Apple share prices soared to $183.83, their highest value ever, after Warren Buffett announced he had purchased a whopping 75m shares in the first quarter.
In his statement, an uncharacteristically talkative Buffett also let slip that Apple stock now accounts for a quarter of his portfolio — a huge vote of confidence for the iPad makers.
Buffett and Apple are a match made in heaven
Buff Daddy made his fortune investing in stable companies that produce simple services and commodities — like gas producers, banks, or beverage-makers. In other words, the exact opposite of tech companies.
But Apple is a sweet exception to Buffett’s distaste for tech stocks because it plans in the long-term, insulates itself from bad leadership, and prioritizes American production — three business attributes that make Buffett giddy like a Nebraskan schoolboy.
Apple hopes Buffett will take an even bigger bite
The only person more stoked about the investment than Buffett may be Tim Cook over at Apple, who announced he was “thrilled” — at least in part because Buffett could help Apple crack the big trillion, a mark which is now only distant by a $20-per-share increase.
They may be able to do it together. According to Buffett, Apple is an “unbelievable company.” Not to be out-complimented, Cook gushed that, “on a personal level, [he’s] always admired Warren.”