“In an interview with CNBC last year he said: ‘Apple has an extraordinary consumer franchise. I see how strong that ecosystem is, to an extraordinary degree… You are very, very, very locked in, at least psychologically and mentally, to the product you are using. [iPhone] is a very sticky product,'” Soule writes. “Apple devices make up approximately 40% of the U.S. smartphone market, almost as much as the next two nearest competitors. And the U.S. smartphone market is alive and well.”
“Once again heeding the sage advice of Mr. Buffett, we (long term investors) should not focus on quarterly variances in the shipment of the iPhone or any other product Apple sells. If you pointed out that Mr. Buffett ‘lost’ about $4 billion with the most recent drop in AAPL stock he would probable shake his head and laugh. I haven’t seen any comments from him on the most recent AAPL sales slump, but based on his past comments I can only guess he is quietly buying billions and billions of dollars worth of the stock,” Soule writes. “Do you think that AAPL will be a good investment in the next ten years? Twenty? I certainly do. I expect in 6-8 years the value of the shares I bought earlier this month will be worth at least twice what they are now.”
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MacDailyNews Take: Many people have done very well for themselves and their families by following Warren Buffett’s advice.