Apple Stock Hits Record High On Warren Buffett Comments

10 May, 2018, 00:38 | Author: Kelly Sanders
  • Warren Buffett was in Omaha for the Berkshire Hathaway annual meeting at the weekend

Berkshire owned $40.7 Billion of Apple share at the end on Q1,2018 rising by 12.59 %, as they owned $28.2 billion at the end of 2017.

Buffett, chairman and CEO of Berkshire Hathaway, described digital currency as a nonproductive asset while stocks earn money for investors in the markets.

Since the initial disclosure nearly 2 years ago, Apple's stock has nearly doubled, as well as breaking records and reaching a new level on Monday, making it a massive success for Berkshire Hathaway.

"I clearly like Apple".

Berkshire Hathaway held its annual meeting of shareholders Saturday, where executives discussed a range of topics including its growing stake in Apple. "It is an unbelievable company", Buffett said.

Apple is now just US$16 per share short of reaching the much-anticipated US$1t mark.


But there's another reason Buffett loves Apple besides its tech gadgets: Apple's massive cash hoard, which allows it to buy back a lot of its own stock.

In its Q1 2018 report, Apple also announced a new $100 billion stock buyback programme. And we really like their management, their way of thinking and their way of acting, "he said with a smile".

Apple said that customers chose the US$999 iPhone X "more than any other iPhone each week" during the March quarter like they did in the December quarter. He said choosing the CEO will be "by far the most hard decision we will make".

"Apple's an awesome company, and the multiple's not big", he added.

"As I look around the horizon, I don't see anything that would make a lot of sense for them [to buy] in terms of what they'd have to pay and what they would get", said Buffett, who is known for investing in low-cost stocks.

"It is something where people who are of less-than-stellar character see an opportunity to clip people who were trying to get rich because their neighbor's getting rich buying this stuff neither one of them understands". "Like I say, [Apple CEO] Tim Cook can do simple math and he can probably do very complicated math too", Buffett added.

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