Warren Buffett admitted that he was late to the ascent of Amazon.com  (AMZN - Get Report) and Alphabet  (GOOGL - Get Report) but says that the stocks are now too expensive for Bershire Hathaway  (BRK.A - Get Report)   (BRK.B - Get Report) to own. 

"If I was forced to buy [Google-parent Alphabet] or short it, I'd buy it; same way with Amazon. But it's as little hard when you look at something at 'X' and it sells at 10X to buy it," Buffett told CNBC Monday. 

Buffett also admitted he was wrong on IBM  (IBM - Get Report) , a stock which Berkshire cut its investment in by a third recently. 

Jim Cramer and the AAP team are discussing fallout from first-quarter earnings from Apple (AAPL - Get Report) and Facebook (FB - Get Report) and how to play the big tech names. Get his insights or analysis with a free trial subscription to Action Alerts Plus.

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