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Buffett interested in adding to Apple holding at right price

07 May, 2018, 16:24 | Author: Sara Gill
  • Warren Buffett and Elon Musk

"I'm thrilled to see them re-purchasing stocks", Buffett advised Berkshire shareholders at the conglomerate's annual assembly.

As is the case with all his investments, Buffett said he's looking at the long term and wasn't particularly anxious about whether Apple would hit various sales targets in the first quarter.

"It's going to get worse, not better", CNBC quoted Buffett as saying at the company's annual meeting held at Omaha city in the USA state of Nebraska late on Saturday.

Buffett explained that he invested in Apple because he "came to certain conclusions about the value with which the capital was being deployed and about the ecosystem".

He said he would much rather have Berkshire's pile of cash and equivalents be $30 billion (22.2 billion pounds), rather than the $108.6 billion it was at the end of March, but good deals have not emerged.


During the quarter, Buffett's insurance and reinsurance businesses added another $2 billion of premium float, taking the total pot at Berkshire Hathaway to a new high of $116 billion.

Warren Buffett mentioned he would be glad if his conglomerate Berkshire Hathaway owned more than 5 percentage of Apple's stock, for example if the i-phone manufacturer bought straight back of its own shares.

Buffett called Apple an "unbelievable company", and pointed out that it makes far more profit than any other American corporation.

The shares closed up 3.9 percent at US$183.83 on Friday.

Charlie Munger, Berkshire's vice chairman and long-time Buffett collaborator, said during the meeting that trading in cryptocurrencies is "just dementia". Buffett said it was hard to find qualified women to lead companies because of what he termed a "pipeline problem". Pre-tax underwriting gains almost quadrupled, as it sold more policies despite having raised rates, while the rate of policyholder losses fell. "Yet the costs keep going up".

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