Berkshire Hathaway, owned by Warren Buffett, recently sold a significant number of Apple shares. Despite this move, Buffett’s confidence in the company remains unwavering. During the first quarter shareholder meeting in Omaha, up to 40,000 shareholders gathered to hear Buffett explain the reasons behind the share sales. The company’s cash reserves are currently at around $189 billion.
Buffett clarified that his positive view of Apple has not changed and that the sales were primarily driven by tax considerations. He emphasized that Berkshire Hathaway pays whatever taxes the government requires and has long been an advocate for higher taxes on the wealthy. The company paid five billion dollars in federal taxes last year alone.
Apple’s CEO Tim Cook will be present at the meeting as Berkshire Hathaway is Apple’s largest shareholder outside of financial companies that manage ETFs. The company’s holdings in Apple decreased by 13% in the first quarter to 790 million shares valued at just under $150 billion. Buffett expressed confidence that these companies will remain in Berkshire’s portfolio, even with the succession of Greg Abel as the new executive.
Warren Buffett, at 89 years old, provided insights into the future of his company and its investment strategy during the meeting. Despite its massive size, Berkshire Hathaway continues to generate remarkable profits which have made Buffett one of the most successful investors in the world.
