Editor’s note: This is wonderful news for one of Northern California’s iconic companies.
“Warren Buffett’s multinational conglomerate Berkshire Hathaway bought 75 million additional Apple shares in the first three months of the year,” as the Daily Mail and other media are reporting this morning. “The huge investment comes after Buffet described Apple as an ‘unbelievable company’.
“Berkshire Hathaway’s commitment to Apple over the past two years has surprised many, given Buffett’s historical aversion to companies associated with the technology sector.
“Berkshire’s initial investment in Apple was small, suggesting it was made by one of Buffett’s investment deputies.
“However, since the latest stake purchase, it has grown to a solid 240.3 million shares worth $42.5 billion.
“‘It is an unbelievable company,’ CNBC quoted Buffett as saying. ‘If you look at Apple, I think it earns almost twice as much as the second most profitable company in the United States’, he said.
“The billionaire investor recently sold out of an unsuccessful investment in International Business Machines (IBM), at the same time he was buying Apple.
“Berkshire said in February that the company’s stake in Apple grew by about 23 per cent since the end of September to roughly 165.3 million shares.”
The rest of the article is here.
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It’s also worth noting that three of the four the “FANG” stocks — Facebook, Amazon, Netflix and Google — are based in California. (Amazon is based in Seattle). Don’t let the naysayers crap on California. It’s a leader in business innovation. Oh, and it’s progressive. lol.