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Buffett’s Berkshire on Friday disclosed that it bought an additional 75 million shares in the first three months of 2018, becoming the No.2 shareholder. In the meantime,the Apple stock surged 2 per cent to hit an all-time high of $187.67.
Buffet also gave a thumbs up to the manner Apple handles its finances. The once world’s richest man said, “We like very much the economics of their (Apple’s) activities. We like very much the management and the way they think.”
Interestingly, Buffet who is known for his aversion towards technology does not even use an iPhone. Referring to Apple’s latest offering, the iPhone X, Buffett said in the interview, “A fellow sent me a ’10’ the other day, but I’m not using it yet,” Buffett said. “Very nice fellow. He even explained it. I think he pretended he was writing to a 3-year-old child. He wrote me this very nice letter and explained what to do with it — how it wouldn’t bite me or anything like that. I’m kind of screwing up my courage here and one of these days, I’ll move.”
“I don’t even understand technology,” added Buffett, who still uses a flip cellphone.
Responding to a query, Buffet also took a dig at cryptocurrency referring it as a “non-productive assets similar to gold.”
Berkshire Hathaway owns more than 90 companies, including railroad, clothing, furniture and jewelry firms. Its insurance and utility businesses typically account for more than half of the company’s net income. The company also has major investments in such companies as American Express, IBM and Wells Fargo & Co.