Warren Buffett threw cold water last week on Kraft Foods' bid for British candy maker Cadbury. But in doing so, he seems to be saying: "Do as I say, not as I do."

Buffett's Berkshire Hathaway, Kraft's largest shareholder, with a 9% stake, voted against a proposal that would let Kraft sharply boost its share count to facilitate a higher bid for Cadbury -- which has rejected Kraft's original offer. Buffett views Kraft stock as undervalued, and issuing more shares dilutes existing stockholders' stakes.