Buffett's firm buys 75 million more Apple shares in 1Q

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At an annual shareholders' meeting in his home town of Omaha, Nebraska, Buffett was peppered with questions about the future of the company without Buffett, who is a quasi deity among the investing public.

Shareholders walk through the exhibit hall at the Berkshire Hathaway Inc annual meeting, the largest in corporate America, in its hometown of Omaha Thomson Reuters OMAHA, Neb. Shares hit an all-time high Friday.

"I love the idea of having our 5 per cent, or whatever it is, maybe grow to 6 or 7 per cent without our laying out a dime". This adds to this 165.3 million stocks Berkshire now possessed by the conclusion of 2017, which makes it one of Apple's largest shareholders.

"The reason companies are buying their stocks is that they are smart enough to know it's better for them than anything else", Mr Munger said.

"We approve of these repurchasing shares".

Buffett has said he looks at Apple like a consumer products company with a strong competitive position, rather than as a tech company.

Even after the Apple investment, Berkshire's holdings of cash and equivalents was $108.6bn, the company said on Saturday. "I don't think they will hang up if I don't answer, if they need the money".

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