Buffett says Apple is Berkshire portfolio's best business

[May 08, 2023]  OMAHA/NEW YORK (Reuters) - Warren Buffett said on Saturday that Apple Inc is a better business than any other in Berkshire Hathaway Inc's portfolio.

"Apple is different than the other businesses we own. It just happens to be a better business," said Buffett during Berkshire's annual meeting in Omaha, Nebraska.

A person takes a picture as investors and guests arrive for the Berkshire Hathaway Inc annual shareholders' meeting in Omaha, Nebraska, U.S. May 6, 2023. REUTERS/Rachel Mummey

Berkshire revealed a $1 billion stake in Apple in May 2016, and by March 2023 had boosted that stake to $151 billion, accounting for 46% of its $328 billion equity portfolio,

Buffett has long praised Apple CEO Tim Cook, and viewed Apple less as a technology company and more as a consumer products company with a dominant product, the iPhone, that people want and need.

Berkshire has recently held a 5.6% stake in Apple, and Buffett said it could buy more.

(Reporting by Jonathan Stempel in Omaha, Nebraska and Carolina Mandl in New York; editing by Diane Craft)

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