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Warren Buffett backs Apple after firm sells millions of shares in iPhone maker

May 4, 2024
in General
Warren Buffett backs Apple after firm sells millions of shares in iPhone maker
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The billionaire investment tycoon Warren Buffett has stressed his empire will remain a key investor in Apple after it sold billions of dollars’ worth of shares in the iPhone maker.

Thousands of shareholders in Berkshire Hathaway, Buffett’s sprawling conglomerate, have flocked to Omaha, Nebraska, for the firm’s annual meeting – dubbed Woodstock for Capitalists – this weekend.

Before the meeting, Berkshire’s latest earnings revealed that the value of its gigantic stake in Apple – one of the US’s largest companies – had fallen to $135.4bn in March, from $174.3bn in December.

Buffett, 93, has been paving the way for a new generation of leaders to take over Berkshire, which he has led for more than half a century. Charlie Munger, his veteran right-hand man, died in November, aged 99.

Addressing Saturday’s meeting, Buffett insisted his belief in Apple – whose CEO, Tim Cook, was in the room – had not wavered. The tech giant will remain Berkshire’s largest investment “unless something dramatic happens”, he said – despite the selling of more than 100m shares, according to estimates, in the latest quarter.

A line graph with red lines indicating Warren Buffett’s investments in American Express, Apple, and other companies, from $0 to $140 billion.

Earlier this week, Apple reported that its sales had declined for the fifth time in six quarters as it grapples with weaker demand for the iPhone. But Buffett maintained on Saturday that the device is “one of the greatest products – maybe the great product – of all time”.

“We own [shares in] American Express, which is a wonderful business,” Buffett said. “We own [shares in] Coca-Cola, which is a wonderful business. And we own [shares in] Apple, which is an even better business.”

Berkshire will probably still be a big shareholder in Apple, American Express and Coca-Cola “when Greg takes over this place”, said Buffett, who has lined up Greg Abel, a veteran executive, as his successor.

Middle-aged white man with white hair and glasses smiles amid a group of people walking.Apple CEO Tim Cook regularly attends the Berkshire Hathaway annual meeting. Photograph: Scott Morgan/Reuters

Buffett is the world’s ninth-richest person, according to Bloomberg, with a personal fortune of $132bn. After taking control of Berkshire in 1965, he transformed it from a struggling textiles business into a vast multinational, generating handsome returns for shareholders.

Today, Berkshire owns a complex array of businesses, from railroads and running shoes to insurance, peanut brittle and Squishmallows stuffed toys. It also boasts an investment portfolio worth $336bn.

Bill Gates, the Microsoft co-founder; Jane Fraser, the CEO of Citigroup; and Bill Murray, the actor and comedian, were among those in attendance at the meeting on Saturday. Buffett has compared the occasion to “a Mardi Gras” for his followers each spring.

Buffett also said he was “100% responsible” for Berkshire’s costly bet on Paramount Global, the troubled media giant behind CBS, Paramount Pictures and Channel 5, in which it had bought tens of millions of shares.

“We sold it all, and we lost quite a bit of money,” said Buffett, who added he was “smarter now” than a year or two ago. “But I also think I’m poorer, because I acquired the knowledge in the manner I did.”

The so-called oracle of Omaha predicted his conglomerate’s huge cash pile will top $200bn later this year after it rose to a record $189bn in the last quarter. Its operating profits, which exclude some of its investment returns, rose 39% to $11.22bn during the quarter.

Paying tribute to Munger, who regularly stole the show at Berkshire’s yearly meeting with caustic humor, Buffett compared the draw of his late friend to that of the Dalai Lama. “I don’t know they had a lot else is common,” he added.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : The Guardian – https://www.theguardian.com/business/article/2024/may/04/warren-buffett-apple-iphone-omaha

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