Apple Stock Hits Record High On Warren Buffett Comments

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"I clearly like Apple".

After the US-based company, Apple released their earnings report, shares of the company saw a significant boost and when the legendary investor Warren Buffett revealed that Berkshire Hathaway picked up nearly 75 million shares of Apple during the March quarter.

If it crosses the trillion-dollar threshold, it will become the first United States company to do so - a title that fellow tech giants Amazon, Google and Microsoft have also been vying to achieve. We like very much the economics of their activities. "The top tech companies do have a very strong profit position right now but Apple has the most of all".

"Nobody buys a farm based on whether or not it's going to rain next year or not", Buffett explained.

In its Q1 2018 report, Apple also announced a new $100 billion stock buyback programme.

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The legendary investor also threw shade on day traders, who he said totally miss the point of investing in a company like Apple. For Mr. Tan, the big names mattered less than the Midwestern sensibilities: "There is a piece of this that really resonates with us, around being plain-spoken and investing in what you understand", he said. "With the passage of time, we may own 6 or 7 percent because they repurchase shares". "When you're buying nonproductive assets, all you're counting on is the next person is going to pay you more because they're even more excited about another next person coming along".

"I should say in the past we had plenty of times when - when a single stock was a bigger proportion of our total net worth. And we could buy a lot of it".

At its current share price of $187, Apple is worth almost $920 billion, well in excess of its rivals.

The endorsement was well received and Apple CEO Tim Cook responded to the endorsement and appreciation in kind in a statement where he said, "On a personal level, I've always greatly admired Warren and have always been grateful for his insight and advice".

Apple is once again closing in on becoming the first company to have a market cap of $1 trillion.

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