Published: Mon, May 07, 2018
Money | By Ethel Goodwin

Warren Buffett Owns 5 Percent of Apple. He'd Like to Own More

Warren Buffett Owns 5 Percent of Apple. He'd Like to Own More

Some analysts have said the stock losses have weighed on Berkshire shares, which are 10 percent below their record highs set on January 29.

Since that time, Buffett said that Americans have seen 14 US presidents, world wars, 9/11 and the Cuban missile crisis.

Book value, which measures assets minus liabilities, also took a hit from falling stock prices, falling 0.3 percent to $211,184 per Class A share, even though Buffett boosted his stake in Apple Inc (AAPL.O) by $12.5 billion in the quarter.

Buffett explained that he invested in Apple because he "came to certain conclusions about the value with which the capital was being deployed and about the ecosystem".

Berkshire Hathaway reported $407 million of underwriting profit for Q1 2018, up from a loss of -$267 million in the prior year.

While the primary focus of his company remains on U.S. businesses, investment opportunities in other parts of the world, including emerging markets, will also be taken into account, according to Buffett. He also is of the opinion that all big banks have had troubles of one sort or the other and what happened at Wells Fargo could have happened anywhere.

In an interview with Yahoo Finance in Omaha, Neb., few days before the Berkshire Hathaway's May 5 annual shareholder meeting, he had stated, "There's two kinds of items that people buy and think they're investing,".

Analysts surveyed by FactSet expected operating earnings of $2.08.

The legendary investor, meanwhile, endorsed Apple's decision to buy back its own stock, describing the plan as the most productive use of cash by the tech giant.

Charlie Munger, Berkshire's vice chairman and long-time Buffett collaborator, said during the meeting that trading in cryptocurrencies is "just dementia". But Buffett said Saturday that most Berkshire businesses are performing well and the economy remains strong. "Yet the costs keep going up".

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