Warren Buffett, CEO of Berkshire Hathawaythinks that iphone A very popular product that people would be willing to sacrifice another car to have.
shortly after Apple In its Q2 2023 release, Buffett meets with Berkshire investors, offers more insight into why Apple is performing. He said he doesn’t understand the iPhone specifically but does understand consumer behavior, Yahoo Finance reports.
Buffett compared the iPhone to a more valuable item, such as an additional vehicle, to explain consumer behavior.
“Apple is in a position with consumers where they’re paying maybe $1,500 for a phone, or whatever it is,” Buffett said.
“And those same people pay $35,000 to have another car, and [when] They have to give up another car or give up their iPhone, they’ll give up their other car,” Buffett said.
In April, Buffett made a similar statement, saying if he was offered $10,000 for his iPhone and promised never to buy another again, he would refuse.
Buffett openly praises the iPhone, calling it an extraordinary product unlike anything his company has owned in terms of shareholding. Despite this, Berkshire Hathaway is satisfied with its 5.6% or more ownership in the company, and they are pleased to see a modest increase in their stake.
He further stated that Apple is “a better business than any business we’ve owned.”
Even though Buffett’s company is invested in Apple, it wasn’t until 2020 that it turned to an iPhone. last we know, buffet was using iphone 11which was presented to him.
Back in May 2016, Berkshire Hathaway invested $1 billion in Apple. By March 2023, that investment had grown to $151 billion, accounting for 46% of the company’s $328 billion equity portfolio.
shortly after Apple In its Q2 2023 release, Buffett meets with Berkshire investors, offers more insight into why Apple is performing. He said he doesn’t understand the iPhone specifically but does understand consumer behavior, Yahoo Finance reports.
Buffett compared the iPhone to a more valuable item, such as an additional vehicle, to explain consumer behavior.
“Apple is in a position with consumers where they’re paying maybe $1,500 for a phone, or whatever it is,” Buffett said.
“And those same people pay $35,000 to have another car, and [when] They have to give up another car or give up their iPhone, they’ll give up their other car,” Buffett said.
In April, Buffett made a similar statement, saying if he was offered $10,000 for his iPhone and promised never to buy another again, he would refuse.
Buffett openly praises the iPhone, calling it an extraordinary product unlike anything his company has owned in terms of shareholding. Despite this, Berkshire Hathaway is satisfied with its 5.6% or more ownership in the company, and they are pleased to see a modest increase in their stake.
He further stated that Apple is “a better business than any business we’ve owned.”
Even though Buffett’s company is invested in Apple, it wasn’t until 2020 that it turned to an iPhone. last we know, buffet was using iphone 11which was presented to him.
Back in May 2016, Berkshire Hathaway invested $1 billion in Apple. By March 2023, that investment had grown to $151 billion, accounting for 46% of the company’s $328 billion equity portfolio.