Apple stock hits new highs after ringing endorsement from Warren Buffett

Warren Buffett and Elon Musk

Warren Buffett and Elon MuskMore

But the icing on the cake was when, on the eve of its annual shareholder meeting, Berkshire Hathaway purchased 75 million more shares of the tech giant.

Amid that rebuke, it might be hard to confess owning any bitcoin, but luckily Bill Gates said that he has sold the small amount that he received for his birthday.

Partial Transcript of Bill Gates on AppleBill Gates: Well Apple's an incredible company.

Shares of Apple climbed almost 1 per cent to US$185.16 on Monday afternoon, pushing its market cap to roughly US$903.5 billion.

Buffett's Berkshire Hathaway owns a group of more than two dozen small and medium-sized newspapers.

But amid some concerns that the conglomerate will take a hit if that happens, Buffett isn't at all anxious, according to a Morgan Stanley note on Berkshire Hathaway's annual letter to shareholders.

More news: Attorney General Jeff Sessions to Visit US-Mexico Border in San Diego

Buffett: "The nice thing about buying Apple is that I don't care whether anyone mentions Apple again". Indeed, the company plans to use part of its cash to buy the shares and increase dividends. And we really like their management, their way of thinking and their way of acting, "he said with a smile".

Note: Warren Buffett has said that while he would buy five-year put options on cryptocurrencies, he wouldn't short a dime's worth.

"I've been familiar with the company", he said, noting that he knew Apple co-founder Steve Jobs. "With the passage of time, we may own 6 or 7 percent because they repurchase shares". Well, I love the idea of having 5 percent go to 6 percent.

Buffett: "Well, they probably think that lots of people are going to get excited about cryptocurrencies, or maybe they already are, but they think there's money to be made trading it". "And the fact that it's clever computer science doesn't mean that it should be widely used, and that respectable people should encourage other people to speculate on it. Bitcoin reminds me of Oscar Wilde's definition of fox hunting: the pursuit of the uneatable by the unspeakable". In March, its shares briefly crossed the $925 billion mark, but recent market volatility and concerns over the company's iPhone business sent Apple's stock lower.

"In terms of cryptocurrencies, generally, I can say with nearly certainty that they will come to a bad ending", Buffett explained.

Latest News