The investment legend explains in an interview with CNBC why he owns so much Apple stock
It’s no secret that investor Warren Buffett and his company Berkshire Hathaway are big fans of Apple, writes Darik Business Review.
It recently came to light that in Q4 2022, Berkshire increased its stake in the technology company by buying a new 333,856 shares. According to the latest data, she owns 895 million shares of Apple, equal to 5.8% of its capital.
The investment legend explains in an interview with CNBC why he owns so much Apple stock.
“Customer loyalty is one of the reasons for this. “If someone tells you they’re going to give you $10,000 to give up your iPhone, but for that amount you don’t have to buy another similar smartphone, you’re probably going to say no,” Buffett says.
If you have a Ford car and they give you a similar amount, you will immediately buy, for example, a new Chevrolet, he adds.
“Tim Cook is one of the best CEOs in the world. He runs the company in an incredible way,” says Buffett.
According to him, Cook understands the company’s business very well and has a product that Steve Jobs practically invented.
The investment legend also says that Apple is an incredible business for both investors and customers.
“How the hell can you create another business like this? That’s why we own so much Apple stock. Our stake increases every year because Apple buys back a lot of its own stock,” Buffett explains.
The investor says Berkshire Hathaway has no plans to sell the company’s securities.
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