Published: Mon, May 07, 2018
Finance | By Cynthia Curry

Warren Buffett is not too anxious of a Transaction Warfare

Warren Buffett is not too anxious of a Transaction Warfare

"I think anybody that tells you now they think they know in some actuarial way either what (the) general experience is like in the future, or what the worst case can be, is kidding themselves", he added.

Warren Buffett and his business partner, Charles Munger, answered questions from analysts, journalists and shareholders in the audience of Berkshire Hathaway Inc's annual meeting in Omaha, Nebraska.

Warren Buffett said he would be happy if his conglomerate Berkshire Hathaway owned more than 5 percent of Apple's stock, including if the iPhone maker bought back more of its shares.

United States billionaire investor Warren Buffett said on Saturday that the world depends on the U.S. and China for progress, dismissing concerns that the two countries' trade tensions could potentially escalate into a trade war.

Berkshire is now Apple's third largest shareholder, behind Vanguard Group and BlackRock.

Buffett also praised Apple's penchant for developing "extremely sticky" products that were extremely successful with their customers, so much so that that users become strictly attached to gadgets such as iPhones, MacBooks and iPads.

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"I love the idea of having our 5 percent, or whatever it is, maybe grow to 6 or 7 percent".

Last week, Apple reported its profit in the first three months of the year stood at $13.8 billion, a 25 percent increase from the corresponding period 12 months earlier.

Up to Friday's close, Apple stock had risen 9.8 percent since Berkshire disclosed on February 14 that it had raised its stake in the company, Reuters noted.

The California-based giant's market valuation, meanwhile, has surpassed the $930 billion mark.

The investor expressed scepticism that any insurance company can assess the risk for cybersecurity events, the CNBC report said. It actually led Berkshire to a net loss in the quarter, even though operating profit climbed.

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