Buffett's magic touch sends Apple stock to its highest value in history

Buffett's magic touch sends Apple stock to its highest value in history

Berkshire Hathaway is now the third largest shareholder of Apple.

Buffett, chairman and CEO of Berkshire Hathaway, described digital currency as a nonproductive asset while stocks earn money for investors in the markets.

Apple has been basking in its Q1 2018 results where the company laid to rest claims that its iPhone X had not worked out for its audience.

The note pointed out that Buffett is a big fan of Apple stock, which he upped his company's stake in Friday, sending the stock higher.

"What I do find monumentally baffling is that two of the world's most successful investors can not see the intrinsic value of some form of cryptocurrency", Nigel Green, CEO of financial consulting firm deVere Group, wrote in a report early Monday.

"To me, it's just dementia,"Munger said Saturday during Berkshire Hathaway annual shareholders meeting in Omaha, Nebraska. Now, somebody calls that a store of value, I think they're delusional".

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"I clearly like Apple".

If it crosses the trillion-dollar threshold, it will become the first U.S. company to do so - a title that fellow tech giants Amazon, Google and Microsoft have also been vying to achieve.

Apple is now just US$16 per share short of reaching the much-anticipated US$1t mark.

"Nobody buys a farm based on whether or not it's going to rain next year or not", Buffett explained. "We're betting on the success of Apple products like the iPhone, and I see characteristics in that that make me think it's extraordinary", Buffett said. "With the passage of time, we may own 6 or 7 percent because they repurchase shares".

Buffett says Wells Fargo clearly had the wrong incentives in place when bank employees opened as many as 2 million accounts without getting customers' permission to meet aggressive sales targets. There is no reason at all for me to encourage other people to buy Apple. But in terms of recent times - well - it - it was - it was - it was a company I liked, a business I liked very much. Buffett also praised Apple's announcement of a $ 100 billion share buyback program. "And we could buy a lot of it". "The top tech companies do have a very strong profit position right now but Apple has the most of all".

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