“Billionaire investor Warren Buffett told CNBC on Monday it’s ‘amazing’ how Apple has resonated with consumers, and that’s why Berkshire Hathaway bought the stock,” Matthew J. Belvedere reports for CNBC. “‘I can very easily determine the competitive position of Apple now and who’s trying to chase them and how easy it is to chase them,’ Buffett said on ‘Squawk Box’ from Omaha, Nebraska, following Saturday’s Berkshire’s annual meeting. Buffett said he used Berkshire’s insights into the furniture business to figure out Apple’s worth.”

We happened to be well situated in terms of having these massive home furnishing stores. I can learn very easily how consumers react to different things there. You can’t move people by price in the smartphone market remotely like you can move them in appliances or all kinds of things. People want the product. They don’t want the cheapest product. — Warren Buffett, Berkshire Hathaway

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MacDailyNews Take: Yup.

Newsflash: Apple sells premium products at premium prices to premium customers.SteveJack, MacDailyNews, October 23, 2012