Berkshire Hathaway CEO Warren Buffett believes Apple offers a highly desirable product in the iPhone, one that consumers would give up a second car to keep.
Berkshire Hathaway CEO Warren Buffett believes Apple offers a highly desirable product in the iPhone, one that consumers would give up a second car to keep.
Warren Buffett has repeatedly praised Apple and its products, and as the CEO of Berkshire Hathaway, has invested to match. Shortly after Apple’s Q2 2023 results release, Buffett has offered more detail on why Apple is doing well.
Speaking on Saturday, Buffett admitted “I don’t understand [the iPhone] at all, but I do understand consumer behavior,” reports Yahoo Finance. While investing in Apple since 2016, it wasn’t until 2020 that Buffett started using an iPhone.
On understanding that behavior, Buffett compared the iPhone to a much more valuable item: a spare vehicle.
