Warren Buffett Wants More Apple Shares and Praises the Company's Buybacks

07 May, 2018, 15:03 | Author: Shannon Aguilar
  • Warren Buffett Approves Apple's Buyback Plan, Will Buy More Shares at the Right Price

"I'm delighted to see them repurchasing shares", Buffett told Berkshire shareholders at the conglomerate's annual meeting.

In other comments at the shareholder meeting on Saturday, Buffett said it is unlikely that the USA and China will come to loggerheads on trade. Here are highlights of what have taken place so far: Buffett discussed earnings a bit, warning people that the new accounting rule produces some "unusual effects".

While Buffett "very much" approves of Apple repurchasing shares, he and Munger expressed scepticism that Apple could find meaningful acquisitions on which to spend cash.

On Friday, Apple's stock hit an all-time high after Berkshire disclosed it bought an additional 75 million shares of the iPhone maker in the first three months of the year.

At the time, the holding was worth more than $28 billion but after the recent share purchase and an 8 percent increase in Apple's stock price, Berkshire's stake is now worth more than $44 billion.

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"I love the idea of having our 5 percent, or whatever it is, maybe grow to 6 or 7 percent".

Berkshire is now Apple's third largest shareholder, behind Vanguard Group and BlackRock.

The California-based giant's market valuation, meanwhile, has surpassed the $930 billion mark.

In a Twitter rant Saturday, billionaire tech innovator and investor Elon Musk said he is "super super serious" about starting a candy company.

Last week, the so-called "Oracle of Omaha" argued that investing in bitcoin is a gamble, not an investment. It actually led Berkshire to a net loss in the quarter, even though operating profit climbed.

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