Warren Buffett discussed Apple, artificial intelligence and his age at the first annual shareholders meeting without longtime business partner Charlie Munger.
Topline
At Berkshire Hathaway’s first annual shareholders meeting since the death of former vice chairman Charlie Munger, CEO Warren Buffett projected the company’s record-setting cash pile would exceed $200 billion this year and spoke highly of Apple, despite the company’s Saturday earnings report showing it sold off a significant portion of its shares in the tech giant.Key Facts
Berkshire’s cash pile: After Berkshire’s earning report showed the conglomerate’s cash pile had risen to a record $189 billion, Buffett said it’s a “fair assumption” that its cash and treasuries would exceed $200 billion at the end of this quarter, adding the company would “love to spend it” but wouldn’t unless it was on “something that has very little risk and could make us a lot of money.”
Apple: Buffett said Berkshire’s opinion on the virtue of Apple stock had not changed despite Saturday’s news Berkshire sold a reported 13% of its stock in the tech giant this quarter, saying it was “extremely likely” Apple would remain Berkshire’s biggest investment by the end of the year “unless something really dramatic happens.”
Taxes: He suggested selling Apple stock now could help Berkshire pay larger tax rates in the future, as he believes the federal government will soon increase corporate taxes, which he would not oppose, saying ”It doesn’t bother me in the least to write that check,” adding that “with all America has done for all of you, it shouldn’t bother you that we do it.
