Berkshire Hathaway Chairman and CEO Warren Buffett said that the brand allegiance of Apple iPhone users is so strong that they wouldn’t permanently give up their phones for $10,000 and that sort of loyalty is what makes Apple stock a must-own.
Apple is by far the largest equity investment by Berkshire Hathaway. Berkshire owns 915 million Apple shares worth $151 billion with Apple shares unchanged Friday at $165.55. Berkshire owns about 6% of Apple.
Apple represents about 44% of the Berkshire’s equity portfolio of $344 billion, according to a CNBC Berkshire portfolio tracker.
“If you’re an Apple user and somebody offers you $10,000 but the only proviso is that they’ll take away your iPhone and you’ll never be able to buy another, you’re not gonna take it,” Buffett told CNBC earlier this week in an interview from Japan.
Buffett, Berkshire’s 92-year-old CEO, contrasted that customer attitude with the loyalty of auto buyers. Buffett said that if Ford owners were given the same option for $10,000, “you’ll take the $10,000. You’ll buy a Chevy, instead.”
MacDailyNews Take: Only Apple makes real iPhones — and real Macs and real iPads.
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