“Warren Buffett spent about three hours this morning talking with CNBC‘s Becky Quick about a number of topics, one of which was Apple (AAPL), about which he seems to have a fairly positive view,” Tiernan Ray reports for Barron’s.
“Quick asked Buffett about Carl Icahn‘s urging the company to borrow money to buy back more stock,” Ray reports. “Buffett seemed opposed to Icahn’s suggestion, insisting Apple’s management knows what it’s doing, and that further aggressive buybacks, on top of Apple’s planned $60 billion, the largest in corporate history, would be simply a sop to short-term traders of the stock.”
Well, I think the Apple management’s done a pretty good job of running the company. I just wish I’d bought the stock many years ago. I did advise to buy its stock a few years ago, and they’re buying it, they’re buying a lot of stock. They’ve got a lot of money that, it’s not trapped overseas, it’s just that they’d have to pay a lot of money, and of course they’re hoping there’ll be some repatriation at some point, so they won’t have to pay that tax. – Warren Buffett
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