Warren Buffett, the chairman and former CEO of the holding conglomerate Berkshire Hathaway (NYSE: BRK.A), has said that he likely sold shares of Apple (NASDAQ: AAPL) “too soon” and would consider buying more.
Speaking on Squawk Box on CNBC, Buffett reflected on the conglomerate’s earlier move to trim its Apple position, stating that he was “very happy to have it be our largest holding.”
Apple indeed remains the company’s largest holding, even after the company reduced its position to about $61.96 billion at the end of last year. Despite the stock falling 6% this month, however, Buffett still does not think it is cheap enough.
Following the publication of the interview, Apple shares saw a small uptick, going up nearly 1% and trading at $249 at the time of writing.
Berkshire makes $100 billion in pretax profit from Apple
Warren Buffett also said that Berkshire has generated more than $100 billion in pretax profit from its investment in Apple and praised the leadership of Tim Cook, drawing a comparison with the company’s co-founder, Steve Jobs.
As per the latest filings, Berkshire’s equity portfolio, estimated between roughly $266 billion and $280 billion, remains concentrated in large, blue-chip companies. In addition to Apple, other major investments include Bank of America, American Express, and Chevron.
Meanwhile, Berkshire has accumulated a record cash position estimated between about $300 billion and $373 billion, giving new CEO Greg Abel flexibility to deploy capital if market volatility creates opportunities. Specifically, the Oracle of Omaha stated that Berkshire would deploy more than $350 billion if there is a major capital decline.
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Source: https://finbold.com/warren-buffett-just-admited-he-sold-this-stock-too-soon/
