Warren Buffett gives Apple shares boost after stake reveal

The 2018 Berkshire Hathaway Annual Meeting

Though Buffett has delegated some of his duties in helping pick stocks to deputies Todd Combs and Ted Weschler, he appears to have reached his own conclusions about Apple.

However, since the latest stake purchase, it has grown to a solid 240.3 million shares worth US$42.5 billion.

Berkshire has continued buying Apple even with the price rising 25 percent over the past 12 months. "The world is dependent on it and it is a win-win situation when the world trades", Berkshire Hathaway Inc chairman Warren Buffett said at the company's annual meeting on Saturday.

Berkshire Hathaway CEO Warren Buffett once again slammed the fees charged by stock pickers who tout their potential to outperform the broader market.

"It is an unbelievable company", Buffett said.

Buffett's initial commitment to Apple surprised many given his usual aversion to companies in the technology sector, but the billionaire views Apple more as a consumer products company.

Morgan Stanley analyst Kai Pan wonders why once tech-stock-shy Buffett thinks the investment in Apple will turn out better than his admitted mistake buying IBM.

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Billionaire investor Warren Buffett touted the importance of trade between the USA and China, the benefits of which are too huge for either economic behemoth to do something "extremely foolish".

"Part of the Berkshire secret is that when there is nothing to do, Warren is very good at doing nothing", Munger said.

The Apple purchase, costing between US$11 billion and US$14 billion, adds to the nearly 170 million shares that Mr Buffett-run Berkshire Hathaway Inc owned at the end of 2017, when it was already his biggest shareholding.

Mr Buffett said the company's exact holdings will be disclosed in a quarterly regulatory filing Saturday. "I don't agree with that", said Catherine Keane, a 67-year-old shareholder attending her first annual meeting.

At the end of 2017, Berkshire was sitting on roughly $116 billion in cash that can be used to acquire other companies.

But that doesn't mean there aren't major questions that loom over the meeting for Buffett and Berkshire, which owns scores of businesses ranging from battery-maker Duracell to ice cream retailer Dairy Queen to auto insurer Geico.

Apple reported US$61.1b in revenue for the March quarter, up from US$52.9b previous year, and promised US$100b in additional stock buyback. However, Buffet now says that he looks up to Apple due to their fantastic success in the American economy. In Friday trading, the Class A shares closed at$292,600, and the Class B shares at $195.64.

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