The worlds third-richest person, Warren Buffett, said he has increased his stake in technology giant Apple, which became the first publicly traded firm to reach $1 trillion in market value.
Buffetts Berkshire Hathaway is Apples third-biggest investor, holding a stake worth about $56 billion, according to financial data and software firm FactSet. The legendary investor ties his love for the tech giant to the power of Apples brand and its ecosystem.
“I do not focus on the sales in the next quarter or the next year, I focus on the… hundreds, hundreds, hundreds millions of people who practically live their lives by it,” Buffet told CNBC, referring the popularity of iPhone – the companys flagship product.
The investor also said the device is “enormously underpriced,” stressing that Apple should charge more than its current $1,000 price tag.
“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,” Buffett said.
“Now its got competition so you cant push the price, but in terms of its utility to people and what they get for $1,000… you can have a dinner party that would cost that, and here this is, and what it does for you, its incredible,” he added.
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