Warren Buffett buys a further 75m Apple shares

Adjust Comment Print

Moreover, he also said that if you look at the company, it probably earns almost twice as much as the 2nd most profitable firm in the US.

Yahoo Finance is once again exclusively hosting the online stream of the Berkshire Hathaway 2018 Annual Shareholders Meeting on Saturday, May 5th.

Berkshire said in February that the company's stake in Apple grew by about 23 per cent since the end of September to roughly 165.3 million shares.

Investing in Apple is akin to investing in a farm, Buffett said.

CNBC reported the news on Thursday night.

The company also called out the iPhone X as the most popular model in the product lineup which is a new trend; higher-priced Plus models of iPhones were never more popular than slightly cheaper and smaller flagships in previous years.

Buying Apple accomplishes that, even though Buffett would rather buy whole companies than their stocks.

The most recent purchase will increase Berkshire's holding by 45%.

Shares of AAPL closed at an all-time high today thanks to the company's historic Q2 earnings report that revealed the iPhone X is doing much better than the analysts expected.

Recently, Berkshire nearly sold out its entire investment in IBM Corp and at the same time bought more Apple shares.

Apple Chief Executive Officer Tim Cook told CNBC he was "thrilled" to have Buffett and Berkshire as a major investor.

This would be similar to BlackBerry Ltd (NYSE: BB)'s dominance in the cell phone market in its early days 10 years ago. "The idea of spending loads of time trying to guess how many iPhone Xs or whatever it may be are going to be sold in a given three-month period of time, to me it totally misses the point".

"I think we have zero", Buffett said when asked if Berkshire owns any IBM shares.