Warren Buffett, the billionaire co-founder and CEO of Berkshire Hathaway, offered some insights Saturday at the company's annual meeting into the decision to reduce its stake in tech giant Apple, which was and remains its largest stock holding. Berkshire's stake in Apple fell by 22% to $135.4 billion as of March 31 from $174.3 billion at the end of 2023, even as the iPhone maker's share price fell just 11%.
One interesting thing is that Charlie and I looked at common stocks or marketable equities or the things that people love to look at as being businesses, and so when we own a Dairy Queen, or we own whatever it may be, we look at it as a business. When we own Coca-Cola or American Express or Apple, we look at that as a business," Buffett explained.
We will own — unless something really extraordinary happens — we will own Apple and American Express and Coca-Cola when Greg takes over this place," Buffett said. Later in the question-and-answer session, Buffett cited Apple CEO Tim Cook's leadership as a reason for his confidence in the tech giant and said he has been a great successor to the late Steve Jobs.
don't mind at all under current conditions building the cash position. I think when I look at the alternative of what's available in the equity markets and I look at the composition of what's going on in the world, we find it quite attractive," Buffett said. "Almost everybody I know pays a lot more attention to not paying taxes than I think they should.
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