Despite Berkshire Hathaway owning a massive stake in Apple Inc, company’s chairman Warren Buffett’s personal aversion to technology is holding him away from using iPhone.
Despite Berkshire Hathaway owning a massive stake in Apple Inc, company’s chairman Warren Buffett’s personal aversion to technology is holding him away from using iPhone. In a conversation with CNBC on Monday, Buffett said that he was sent an iPhone X by a fellow, but hasn’t used it still. “A fellow sent me a ’10’ the other day, but I’m not using it yet,” Warren Buffett said. “Very nice fellow. He even explained it. I think he pretended he was writing to a 3-year-old child. He wrote me this very nice letter and explained what to do with it — how it wouldn’t bite me or anything like that. I’m kind of screwing up my courage here and one of these days, I’ll move,” he told CNBC.
Even Berkshire Hathaway’s vice chairman Charlie Munger doesn’t own an iPhone. When asked whether he owns an iPhone, Charlie Munger told CNBC,” Of course not.” Buffett is historically known to hold an aversion to technology sector and remains gung ho on retail sector.
Buffett’s investment in Apple Inc
In the first three months of the year, Warren Buffett-led Berkshire Hathaway purchased 75 million additional Apple Inc shares. The company is aggressively ramping up its bets on the iPhone maker. Berkshire’s initial investment in Apple was not much in magnitude, suggesting it was made by one of Buffett’s investment deputies. However, with the recent stake purchase, it has surged to a sturdy 240.3 million shares worth $42.5 billion.
In the same interview, Buffett said, he wouldn’t mind buying out more Apple shares due to factors such as Apple’s management team and “the economics of their activities.” He said, “I’d love to own 100 percent of it.” As a result of this, Apple’s shares soared. The shares surpassed $185 for the first time. The company’s previous all-time intraday high came on Friday when the share price hit $184.25.