• Apple’s shares have slipped many times this year amid supply chain constraints
Warren Buffett bought $600 million worth of Apple Inc. (NASDAQ: AAPL) shares following a three-day decline in the stock last quarter.
In an interview with CNBC, Berkshire Hathaway’s chairman and CEO revealed that he bought the dip in Apple’s shares. He said, “Unfortunately the stock went back up, so I stopped. Otherwise who knows how much we would have bought?”
The conglomerate acquired a 5% stake worth $36 billion in the iPhone maker’s stock between 2016 and mid-2018. Berkshire is now Apple’s largest shareholder, outside of index and exchange-traded fund (ETF) providers.
Apple’s shares have slipped many times this year amid supply chain constraints, providing investors with plenty of buying opportunities. The stock fell 1.7% in the first quarter with multiple three-day losing streaks throughout the period.
Apple once declined for eight days in a row in January and the stock is down nearly 10% in the second quarter.
Buffett usually stays away from tech stocks, a fact which is very well known but warmed up to the sector in the past decade. Today, Berkshire’s Apple stake makes up more than 40% of its equity portfolio.
Source - CNBC
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