Here's Why Warren Buffett Has 'Bought More Apple Than Anything Else'

Here's Why Warren Buffett Has 'Bought More Apple Than Anything Else'

Buffett told CNBC that he's attracted to Apple on a number of fronts, not the least of which is its "extraordinary consumer franchise". Mr Buffett reports that the four major downturns in his 53 years running the company all saw his shares fall between 37.1 to 59.1 per cent.

"My main takeaways are the underlying businesses continue to do extremely well, the cash continues to pile up, an additional $30 billion in the previous year alone" to a total of $116 billion, said Whitney Tilson, a Berkshire shareholder for more than two decades and a close follower of Buffett, 87, and his longtime business partner and sidekick, Charlie Munger, 94. Buffett's pattern is to make "punches"-investments where he commits a large amount of capital that have the potential to take his company to the next level, Wallman said".

Berkshire's often-impressive pace of acquisitions had slowed previous year, he said in the letter, when the prices asked for businesses "hit an all-time high", amid what he called "a purchasing frenzy".

He said investors might get a "euphoric surge" if they double their money in stocks, but would not be "happier".

Known to fans as "the Oracle of Omaha", Buffett, 87, has suggested US stocks are probably the best bet over time, encouraging people to make easy choices and stick with them, eschewing high-fee fund managers, for instance. "And if people are yelling, 'Swing, you bum!' ignore them".

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Still, it was the cash pile that drew attention. But "in every one of the nine years that followed, the fund-of-funds trailed the index fund". He says that "often, high-grade bonds in an investment portfolio increase its risk". Why not if he thinks they are always a great investment and you should not try to time markets?

Buffett will "make a move" on the market's downturnThe Dow Jones industrial average, S&P 500 and Nasdaq are all lower for the month, but Buffett probably sees the downturn as a buying opportunity, said Cramer. That said, at 87 Warren Buffett is not getting any younger and his 94-year-old business partner, Charlie Munger, is even older. The prize money for the bet was being held in Treasury bonds, which five years into the wager were trading at a yield/maturity of 0.88%.

"Most of those managers undoubtedly thought hard about their decisions, each of which they believed would prove advantageous".

Alongside the underwriting losses, one other notable item from the Berkshire annual results is that the company expects claims to worsen from its massive adverse development reinsurance agreement with Berkshire Hathaway subsidiary, National Indemnity Company (NICO), which came into effect on January 1st, 2016. Instead, we simply believe that if the businesses of the investees are successful (as we believe most will be) our investments will be successful as well.

There was notably less analysis of the firm's operating businesses in this year's letter, with Buffett pointing investors to the 10-K for more information.

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