On Saturday, Berkshire Hathaway (BRK.A) said its net income rose to $6.29 billion, up from $5.48 billion the year prior, increasing the value of both Class A and Class B stock by 10.7 percent.
In his annual letter to shareholders, CEO Warren Buffett condemned the hedge fund community, briefly touch on a political hot topic and once again questioned the motives behind large companies engaging in share repurchases.
"My error caused Berkshire shareholders to give far more than they received (a practice that – despite the Biblical endorsement – is far from blessed when you are buying businesses)," the Berkshire chairman wrote in the letter released Saturday morning.
"Buffett joined CNBC's "Squawk Box" on Monday to talk about a range of topics "
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The purchases that Buffett revealed on Monday give Berkshire Hathaway about 2.5 percent outstanding Apple shares. It also makes Apple one of Buffett's company's largest holdings, second only to Coca-Cola.
At this point, Buffett owns $17 billion worth of the tech giant's stock. The legendary investor said that he upped his stake because of the consumer-retaining power of Apple.
"Apple strikes me as having quite a sticky product, and an enormously useful product to people that use it," Buffett told CNBC.
He talks about something called the 'scuttlebutt method,' which made a big impression on me at the time, and I used it a lot," Buffett said. "[It's] essentially going out and finding out as much as you can about how people feel about the products that they [use.]"
And, while the results were favorable enough for Buffett to greatly up his stake in Apple, he said that he does not personally own an iPhone.
Still, when asked which company he thinks is most likely to reach a $1 trillion valuation first, Buffett said he'd put his money on Apple.
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As for Apple, Buffett said there is an "incredible stickiness" to the company's products and that it's a pretty nice franchise to have.
"When I take a dozen kids -- as I do on Sundays -- out to Dairy Queen, they are all holding Apple [products] and they can barely talk to me," he added. (Berkshire Hathaway owns Dairy Queen, by the way.)
Berkshire started buying shares of Apple in mid-2016, and had 61 million shares by the end of the year. Buffett said Berkshire's Apple stake is now more than double that, and worth about $17 billion and amounts to 133 million shares. Buffett bought his most recent stake between Jan. 1 and Jan. 31—the day Apple reported that its sales rose $2.5 billion, or 3%, in the last three months of 2016, which was higher than expected.
สรุปคือ index fund ต้นทุนต่ำจะได้เปรียบเรื่อง fee หรือค่าธรรมเนียมที่ต่ำ ทำให้ชนะในระยะยาวครับ
ปู่แกเปรียบเปรยถ้าเป็น Gordon Gekko ก็คงจะพูดว่า “Fees never sleep”
A quarterly report of equity holdings filed to United States Securities & Exchange Commission (SEC) by investment managers with at least $100 million in equity assets under management. Form 13F only reports long positions, short positions are not required to be reported.
Question: In investing, you talk about how you want to stay in your circle of competence. A few years ago, Warren Buffett decided to buy IBM. And he’s still very optimistic. But some people say that he went out of his circle of competence. What is your comment about this investment, and what do you think of its future?
Answer:(ลุงชาลี) Well IBM was a lot like us, they had a traditional business that was very large and it was very sticky. And of course, the world changed, and a lot of what flourished in the new world, they were not the leader. Up came Oracle and Microsoft and all kinds of other people who were formerly not so large. And of course they didn’t do well in personal computers even though they well started it.
IBM is a position that is lot like us where they have an old business from which cash continues to flow, but they want a new product that’s a hit.Now the product that they’ve chosen to back is this…I call it an “automated checklist”.Well an automated checklist is a very good idea and it may be particularly useful in things like medicine, but is it the kind of super market that may replace a lot of what made IBM great? And I would say the jury is out on that. I don’t really have an opinion. In other words, I’m neither a believer or a disbeliever, I regard it as a mystery. It could happen and it could not happen as far as I’m concerned. I do think that the old business of IBM is very sticky and will die slowly.
It’s not a cinch. The truth of the matter is that at Berkshire’s size, where we have to make great big bets and hold them for long periods, that’s a tough game and we have to make bets that are not the kind of shooting fish in a barrel kind of bets that we use to make. And that’s one of them.
So…the answer my friend is blowing in the wind.It may work in a mediocre way, it may work big, I just don’t know.
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