In his annual letter to Berkshire shareholders on Saturday, Buffett called Tim Cook's Apple his 'runner-up Giant' next to the cluster of insurers.
, the conglomerate of mostly old-economy businesses he's assembled over the last five decades.
"Tim Cook, Apple's brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim's managerial touch as well," theThe "Oracle of Omaha" made clear he is a fan of Cook's stock repurchase strategy, and how it gives the conglomerate increased ownership of each dollar of the iPhone maker's earnings without the investor having to lift a finger.
Berkshire began buying Apple stock in 2016 under the influence of Buffett's investing deputies Todd Combs and Ted Weschler. By mid-2018, the conglomerate accumulated 5% ownership of the iPhone maker, a stake that cost $36 billion. Today, the Apple investment is now worth more than $160 billion, taking up 40% of Berkshire's equity portfolio.
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