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Buffett Buys More Apple, Says iPhone Is ‘Enormously Underpriced’

Posted On August 31, 2018 1:50 pm
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The Oracle of Omaha is adding to his already large stake in Apple Inc.

Warren Buffett, 88, likes the technology giant because of its devoted customers, and has built up his stake in the company by “just a little” since his last regulatory filing, he said Thursday in an interview with CNBC. The Berkshire Hathaway Inc. chairman and chief executive officer said his firm has also bought back some of its own stock recently.

“They’ve got to keep having the product that this huge clientele regards as indispensable,” Buffett said of Apple. For customers, “the iPhone is enormously underpriced” compared with the utility it offers, he said.

Berkshire has been piling more money into Apple, increasing that stake to 252 million shares as of June 30. The investment is worth more than $50 billion and makes Berkshire the third-biggest shareholder in Cupertino, California-based Apple, with a more-than 5 percent stake, according to data compiled by Bloomberg.

Continue Reading at Bloomberg.com

 Related: Apple is Unveiling a New Product Line – Here’s What You Need to Know.

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