Warren Buffett Bought Apple's Stock 'More Than Anything Else' Last Year
Mar 02, 2018, 01:40
He told shareholders in the annual letter that he is wary of using debt to pay for any deals.
Berkshire Hathaway, the holding company of U.S. billionaire investor Warren Buffett, received a stunning $29 billion cheque past year from the United States government, thanks to a new tax law that massively lowered corporate tax rates.
Of course the not always so subtle subtext is that you ought to invest in his own "B" shares to profit from his skill.
For all of 2017, Berkshire's net income rose 87% to $44.94 billion.
The letter was posted Saturday on Berkshire's website.
But Buffett says he's had a hard time finding acquisitions at reasonable prices, so he's sitting on $116 billion cash and short-term bonds.
Warren Buffett, founder of Berkshire Hathaway. (AAPL) shares over the past year.
The industrial giant hasn't approached Buffett about large divestitures, he said. And yet his $116bn in the bank does suggest he is now trying to do just that, or at least be very patient in anticipation of a major slump in stock prices. Buffett contrasts his "kindergarten-like" analysis to the amount research and trading that the hedge fund managers did. Most grandparents expect you to come listen to their bullshit every weekend in person, and God forbid they figure out how to use e-mail because then you're going to be getting something in your inbox on Mondays that clearly suggests they don't remember you were just at their house the day before.
Buffett said last week that the tax law has made his company billions of dollars.
The above lesson is one of the most key lessons an investor can learn.
"Berkshire's blood flows through their veins", Buffett wrote.
It's a good reminder that there "is simply no telling how far stocks can fall in a short period" and that "the light can at any time go from green to red without pausing at yellow".
During his Monday interview, Buffett said Apple has an extraordinary consumer franchise and a strong ecosystem.
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He likened the situation to 1991, when Buffett was installed as chairman of Salomon Brothers Inc amid a bond trading scandal that almost landed that company in bankruptcy.
Speaking on CNBC television, Buffett said "we can't afford to make a mistake" in finding the right CEO to help combat spiraling healthcare costs that now account for close to 18 per cent of USA gross domestic product, or $10,000 per person.
High-grade bonds, he said, can increase the risk of an investment portfolio as inflation eats away at the return.
But where does all this wisdom leave the average Gulf-based investor today?
"You and I are lucky to have Ajit and Greg working for us", Buffett told shareholders at the end of the letter.
Legendary investor Warren Buffett approaches stock investing with two simple rules.
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