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Warren Buffett admits the amount of money Apple brings to Berkshire Hathaway is more than he himself. Photo: CNBC . |
Investment legend Warren Buffett, who will officially step down as CEO of Berkshire Hathaway at the end of this year, is about to end more than six decades of management that brought rare outstanding profits in the market.
Buffett, who is cautious about tech investments, has made only one exception, Apple, and at some point in 2024, he will be the largest investor in the company outside of ETFs.
"It's a little embarrassing to say that Tim Cook has made more money for Berkshire than I ever made," Buffett said.
Cook has led the company admirably since Apple co-founder Steve Jobs stepped down in 2011, just months before his death, according to the Berkshire Hathaway CEO.
"I knew Steve Jobs for a short time. Steve picked Tim to succeed him and he really made the right decision. No one but Steve could have created Apple, but no one but Tim Cook could have developed it the way he did. So on behalf of all of Berkshire, thank you Tim," Buffett said.
Berkshire Hathaway first invested in Apple in 2016. The move marked a significant shift in the company's investment strategy. Previously, Buffett and his investment partner Charlie Munger had avoided investing in technology companies because they felt they did not understand the industry well enough to make informed decisions.
Over the long haul, there have been years when Berkshire has truly outperformed the market. In 1998, for example, Berkshire stock rose 52.2% while the S&P 500 rose 28.6%. In 1976, Berkshire stock jumped 129.3%, far surpassing the U.S. stock market's 23.6% gain.
Source: https://znews.vn/loi-thua-nhan-cua-ty-phu-warren-buffett-post1551492.html
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