Warren Buffett praised the iPhone-maker, Apple, at Berkshire Hathaway's annual meeting in Omaha, even though he had reduced his stake in the company.
According to a report by Bloomberg, Berkshire's holding in Apple dropped from $174.3 billion to $135.4 billion by the end of the first quarter.
Buffett stated in the annual meeting that Apple stands out as an “even better” as compared to American Express and Coca-Cola, which are “wonderful” businesses Berkshire also owns. He suggested that unless big changes take place, Apple will continue to be the company's largest investment. "The iPhone may be one of the greatest products of all time," he said.
However, the iPhone maker continues to be in a tough spot due to lagging sales. While the sales figures were the worst hit in China due to the overall slump in demand, the company also recently scrapped a decade long self-driving electric car project. Meanwhile, Apple's shares continue to be in the negative territory since the advent of this year, on NASDAQ.
Berkshire's cash reserves surged to an all-time high of $189 billion after the sale. Buffett stated that he didn't mind accumulating this cash, especially given uncertain market conditions, elevated inflation, and geopolitical risks. He expects the cash pile could reach $200 billion by the end of the quarter.
As per the report, higher interest rates contributed to Berkshire's cash reserves, with interest income increasing to $1.9 billion from $1.1 billion in the same quarter last year.
The billionaire also stated that he has been struggling to find acquisitions that could "move the needle” for his company.
