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Apple shares rally following Buffett stock purchases

Apple shares rally following Buffett stock purchases”

That was 3.8 times greater than the approximately 15.2 million shares of the iPhone maker that Berkshire Hathaway owned at the end of September, an earlier SEC filing revealed. It was reported by Berkshire that it invested $2.1 billion in each of these namely American Airlines Group Inc., United Continental Holdings Inc., Southwest Airlines Co., and Delta Air Lines Inc. Berkshire, meanwhile, sold off a important portion of its Wal-Mart investment and reduced its stake in the retailer to 1.4 million shares from almost 13 million shares at the end of September.

Assuming Berkshire has not sold its stake, Apple's 16.6 percent gain this year would leave it with a Dollars 1.1 billion paper profit in 2017 alone.

Everyone is aware of the aversion that Buffett had for technological stocks. But it may still be a stock worth buying now, at least if you take Warren Buffett's word for it.

Separately, Argus assumed coverage on shares of Berkshire Hathaway in a report on Tuesday, January 3rd.

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Berkshire's Apple Inc. stake is now worth $7.7 billion, up from roughly $2 billion the previous quarter.

Cupertino-based Apple's stock has soared 17 percent this year in its climb to all-time records.

"It's quite possible that Warren woke up and began to understand the virtues of Apple that he had been neglecting or, like with Precision Castparts, Todd or Ted had an affinity for Apple that sparked interest from Warren", Russo said. The company also put new money to work in Monsanto and Sirius XM Radio, and made an incremental investment in Bank of New York Mellon. Buffett, who is not so bullish on technology companies, is now the second richest person in the world, with a net worth of about $74.9 billion, according to Forbes' estimate. After all, he first started buying Apple's stock when it was south of $100 and for an investor that's known for not trying to time the market, he's doing just fine.

"I believe the trust's long-term results from this policy will be superior to those attained by most investors-whether pension funds, institutions, or individuals-who employ high-fee managers", he wrote in his annual letter from three years ago.



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