It’s always nice to receive a letter from Uncle Warren.
And sometimes, what he says simply reinforces the reason he’s spectacularly successful in the investment world.
Warren Buffett’s Berkshire Hathaway has been “in” on Apple for the past five years, apparently. In his annual letter to the shareholders of his insurance conglomerate, Buffett reported he has made nearly $100 billion on the iPhone maker.
So that’s billion, you know, with a “B.”
And that is one for Buffett’s hall of fame.
Maybe working out of his office in relatively low-profile Omaha, Neb., allows more time to think about investing than those in New York and California.
Maybe not.
Either way, the 90-year-old billionaire (with a “B”) first waded into the big tech waters of Apple in 2016 – yes, at an opportune time – when he paid for 10 million shares, eventually growing that stake to more than $36 billion.
Apple’s shares are up roughly 400% over the past five years.
Nice hit.
So, Berkshire now owns just over 5% of Apple.
Early last month, in an interview with Bloomberg, Buffett had good things to say about Apple CEO Tim Cook.
“Tim understands the world to a degree that very, very few CEOs I’ve met over the past 60 years could match,” Buffett told Bloomberg.
Three years ago, Buffett told CNBC that he believes the average person’s connection to their iPhone was strong enough that most people would pay much more for the device than they do now.
And he certainly has his money where his mouth – and tech investment – is.
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