Published: Sun, May 06, 2018
Money | By Hannah Jacobs

Apple shares on verge of record high after Buffett's investment

Apple shares on verge of record high after Buffett's investment

Buffett told CNBC about the latest Apple stock purchases Friday as tens of thousands of shareholders begin to arrive at Berkshire Hathaway's annual meeting this weekend.

Berkshire Vice Chairman Charlie Munger was more blunt, as he often is: "It was clearly an error".

Buffett plowed more than $10billion into IBM in 2011. Jain now oversees all of Berkshire's insurance operations after previously dealing just with the reinsurance side of the business.

For centuries, China "did not progress that much economically for an overwhelming portion of the population", he said.

When asked about whether Buffett's heirs can continue Berkshire's record of throwing lifelines to stressed firms in exchange for good returns, Buffett said that as of date, some of Berkshire's funds are arranged by portfolios managers Ted Weschler and Todd Combs, not by him.

The "requirement will produce some truly wild and capricious swings in our GAAP bottom line", Buffett said in his annual letter to shareholders released in February.

It wound up being what Buffett describes as a "momentous" day for his investment career, as the Dow Jones industrial average saw a large decline, spooked by escalating geopolitical headwinds.

"He's done a phenomenal job for his shareholders", said Gary Gocken, of Lincoln. "They are acutely aware of it and don't want it to happen again".

Buying Apple accomplishes that, even though Buffett would rather buy whole companies than their stocks.

Berkshire's initial investment in Apple was small, suggesting it was made by one of Mr. Buffett's investment deputies.

In the wake of Apple's impressive earnings report, legendary investor Warren Buffett appeared on CNBC today and heaped praise upon the company.

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"I don't think there are unusual profits involved in the ownership, Buffett said of real estate businesses".

Berkshire Hathaway Inc on Saturday reported an unusual quarterly net loss, the result of an accounting change that Buffett had warned would produce "wild" but in his view meaningless swings in results. "And Ted and Todd think just as well about that as I do". Wells Fargo had been trying to fix its reputation after admitting in 2016 that employees opened as many as 2 million accounts without getting customers' permission to meet aggressive sales targets.

Berkshire entered the residential brokerage business in 2000 when it bought a majority interest in MidAmerican Energy (now named Berkshire Hathaway Energy) and in 2017 expanded that business with the acquisition of brokerages Long and Foster, Houlihan Lawrence and Gloria Nilson.

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.

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