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

07 May, 2018, 15:02 | Author: Natasha Holloway
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"I think anybody that tells you now they think they know in some actuarial way either what (the) general experience is like in the future, or what the worst case can be, is kidding themselves", he added.

"It is an unbelievable company", Buffett said in an interview with CNBC.

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.

The figure make the holding company Apple's third-largest shareholder, behind Vanguard Group and BlackRock. Buffett is the owner of Berkshire Hathaway, which in turn owns Bay Area-based See's sweets.

Even after the Apple investment, Berkshire's holdings of cash and equivalents was $108.6 billion (roughly Rs. 7.25 lakh crores), the company has said.

Apple's iPhone Still Gushes Cash
Along with the $100 billion share buyback, Apple also reported earnings per share growth of 30% to $2.73. Apple sold 52.2 million iPhones, sales rise 3%. iPad sales were up 2% in units and 6% in revenue.

The shares closed up 3.9 percent at US$183.83 on Friday.

Speaking at Berkshire Hathaway's annual shareholder meeting, the billionaire praised Apple for choosing to buy back its own stock, after the company announced last week it could buy back as much as $100 billion worth of stock.

The tycoon said he believes the countries will avoid doing "something extremely foolish".

"We have a lot of common interests, and like any two big economic entities, there are times when there'll be tensions, but it is a win-win situation when the world trades", the investor said.

The benefits of free trade are huge, and the world is dependent on it in a major way for its progress, Buffett said.

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