- Berkshire Hathaway chairman and CEO Warren Buffett praised Apple’s consumer loyalty at the company’s annual meeting.
- Buffett believes iPhones have become more important to consumers than a second car.
- Berkshire Hathaway has been bullish on Apple and buying the company’s stock since 2016.
At the annual Berkshire meeting this weekend, Warren Buffett shared his thoughts on Apple and why it is such a powerhouse. Trying to explain how powerful Apple’s loyalty is, he shared in an interview that he believes Apple users wouldn’t give up their iPhone for $10,000.
Buffett’s conviction about Apple has grown over the years and he now sees it as the best business in the world. Berkshire’s ~5.6% share of AAPL is now worth roughly $116 billion, and out of the almost $300 billion worth of equity investments Berkshire has, Apple is the top equity holding making up almost 40%.
Following Apple’s fiscal Q2 earnings, AAPL shares saw a bump on strong iPhone sales and record Services revenue – even though overall revenue was slightly down.
