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Buffett takes another bite of big Apple

06 May, 2018, 03:28 | Author: Sara Gill
  • What Investors Are Watching For In This Year's Berkshire Hathaway Meeting

Though Buffett has delegated some of his duties in helping pick stocks to deputies Todd Combs and Ted Weschler, he appears to have reached his own conclusions about Apple.

That's why his company is looking to "find big things to do" in big and growing economies that hold potential, such as China, Buffett said.

Buffett revealed his additional Apple share late Thursday in an interview with CNBC.

Warren Buffett, chairman and CEO of Berkshire Hathaway, visits the exhibition on his invested companies before the 2018 Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska, the United States, May 5, 2018.

"If you look at Apple, I think it earns nearly twice as much as the second-most profitable company in the United States", Buffett said.

Buffett has long said that Berkshire had a short list of executives within the company who could take over the company after he's gone, but he always refused to name the candidates.

Mr. Buffett's commitment to Apple over the past two years has surprised many, given his historical aversion to companies associated with the technology sector.

Apple declined to comment on Friday, said Reuters.

The US and China have a lot of common interests, and despite the recent tensions (read trade war) between the two economic superpowers, both the countries have a lot to gain by working together at present. Berkshire officials say this year's attendance could top the record of 42,000 set a few years ago when the company marked 50 years of Buffett's leadership, but the attendance figures are only an estimate based on the number of meeting pass requests.

OMAHA, NE-Warren Buffett lost money but had a pretty good quarter.

But Berkshire also ended a long stretch of disappointing operating performance, posting record operating profit as insurance rebounded from a hard quarter while economic growth bolstered results in railroad, industrial and consumer businesses.

With the increase, Apple's market cap crept ever closer to the $1 trillion level, finishing the day at $933 billion.

In a statement accompanying today's earnings report, Buffett, the firm's chairman and CEO, urged investors to focus on Berkshire's operating businesses and not earnings results based on fluctuations in its almost $173 billion stock portfolio.

The accounting change required Berkshire to report unrealized losses in its equity portfolio, which totalled $170.5 billion at year end, regardless of whether it planned to sell those stocks. In Friday trading, the Class A shares closed at$292,600, and the Class B shares at $195.64.



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