Berkshire Hathaway Chairman and CEO Warren Buffett told CNBC last week that Berkshire purchased a “little” more Apple since 2Q18. Buffet says he likes the technology giant because of its devoted customers, and has built up his stake in the company by “just a little” since his last regulatory filing. “They’ve got to keep having the product that this huge clientele regards as indispensable,” Buffett said of Apple. For customers, “the iPhone is enormously underpriced” compared with the utility it offers, he continued.
Berkshire has been piling more money into Apple, increasing that stake to 252mn shares as of 30 June. Bloomberg reports that the investment is now worth $50bn-plus and makes Berkshire the third-largest Apple shareholder, with a more-than 5% stake, according to Bloomberg data. Buffet commented that he loves Apple due to its brand power and ecosystem, not its short-term results, adding “I do not focus on the sales in the next quarter or the next year. I focus on the … hundreds, hundreds, hundreds, millions of people who practically live their lives by it.”