Apple stock hits new highs after ringing endorsement from Warren Buffett

Илон Маск решил производить конфеты

Since the initial disclosure nearly 2 years ago, Apple's stock has nearly doubled, as well as breaking records and reaching a new level on Monday, making it a massive success for Berkshire Hathaway. "I went into Apple because I came to certain conclusions about both the intelligence with the capital they deploy, but more important the value of their ecosystem and how permanent that ecosystem could be".

But at the annual Berkshire Hathaway meeting in Omaha Saturday, Buffett faced questions about how he became so bullish on Apple (aapl)-after famously avoiding tech stocks for most of his investing lifetime. "Whereas I do see a business that they know everything about, and where they may or may not be able to buy at an attractive price when they repurchase their shares". We like very much the economics of their activities.

Apple is now just US$16 per share short of reaching the much-anticipated US$1t mark. "Nobody buys a farm based on whether or not it's going to rain next year or not", Buffett explained."You buy it because you think it's a good investment over 10-20 years".

The legendary investor also threw shade on day traders, who he said totally miss the point of investing in a company like Apple. And we really like their management, their way of thinking and their way of acting, "he said with a smile". Well, I love the idea of having 5 percent go to 6 percent.

"If you don't understand it, you get much more excited", Buffett said on CNBC television.

More news: Japan's Takeda lands £46bn pharma takeover deal

But there's another reason Buffett loves Apple besides its tech gadgets: Apple's massive cash hoard, which allows it to buy back a lot of its own stock.

"I should say in the past we had plenty of times when - when a single stock was a bigger proportion of our total net worth".

Not only did Apple made iPhone sales in March quite strong, the CEO, Tim Cook boasted during a subsequent earnings conference, saying that the iPhone X was the most popular iPhone model for every single week during the quarter.

Apple is once again closing in on becoming the first company to have a market cap of $1 trillion.

At its current share price of $187, Apple is worth almost $920 billion, well in excess of its rivals.

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