In a weekend general meeting, Warren Buffett, the 93-year-old chairman of the board and major owner of Berkshire Hathaway investment company, assured that his successors are prepared to lead the company when he decides to step aside. Buffett expressed confidence in his successors and stated, “Why settle for me when Greg and Ajit are also options?” Despite his age, Buffett has not shown any signs of being sidelined by the board. He reassured that he was in good health.
At the general meeting, Buffett praised Apple from their mobile phones. However, Berkshire Hathaway announced that it has reduced its ownership stake in Apple by selling 13 percent of its shares. Despite this reduction, Apple remains the company’s largest stock market investment. Berkshire Hathaway invested heavily in Apple in 2016, viewing it primarily as a consumer goods company with strong pricing power and a loyal customer base.
The sale of Apple shares has boosted Berkshire Hathaway’s cash reserves to a record high, exceeding $200 billion. Buffett mentioned that the company is ready to invest the funds if a suitable opportunity arises. However, high stock market prices and geopolitical uncertainties are limiting Berkshire Hathaway’s investment potential. Buffett stated, “We would like to invest it, but we won’t until we find a target that has low risks but where we can get high returns.”
