Earlier this year, Apple became the first publicly traded U.S. company to reach $1 trillion in market value. Berkshire Hathaway is the second-largest holder of Apple shares with a stake worth about $52 billion, according to FactSet.
Despite Wall Street’s concerns surrounding the iPhone maker’s device sales, Buffett has often explained that his love for Apple stems less from short-term financial performance and more from the power of its brand and ecosystem.
“I do not focus on the sales in the next quarter or the next year,” he said in August. “I focus on the … hundreds, hundreds, hundreds millions of people who practically live their lives by it [iPhone].”
He also called the iPhone “enormously underpriced,” saying that it’s worth far more than the $1,000 Apple charges for its latest models.
contributed reporting. Former CNBC correspondent Tae Kim also contributed.