Buffett addresses stake in Apple, Occidental Petroleum, and issues warning about...
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Buffett addresses stake in Apple, Occidental Petroleum, and issues warning about the streaming business
Buffett addresses stake in Apple, Occidental Petroleum, and issues warning about the streaming business
Warren Buffett addressed his stake in Apple and Occidental Petroleum (OXY), and shared his concerns about the video streaming business on Saturday. Buffett hosted the Berkshire Hathaway Annual Shareholders Meeting in his hometown of Omaha, Nebraska. The legendary investor was joined by Berkshire Hathaway (BRK-A) Vice Chairman Charlie Munger. When asked about his investment in Apple (AAPL), Buffett said, “I don't understand the phone at all, but I do understand consumer behavior." “Apple is not 35% of Berkshire's portfolio… it just happens to be a better business than any business we own.” He later made comments about his strategy in the energy sector, telling Berkshire shareholders the holding company is not "going to be making an offer for control of Occidental [Petroleum].” Find more special coverage of the 2023 Berkshire Hathaway Annual Shareholders Meeting on YahooFinance.com.
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Warren Buffett addressed his stake in Apple and Occidental Petroleum (OXY), and shared his concerns about the video streaming business on Saturday.
Buffett hosted the Berkshire Hathaway Annual Shareholders Meeting in his hometown of Omaha, Nebraska. The legendary investor was joined by Berkshire Hathaway (BRK-A) Vice Chairman Charlie Munger.
When asked about his investment in Apple (AAPL), Buffett said, “I don't understand the phone at all, but I do understand consumer behavior."
“Apple is not 35% of Berkshire's portfolio… it just happens to be a better business than any business we own.”
He later made comments about his strategy in the energy sector, telling Berkshire shareholders the holding company is not "going to be making an offer for control of Occidental [Petroleum].”
Find more special coverage of the 2023 Berkshire Hathaway Annual Shareholders Meeting on YahooFinance.com.
Video Transcript
BRIAN SOZZI: Of course, we have a rapid-fire section for you as well, hitting a lot of these favorite Yahoo Finance tickers. First off, Apple, of course, Apple is a key holding inside of Berkshire Hathaway. And Myles, naturally, it took a little while to get that Apple question. But it was interesting how it was posed to them.
MYLES UDLAND: It did. And we kind of got to it in two ways. I think what will draw the headlines is Buffett saying, I don't understand the product at all, or I don't understand the phone, but I understand the business. He understands the business of selling phones not necessarily how one makes a phone.
But that also got into really what I think-- Apple has become the most instructive holding within Berkshire's portfolio. They pay a huge dividend. So every quarter, they're getting hundreds of-- they're getting $100 million check, or it's not-- it's much larger than that. But nine-figure check coming to Berkshire Hathaway.
Second thing, they buy back a lot of stock. So Berkshire's holdings in Apple, its percentage of the company that it owns, has gone up organically over time. We saw the announcement on Thursday night from Apple increasing the size of that buyback authorization. So it's going to continue to go up.
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