Warren Buffett, on CNBC,
says bought about 120 million Apple shares in 2017
Send a link to a friend
[February 27, 2017]
By Sam Forgione
NEW YORK (Reuters) - Warren
Buffett, chairman and chief executive of Berkshire
Hathaway Inc <BRKa.N>, told CNBC on Monday that his
conglomerate had purchased about 120 million shares of
Apple Inc. <AAPL.O> in 2017 and that U.S. stocks were
not in a "bubble territory."
Berkshire Hathaway CEO Warren Buffett plays bridge
during the Berkshire annual meeting weekend in Omaha,
Nebraska, U.S. on May 3, 2015. REUTERS/Rick Wilking/File
"Apple strikes me as having quite a sticky product," Buffett
said. He said Berkshire's Apple stake was now worth about $17
billion and amounted to 133 million shares.
Apple Chief Executive Tim Cook had done a "terrific job,"
Buffett said, but added he had not bought shares since the
company's earnings report.
Buffett, who told the cable television network that Berkshire
had spent about $20 billion on stocks since just before the Nov.
8 U.S. election, also said the U.S. stock market was cheap with
interest rates at current levels.
Buffett said it was extremely difficult to attempt to find a
floor in stock prices and that he did not know what would happen
in the near term in the equity market. He said U.S. shares could
conceivably "go down 20 percent tomorrow."
Buffett said that Berkshire's positions in airlines remained
unchanged. He said pricing shares of airlines has historically
been a "very tough game" and that he had never met the chief
executives of any of the four airlines in which Berkshire holds
(Reporting by Sam Forgione; Editing by W Simon and Bernadette
[© 2017 Thomson Reuters. All rights
Copyright 2017 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.