Warren Buffett Praises Apple, Sends Shares to Second Record High in Four Days

Photo by thetaxhaven from Flickr

Once again, the share price of Apple has been able to achieve record heights after Warren Buffett, the billionaire investor, reiterated his strong support for the tech giant.

For the first time, the shares of Apple went past the $185 mark today. The shares opened at $185.18 prior to rising to $186.90 later during the day.

The increase came on the back of the disclosure of Buffet on CNBC this morning that he loved the stocks of Apple so much that he would want to own “100 percent of it” if only he could.

He said: “We bought about five percent of the company.

“I’d love to own 100 percent of it. We like very much the economics of their activities. We like very much the management and the way they think.”

Last Friday was the last time that the stocks of Apple surpassed records when Buffett disclosed that Berkshire Hathaway, his conglomerate, had acquired 75m shares of Apple during the first quarter.

Also talking on Squawk Box, the early morning talk show of CNBC was Bill Gates, the co-founder of Microsoft, who agreed with Buffett regarding the value of the stocks of Apple.

He added: “Apple’s an amazing company, and the multiple’s not gigantic.

“The top tech companies do have a very strong profit position right now but Apple has the most of all.”

Buffett expressed his strong views regarding the current bitcoin craze again following his predictions that it would “come to a bad end” earlier in 2018.

After saying that Bitcoin was “rat poison squared” at the AGM of Berkshire Hathaway last Saturday, he threw another firm warning regarding the risk of trading cryptocurrencies.

He stated: “The asset itself is creating nothing.

“When you’re buying nonproductive assets, all you’re counting on is the next person is going to pay you more because they’re even more excited about another next person coming along.”

Gates also shared the sentiment on bitcoin. He said that he would short it “if there was an easy way to do it.”

He explained: “As an asset class, you’re not producing anything and so you shouldn’t expect it to go up. It’s kind of a pure ‘greater fool theory’ type of investment.”

Over the past year, cryptocurrencies have observed a meteoric increase in popularity thanks to the sharp increase in prices and the volatile state of the market.