Warren Buffett is still a big believer in Apple.
The Oracle of Omaha was asked if he bought more shares in the technology giant after the end of the June quarter. “We bought just a little [more],” he said Thursday on CNBC in an interview with Becky Quick. Buffett explained that he loves Apple as an investment due to the power of its brand and ecosystem, not its short-term financial results.
“I do not focus on the sales in the next quarter or the next year,” he said. “I focus on the … hundreds, hundreds, hundreds millions of people who practically live their lives by it [iPhone].” He also called the iPhone “enormously underpriced,” saying that it’s worth far more than the $1,000 Apple charges.
“I have a plane that costs me a lot, a million dollars a year or something of the sort. If I used the iPhone — I use an iPad a lot — if I used the iPhone like all my friends do, I would rather give up the plane,” he said.
Shut up, Warren. I can barely afford an iPhone as it is.