Forgive me if I'm late to this, but...is Buffett's by-now-famous comparison of Kraft-Heinz's revenues to those of Costco's Kirkland brand truly apples to apples? The latter ($39 billion) is at retail while the former ($26 billion) is at wholesale, right?
In my humble opinion, here is what Buffett got wrong: We are moving from a world where you only can have 2-3 ketchup brands on a shelf to a world where you can infinitely many, because people are buying online. Kraft-Heinz is much less competitive in today's e-commerce world.
