“Wall Street may have had doubts about Apple before the company reported its most recent quarterly earnings, but one of the tech company’s biggest shareholders — Warren Buffett — didn’t,” Becky Quick reports for CNBC.
“In the first quarter, Buffett’s Berkshire Hathaway bought an astounding 75 million shares of Apple. That adds to the 165.3 million shares Berkshire already owned at the end of 2017,” Quick reports. “‘It is an unbelievable company,’ Buffett says. ‘If you look at Apple, I think it earns almost twice as much as the second most profitable company in the United States.'”
Quick reports, “‘The idea that you’re going to spend loads of time trying to guess how many iPhone X [units]… are going to be sold in a 3 month period totally misses the point,’ Buffett says. ‘It’s like worrying about the number of BlackBerrys 10 years ago.'”
Read more in the full article here.
MacDailyNews Take: Well, 10 years ago, you’d be very right to be worrying about the number of BlackBerry’s being sold. Likely he means 15 years ago. Time flies.
In all other aspects of this, Buffett is right.
We refer to [the current climate of negative speculation], internally, as “Back up the Truck” season. — MacDailyNews Take, April 28, 2018
Profit from the painfully gullible. — MacDailyNews, December 26, 2017
SEE ALSO:
Why was iPhone X so successful at $999 despite a slew of fake news? – May 2, 2018
Uh, yeah, about those iPhone X ‘concerns’ from analysts: Never mind – May 1, 2018
Apple beats Street with best Q2 ever – May 1, 2018
Apple’s iPhone X isn’t selling well – or is it? – April 21, 2018
Apple’s iPhone X to be discontinued this year, analyst claims – April 20, 2018
Morgan Stanley: Apple stock may fall on ‘materially’ weaker iPhone sales – April 20, 2018
Apple’s iPhone X made 5 times the profit of 600 Android OEMs combined – April 18, 2018
Apple’s iPhone captured 86% of global handset profits in Q417; iPhone X alone took 35% of global handset profits – April 17, 2018
Bernstein: Ams AG is biggest winner in Apple’s TrueDepth Camera system – April 10, 2018
Apple’s iPhone X is the UK’s most popular smartphone – April 9, 2018
Apple’s iPhone X sales continue to disappoint, some analysts say – March 22, 2018
Ignore the iPhone X naysayers – March 10, 2018
Will the naysayers admit they were wrong about Apple’s iPhone X? – February 5, 2018
Do iPhone X sales spell trouble for Apple? – January 30, 2018
Apple supplier says report of iPhone X production cuts was overstated – January 30, 2018
Another January, another misleading iPhone supply cuts story from Nikkei – January 29, 2018
Apple stock drops after Nikkei report of iPhone X production cut – January 29, 2018
Reports of Apple cutting iPhone X orders make no sense – January 2, 2018
Apple stock tumbles on one poorly-sourced report of low iPhone X demand – December 26, 2017
Apple and suppliers shares drop on report of weak iPhone X demand – December 26, 2017
The smart people know how to interpret the nay sayers and here is proof that Apple is a Rock solid company. These nay sayers, doom & gloomers must feel like a right pratt. Good to know Apple made a fool of these idiots by quietly spending billions on shares buy backs. The chaff from the wheat is indeed separated
Thank you Warren, for speaking the truth about APPL when most of your peers are churning out FUD, to drive down the price of APPL to benefit themselves in a corrupt and illegal manner. You are an honorable man who deserves the success and respect that you have earned.
Herself recently wrote about the “addiction” that companies create and, similarly, Warren’s favor with Apple is based mainly emotional & psychological bond to the products. Using WB’s beloved term, this is Apple’s “moat,” the how/why Apple products are “sticky”
A professor from NYU, Scott Galloway put it another way in an article in Quartz: ““The No. 1 signal of wealth, the No. 1 signal of power, the No. 1 signal of your likelihood of a random sexual encounter in a greater selection set among potential mates is the iPhone,” Galloway told Recode last year. “An iPhone is saying to the opposite sex, or a potential mate, ‘I have good genes. You should mate with me.’”
Sticky…yes.
MDN or any one else should compile a list of the fools who beat down Apple with unsubstantiated bad news, be it journalists, Wall Streeters etc. Providing their work email addresses would be great addition also, i would love to email them about their stupidity, and how quiet they are now, The silence is deafening, hurting my ears
You can do it yourself. Just use a search engine to find out who said what about any given subject and compile your own list, or else simply go back through MDN’s postings for a month or so. Then do the same for four months ago, just prior to the pervious quarterly results.
You’ll find that it’s often the same people up to the same tricks every quarter.
The question I have is – what took Uncle Warren so long? Apples success isn’t “new” why was Warren keeping his money in IBM? Its almost laughable.
Warren Buffet has been known to be buying huge chunks of AAPL for a while now and a few months ago explained that he had never sold a share of Apple.