Warren Buffett says Apple is the best business in the world

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Buffett
Warren Buffet is Apple's biggest investor.
Photo: CNBC

Despite selling off nearly $1 billion worth of Apple shares earlier this month, Berkshire Hathaway CEO Warren Buffett is still bullish on the iPhone-maker.

Warren told CNBC he wishes he bought Apple shares before he did. Buffett is so hyped on Apple he finally ditched his old flip phone and bought an iPhone.

In his annual letter to Berkshire Hathaway shareholders, Buffett revealed that Berkshire Hathaway owns 5.7% of all Apple shares. The company owned more than 245 million shares at the end of 2019 with a value of nearly $72 billion.

Buffett’s bullish Apple position

“I don’t think of Apple as a stock. I think of it as our third business,” Buffett told CNBC. “It’s probably the best business I know in the world. And that is a bigger commitment than we have in any business except insurance and the railroad.”

Berkshire Hathaway owns both Geico Auto Insurance and the North American railroad BNSF. Buffett has been a self-professed Luddite for years and mostly stayed away from tech stocks. His company is now Apple’s biggest investor.

“I should have appreciated it earlier,” Buffett said about his investment in Apple. Apple’s stock doubled in value from the beginning to the end of 2019. The stock is currently down over 4% due to coronavirus concerns along with most other stocks this morning.