Apple should buy back shares: Warren Buffett

CREDIT Alberto E. Rodriguez  Phillip Chin

CREDIT Alberto E. Rodriguez Phillip Chin

Berkshire now owns 5 percent of the iPhone maker, trailing only Vanguard Group and BlackRock Inc BLK.N .

Apple's share price hit a record high after Buffett revealed having boosted Berkshire's already large stake in the Cupertino, California-based company to roughly 240 million shares, now worth some $44 billion (2.95 lakh crores).

Last week, the so-called "Oracle of Omaha" argued that investing in bitcoin is a gamble, not an investment.

Dismissing concerns that the trade tensions between China and the U.S. could potentially escalate into a trade war, famous USA billionaire investor Warren Buffett said Saturday that the world depends on the United States and China for progress and that both the countries need to focus on common interests.

He admitted to making the wrong decision on both the companies and said, "We've looked at it".

It is a better idea than spending that money on other companies which have the disadvantage of not being Apple, he added.

On e-commerce firm Amazon, he said: "The truth is that I've watched Amazon from the start and I think what (Amazon CEO) Jeff Bezos has done is something close to a miracle".

Berkshire first invested in Wells Fargo almost three decades ago and is now the bank's biggest holder with a almost 10% stake valued at around $25 billion.

Buffett says Wells Fargo clearly had the wrong incentives in place when bank employees opened as many as 2 million accounts without getting customers' permission to meet aggressive sales targets. The pace of innovation, he said, is more important in the long run.

They are not a "productive asset". He also believed that cryptocurrencies would attract a lot of "charlatans" and "people of less than stellar character". "You're just hoping the next guy pays more". "It's like somebody else is trading turds and you decide you can't be left out".

Recommended News

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.