“Berkshire Hathaway, the global conglomerate and investment behemoth led by Warren Buffett, has historically shied away from buying technology stocks,” Julia La Roche writes for Yahoo Finance. “Today, Berkshire Hathaway is the largest owner of Apple stock.”
“Berkshire began investing in Apple shares during the first quarter of 2016. Berkshire gradually added to its position. At the end of 2016, Berkshire owned 57.4 million shares of Apple. In his annual shareholder letter, Buffett noted that they purchased the shares for an average cost of just over $110 per share in 2016,” La Roche writes. “Buffett revealed to CNBC in late February that Berkshire continued to purchase Apple shares in 2017, with the latest number being 133 million shares, a position currently valued at more than $19 billion.”
“Buffett has previously hinted that ‘one or more’ of his young investment deputies — Todd Combs and Tedd Weschler — were behind that investment,” La Roche writes. “During an interview with Yahoo Finance’s editor-in-chief Andy Serwer, Berkshire’s investment gurus declined to reveal who’s really behind the Apple idea. ‘“We like to keep people guessing on that stuff,’ Weschler said… All we know for sure is that at least someone at Berkshire Hathaway thinks Apple is a good investment.”
Read more in the full article here.
MacDailyNews Take: As we wrote back in February:
Never have the advantages of having some young blood in the office been quite so evident.
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