Buffett Lauds Apple Despite Trimming Stake In Company

Warren Buffett assured Berkshire Hathaway shareholders that the executives expected to succeed him were ready for the job.

The meeting was the 60th for Buffett, who since 1965 transformed Berkshire from a failing textile company into an $862 billion colossus. I Photo: Kempton Flickr

At the same time, he heaped praise on Apple although Berkshire trimmed its position in the iPhone maker, as reported by Jonathan Stempel and Koh Gui Qing for Reuters.

Speaking at Berkshire’s annual meeting, the investor paid tribute to his late business partner Charlie Munger and said he expected the conglomerate’s cash pile, now a record $189 billion, to keep growing.

The meeting was the 60th for Buffett, who since 1965 transformed Berkshire from a failing textile company into an $862 billion colossus owning the BNSF railroad, Geico car insurance, Dairy Queen, and dozens of other businesses.

Buffett, 93, told shareholders that Vice Chairmen Greg Abel and Ajit Jain have proven themselves the right people to lead Berkshire after he departs. Abel, who was designated as Buffett's successor as chief executive in 2021, and Jain have directly overseen Berkshire's operating subsidiaries since 2018.