In an interview with CNBC on Monday, chairman and chief executive of Berkshire Hathaway Inc., Warren Buffett revealed how many Apple shares his company purchased in 2017.
Claiming the U.S. stock market is not nearing “bubble territory,” Buffett said Berkshire has purchased 120 million shares from Apple in 2017, thus far. According to Buffett, “Apple strikes [him] as having quite a sticky product,” and he believes Apple chief executive Tim Cook is doing a “terrific job.”
As reported in Reuters, Buffett’s company now has a total of 133 million shares at Apple that, together, are worth well over $17 billion. Prior to the Nov. 8 U.S. election, Berkshire spent approximately $20 billion on stocks.
Related News: Warren Buffett Reveals Stock Purchased After Trump Win
Buffett was a supporter of Democratic presidential candidate Hillary Clinton but claims he believes the economy will fare well under President Trump. While he disagrees with some of Trump’s actions and policies, Buffett favors his choice for Rex Tillerson as secretary of state, saying he makes “a lot of sense.”
In terms of the overall stability of the equity market, Buffett is unsure as to what will happen in the future. He told CNBC it’s possible for shares to “go down 20 percent tomorrow.”
JOIN THE MOVEMENT to SAVE THE NATIONAL ANTHEM
Please join the thousands of DML readers who have purchased a bumper sticker. CLICK HERE.
If you would like to receive Breaking News text alerts on a smartphone or tablet, download the DML APP which is completely FREE and easy to use. Go to the Google Play Store or the IOS App Store and search for DML APP. Be sure to keep the app’s notifications setting on. Another way to receive alerts is to text to 40404 the following message: follow @realdennislynch (be sure to put a space between the word follow and the @ symbol).
To see more stories like this, sign up below for Dennis Michael Lynch’s email newsletter.
Sign up to get breaking news alerts from Dennis Michael Lynch.
Controversial Border Adjustment Tax Explained (Video)