Buffett's Berkshire buys increased stake in Apple

Virginia Carson
May 6, 2018

"I think Apple was much more of a consumer products business", Buffett had said last May in a Berkshire Hathaway's annual shareholders meeting.

"Nobody buys a farm based on whether or not it's going to rain next year or not", Buffett explained."You buy it because you think it's a good investment over 10-20 years".

As usual, the chairman and CEO of Berkshire Hathaway, along with his right-hand man Charlie Munger, 94, will field and answer questions from investors for up to six hours, on topics ranging from stocks he likes to succession planning. As of the end of March, the pile was $116 billion, according to Berkshire.

Earlier this year, Buffett inspired new speculation on the subject when he promoted Greg Abel and Ajit Jain to vice chairmen and expanded their responsibilities.

What is the Berkshire Hathaway annual meeting? .

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Two of Berkshire's biggest stock investments, Wells Fargo & Co and Coca-Cola Co, had tough first quarters, falling 13.6 percent and 5.3 percent, respectively.

The annual meeting of Buffett's company, a conglomerate with a wide range of business interests, is often called the "Woodstock for Capitalists" after the famous music festival of 1969. That's more "dry powder" than some of the big private equity firms have at their disposal, Seifert says.

Berkshire has continued buying Apple even with the price rising 25 percent over the past 12 months.

The benefits of free trade are huge, and the world is dependent on it in a major way for its progress, Buffett said.

The company also has a generous share buyback and dividend programme that is expanding.

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In February, Berkshire had said its Apple stake grew by about 23% since the end of September to roughly 165.3 million shares. Recently, Berkshire nearly sold out its entire investment in IBM Corp. and at the same time bought more Apple shares.

So the next time President Donald Trump has you on edge, just remember Buffett's advice: Many of these headwinds are transitory, so keep investing with confidence. "Why not just stay away from tech?" The railroad business also posted a gain in profit due to increased revenues per vehicle as fuel prices rose. Berkshire runs railroads and sells insurance, paint, ice cream, manufactured homes and batteries, among other businesses.

In the wake of Apple's impressive earnings report, legendary investor Warren Buffett appeared on CNBC today and heaped praise upon the company.

Berkshire Hathaway now has a stake in China's automobile manufacturer BYD. Far more people are likely watching online via Yahoo Finance.

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