong they are not particularly vulnerable to web retailers like Amazon.