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Buffett says Apple is Berkshire portfolio's best business

Published 05/06/2023, 02:07 PM
Updated 05/06/2023, 07:08 PM
© Reuters. FILE PHOTO: A women uses an iPhone mobile device as she passes a lighted Apple logo at the Apple store at Grand Central Terminal in New York City, U.S., April 14, 2023. REUTERS/Mike Segar
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OMAHA/NEW YORK (Reuters) - Warren Buffett said on Saturday that Apple Inc (NASDAQ:AAPL) is a better business than any other in Berkshire Hathaway (NYSE:BRKa) Inc's portfolio.

"Apple is different than the other businesses we own. It just happens to be a better business," said Buffett during Berkshire's annual meeting in Omaha, Nebraska.

Berkshire revealed a $1 billion stake in Apple in May 2016, and by March 2023 had boosted that stake to $151 billion, accounting for 46% of its $328 billion equity portfolio,

© Reuters. A person takes a picture as investors and guests arrive for the Berkshire Hathaway Inc annual shareholders' meeting in Omaha, Nebraska, U.S. May 6, 2023. REUTERS/Rachel Mummey

Buffett has long praised Apple CEO Tim Cook, and viewed Apple less as a technology company and more as a consumer products company with a dominant product, the iPhone, that people want and need.

Berkshire has recently held a 5.6% stake in Apple, and Buffett said it could buy more.

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