Apple shares hit all-time high after Buffett raises stake

Buffett just offered a simple explanation why Berkshire still invests in gun stocks

Mr Buffett said his Berkshire Hathaway group bought about 75 million more shares of the iPhone maker in the first three months of the year.

Buffett, 87, and his longtime partner and fellow billionaire Charlie Munger, 94, also took pointed questions on Wells Fargo & Co, politics, guns, healthcare and their investment choices from shareholders, journalists and analysts at the Berkshire meeting in Omaha, Nebraska. Berkshire Hathaway claimed a almost 3.3% stake, or more than 166 million shares, at the end of past year.

Berkshire Hathaway CEO Warren Buffett once again slammed the fees charged by stock pickers who tout their potential to outperform the broader market. "If you look at Apple, I think it earns nearly twice as much as the second most profitable company in the United States", he told CNBC.

It was the Apple's second significant gain this week, after Apple surprised Wall Street on Tuesday with resilient iPhone sales and quarterly results that topped expectations.

Meanwhile, Buffett says that promoting two executives to oversee most of the companies businesses hasn't really changed his routine much.

Billionaire Warren Buffett deflected questions about his eventual successor at Berkshire Hathaway on Saturday and instead encouraged the thousands of people at his annual meeting to focus more on big picture investing principles than day-to-day events.

Buffett said Saturday that stock buybacks are a sensible use for Apple's massive cash stockpile.

Border Patrol Agents Found A Live Tiger Inside Abandoned Duffel Bag
Yesterday's find makes it the 12th tiger confiscated by law enforcement that the zoo has cared for in the last decade. Irma Chapa, communications director for Rio Grande Valley border patrol, tweeted: "Not an average day in the field".

The Trump administration reached out to China to request them to reduce trade deficit with the United States before the end of 2020 in an attempt to prevent a trade war between the two dominant world economies.

"I love the idea of having our 5% or whatever it may be grow" to 7% or more "without us laying out a dime", Buffett said.

Besides investments, Berkshire owns more than 90 subsidiaries in a variety of industries, including insurance, utilities, railroads, and manufacturing.

Friday is a day for stocks in the U.S.to rise as Apple gets close to their all-time high and paves the path for other technology companies.

Buffett faces a challenge investing Berkshire's more than $108 billion of cash and equivalents, including for acquisitions, saying his "phone is not ringing off the hook with good deals".

Shanahan, the Edward Jones analyst, said Berkshire could wind up reported a loss in net income during the quarter because of the accounting change even though the loss would mostly be on paper because Berkshire doesn't often sell its stocks. In Friday trading, the Class A shares closed at$292,600, and the Class B shares at $195.64.

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