How Apple stock became one of WarrenBuffett's four 'jewels'
"Our cost for that stake was $36 billion," Buffett wrote in his 2020 annual shareholder letter about the company's investment in Apple. "Since then, we have both enjoyed regular dividends, averaging about $775 million annually, and have also — in 2020 — pocketed an additional $11 billion by selling a small portion of our position."Despite that sale — voila! — Berkshire now owns 5.4% of Apple.
Berkshire didn't place its bets on the company after the success of Apple's iPod launch in 2001 or its iPhone launch six years later. Instead, Buffett's ride with Apple has been fueled largely by growth in the company's services business. In 2015, Apple reported annual services revenue of $19.9 billion and wearable revenue of $10.1 billion."I just think of basically the utility of those products to a ecosystem that is demographically terrific and finds that instrument useful dozens and dozens of times a day," BuffettMore recently, Apple launched its
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