Warren Buffett eyes investment in China

Warren Buffett eyes investment in China

Warren Buffett eyes investment in China

Apple is now Berkshire's No.1 stock holding, eclipsing long-time top holding Wells Fargo.

However, since the latest stake purchase, it has grown to a solid 240.3 million shares worth US$42.5 billion.

As Apple takes shares off the market, it'll boost the value of the stock that Berkshire Hathaway holds.

Follow Business Insider's coverage of Berkshire Hathaway's annual meeting 2018.

Speaking to CNBC, the 86-year-old offered effusive praise for Apple, calling it an "unbelievable company" that earns nearly twice as much as the country's second-most profitable company, JPMorgan Chase.

"It was the stock's second significant gain this week after the Cupertino, California-based firm surprised Wall Street on Tuesday with resilient iPhone sales and quarterly results that topped expectations".

When speaking about the company, he said that the company is unbelievable.

Warren Buffett participates in the newspaper tossing challenge at the Clayton Home in the exhibit hall during the Berkshire Hathaway Annual Shareholders Meeting at the CenturyLink Center in Omaha, Nebraska, U.S. April 30, 2016.

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"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.

"It gets me first place in the queue, I think when people go to so much effort it shows Warren how important he is for us", Robertson said.

In addition to its huge stock holdings, Berkshire owns roughly five dozen businesses in industries ranging from railroads and retail to auto insurance and industrial manufacturers.

Billionaire Warren Buffett on Saturday told shareholders that Berkshire Hathaway Inc's (BRKa.N) first-quarter earnings reflected strong performance despite a new accounting rule that pushed the company to a net loss.

Up to Friday's close, Apple stock had risen 9.8% since Berkshire disclosed on February 14 that it had raised its stake in the company.

However, there may also be another reason for the investment: Berkshire's cash position.

The accounting change required Berkshire to report unrealized losses in its equity portfolio, which totalled $170.5 billion at year end, regardless of whether it planned to sell those stocks.

Responding to a question at what point Berkshire should come out its investment in Wells Fargo, the billionaire investor said that Wells Fargo had a faulty incentive system, which is a cardinal sin and it is not unique for large companies to have problems. The shares closed up 3.9% at $183.83 on Friday.

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