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.
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.
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.”