World's fifth richest individual Warren Buffett has said that Apple is a better business than any other in Berkshire Hathaway Inc's portfolio, news agency Reuters reported.
"Apple is different than the other businesses we own. It just happens to be a better business," Reuters quoted Buffett as saying during Berkshire's annual meeting in Omaha, Nebraska in the United States.
Berkshire revealed that it had $1 billion stake in Apple in May 2016, and by March 2023 its value in stake surged to $151 billion, accounting for 46 per cent of its $328 billion equity portfolio, as per the Reuters report
Buffett has long praised Apple CEO Tim Cook, and viewed Apple less as a technology company and more as a consumer products company.
Berkshire has recently held a 5.6 per cent stake in Apple, and Buffett said it could buy more.
While addressing Berkshire Hathaway's shareholders, Buffett said that his company's net profit soared to $35.5 billion and also shared investment lessons during the session.
Buffett reiterated his belief of investing in index funds and said that index funds are a great investment tool because the costs are low. His liking for index funds can be gauged from the fact that he instructed his trustees to invest 90 per cent of its estate into S&P 500 index fund.
He also advised investors to avoid making stupid mistakes. He said that, "while it's good to learn from your mistakes, it's better to learn from other people's mistakes," Mint quoted Buffett as saying.
Buffett also delved upon the opportunity to make investments based on value of a business. He said that opportunity in value investing comes when others are busy in doing ‘dumb things’.