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Warren Buffett (Trades, Portfolio) lauded Apple (NASDAQ:AAPL) CEO Tim Cook as one-of-a-kind during Berkshire Hathaway's (NYSE:BRK.B) annual meeting on Saturday, cheekily admitting that Cook has made Berkshire a lot more than I have.
Buffett reminded the Omaha crowd that Berkshire's initial $35 billion investment in Apple between 2016 and 2018 swelled to $173 billion by the end of 2023, before the conglomerate sold roughly 67% of its position in the first nine months of 2024. That left Berkshire with 300 million sharesworth about $62 billion at Friday's closing price of $205.
Buffett didn't stop at financial performance. He compared Cook favorably to Apple co?founder Steve Jobs, noting that while nobody but Steve could have created Apple, nobody but Tim could have developed it like it has. Since Cook took the reins in 2011, Apple's split?adjusted stock price has climbed from under $15 to $205a roughly 14 fold gainpropelling its market value past $3 trillion.
The warm endorsement underscored Buffett's faith in Cook's leadership and Apple's enduring growth engine, even as Berkshire pared back its stake. Investors watching both companies will be keen to see how Berkshire redeploys cash from its Apple sales, and whether Cook's strategy continues to deliver for long?term shareholders.
Berkshire Hathaway's portfolio remains anchored by Apple, which alone accounts for 28.1% of its equity holdings at $75.1 billion. That outsized stake underscores Buffett's confidence in Apple's ecosystem and cash-flow engine.
Trailing behind, American Express (NYSE:AXP) holds 16.8%, reflecting faith in its network and fee revenue. Bank of America (NYSE:BAC) at 11.2% and Coca-Cola (NYSE:KO) at 9.3% round out the core, signaling a tilt toward financials and consumer staples. Energy plays Chevron (NYSE:CVX) and Occidental (NYSE:OXY) contribute 6.4% and 4.9%, respectively, while Moody's (NYSE:MCO), Kraft Heinz (NASDAQ:KHC), Chubb (NYSE:CB) and DaVita (NYSE:DVA) fill niche slots.
This article first appeared on GuruFocus.