Berkshire Hathaway’s Warren Buffett said in an interview on CNBC that Apple is “probably the best business I know in the world… It’s an incredible company. I should’ve appreciated it earlier.”
Matthew J. Belvedere for CNBC:
Warren Buffett told CNBC on Monday that Berkshire Hathaway’s “third-largest business,” after its insurance and railroad interests, is its stake in Apple.
“I don’t think of Apple as a stock. I think of it as our third business,” Buffett said on “Squawk Box.”
The Oracle of Omaha’s annual letter to Berkshire shareholders, released on Saturday, showed a 5.7% year-end ownership in Apple stock. As of late last year, Berkshire owned more than 245 million shares of Apple, worth nearly $72 billion, according to a Dec. 31 filing with the government…
“It’s probably the best business I know in the world. And that is a bigger commitment that we have in any business except insurance and the railroad,” Buffett said.
Buffett, a self-admitted Luddite, resisted using an iPhone, in favor of his flip phone, even as Berkshire doubled down on Apple stock. But on Monday, he told CNBC that he finally gave in and switched to an iPhone. “My flip phone is gone,” he said. “I’ve been getting several of them” over the years, including from Apple CEO Tim Cook.
MacDailyNews Take: No equivocation required: Apple is the best business in the world.
At his age, I have to applaud him for making that switch. I’m sure he’s no tech-head and the older a person gets, the more resistant they are to change. I wouldn’t be surprised if Bill Gates is still carrying around a WindowsPhone. Anyway, no matter what Buffett does with Apple stock at this point, I think he did a good job of fully supporting Apple by purchasing their stock and vocally admitting how happy he was with the purchase. I believe he convinced a lot of other investors who like to follow whatever Berkshire Hathaway does.
As an Apple shareholder, I’d like to thank him for likely giving other investors confidence in owning Apple. Although I have owned Apple for over fifteen years, I feel more at ease with Buffett/Berkshire Hathaway backing Apple. BH has a lot of skin in the Apple game unlike plenty of analysts who simply criticize and condemn Apple with absolutely no risk involved.
I don’t know if Apple is the best business in the world. That may be Tesla at this point, but Apple appears to be a solid business with hopefully a long future ahead of it.
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