Mike Wuerthele
Chairman and chief executive of Berkshire Hathaway Warren Buffett proclaims in an interview that his firm purchased around 120 million AAPL shares just in 2017, with a total value of more than $17 billion.
Buffett CNBC on Monday morning that Apple has a "sticky product" when he trumpeted the deal, saying that it was a good hedge against a stock market that could "go down 20 percent tomorrow." He cited Apple CEO Tim Cook's "terrific job" at the main driver behind his confidence in the company.
The firm's holdings now exceed 133 million shares. The new AAPL purchases are part of a $20 billion stock buy the titan has made since just before the November election.
Buffett has historically shied away from tech sector stocks. In May 2016, Berkshire purchased its first shares of Apple with a 9.81 million share buy which at the time was worth more than $1 billion. The fund increased holdings to the aforementioned 15.2 million AAPL shares in the September quarter
Berkshire made a series of big Apple buys in the tail end of 2016 with the firm ending 2016 with a significant increase in holdings in the stock since originally getting on board.
Apple's stock is opening Monday morning at $135.91 — close to a record high. The company's market capitalization exceeds $717.6 billion.
Andrew Orr
Malcolm Owen
David Schloss
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Amber Neely
Andrew O'Hara
52 Comments
Just a quick warning for the inexperienced traders round here.
Buffet invests for the long game. You won't catch him whining like a baby, demanding Cook's head on a platter, or suggesting that Apple buys a crystal meth distribution chain to shore up the stock when the price is down tomorrow.
If you can't stand the heat then show some common sense and take your face off the hot plate.
On Wednesday, February 22, 2017, a financial analyst writing for MarketWatch designed to pen an article explaining why Warren Buffet should drop Apple for Qualcomm. I decided the analyst had nothing better to do than trash Apple while promoting Qualcomm. Two days later it was announced Buffet's investment had increased in value by $1.6 billion! Now the above is being announced. I am glad I was and am able to see that the analyst was way off base!!