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

I’m starting a candy company & it’s gonna be amazing’ Musk goes full Willy Wonka in Buffett spat

Buffett's very first commitment to Apple surprised many given his standard aversion to businesses in the tech sector, nevertheless also the billionaire perspectives Apple more as being a consumer solutions company.

At times, there will be tensions in a relationship such as the one between China and the US, Buffett said.

Presiding over the Berkshire Hathaway 2018 annual shareholder meeting on May 5, Buffett reiterated his negative view on the cryptocurrency, saying it is "probably rat poison squared", CNBC reports.

His endorsement helped lift Apple stock to an all-time closing high.

"I'm thrilled to see them re-purchasing stocks", Buffett advised Berkshire shareholders at the conglomerate's annual assembly.

Warren Buffett downplayed the risks of the recent spat of trade tensions between the U.S. and China during Saturday's Berkshire Hathaway annual meeting.

Funds from the repatriation of Apple's $252 billion overseas cash hoard arrived at a convenient time for traders working on behalf of Apple.

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The investor also implied that he is willing to invest more in China this year.

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.

At the end of 2017, Berkshire had owned 165.3 million shares.

On February 8, when it closed at $155.15, the low for the quarter, it was at a almost 10 per cent discount from its 60-day average VWAP.

Earlier this week, Buffett revealed that he had bought 75 million additional Apple shares, which means that Buffett now owns approximately 5 percent of Apple.

On Friday, shares in Apple rose 4 per cent on news he was raising his stake in it.

As is the case with all his investments, Buffett said he's looking at the long term and wasn't particularly anxious about whether Apple would hit various sales targets in the first quarter.

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