During the recent Berkshire Hathaway general meeting in Omaha, CEO Warren Buffett addressed shareholders about the company’s recent sale of a significant number of Apple shares. Despite this sale, Buffett’s confidence in Apple remains unwavering. The company currently holds around $189 billion in cash as of the first quarter results.
Following the share sales, Berkshire Hathaway’s Apple holdings decreased by 13% to 790 million shares, valued at just under $150 billion. The decision to sell was attributed to tax reasons, as Buffett anticipates rising corporate taxes due to the increasing US budget deficit. However, Apple is expected to remain Berkshire Hathaway’s largest investment by the end of the year.
During the meeting, Buffett emphasized his long-term investments in strong companies and highlighted that he advocates for higher taxes on the wealthy. He reassured shareholders that his other favorite investments include financial companies like American Express and beverage giant Coca Cola and that these companies will remain in Berkshire’s portfolio for the foreseeable future. Additionally, he mentioned Greg Abel as the executive poised to succeed him in leading the company.
Despite recent share sales, Berkshire Hathaway’s investment portfolio continues to deliver huge profits and its continued success was discussed during the meeting.
