Buffet says he purchased the stock ‘because I liked it!’. The stake is about 2.5% of outstanding Apple shares and is one of Berkshire Hathaway’s largest holdings, second to Coca-Cola.
“Apple strikes me as having quite a sticky product, and an enormously useful product to people that use it,” Buffett told CNBC.
Despite his large stake in Apple, Buffet doesn’t have an iPhone.
“I don’t have an iPhone,” he said. “I have an iPad. Somebody gave it to me though.”
CNBC asked Buffet who would reach a $1 trillion valuation first, Apple or Berkshire Hathaway.
“I’d bet on Apple just because they’ve got a stronger position,” he said.
Take a look at the interview below…
Video Credit: CNBC