Apple for the day

The BBC has an article about Warren Buffett's money:

The billionaire investor Warren Buffett (photo) has revealed that his investment firm has bought a billion-dollar stake in Apple. Berkshire Hathaway disclosed a holding of nearly ten million shares in the iPhone maker in a regulatory filing. Buffett, who has traditionally shied away from tech stocks, is known for buying 'value' stocks, so it is being seen as significant for Apple. Its shares have fallen almost thirty percent over the past year, but rose on Monday. They closed the trading session almost four percent higher, at $93.88. Slowing iPhone sales have led investors to question whether the company can maintain its huge profit levels.
Last week Apple temporarily lost its place as the world's most valuable company after a fall in its shares pushed its total market value below that of Google parent Alphabet.
"The stock is stunningly cheap, and it has a massive pile of cash," Steve Wallman, founder of Wallman Investment Counsel, told Reuters. He has owned Berkshire shares since 1982 and Apple since 2003. "Apple is not getting credit for research and development it is doing behind the scenes, which will eventually show up in new products."
According to The Wall Street Journal, Buffett did not make the actual investment himself, meaning the order would have been placed by his stock-picking team Todd Combs and Ted Weschler. The paper says they are willing to invest in areas that Buffett himself wouldn't. They are each thought to manage a nine billion dollar portfolio and usually make the smaller investments, while Buffett makes the big bets. The Apple holding makes Berkshire Hathaway its 56th largest shareholder.
Apple is not Berkshire Hathaway's only technology investment. It is also the biggest shareholder in IBM and increased its holding in the first quarter.
However, Buffett admitted at Berkshire's annual meeting last month that his investment firm had been slow to get involved in the tech industry. He has always said he would not invest in companies he doesn't understand.
He also told CNBC that he would consider helping Dan Gilbert, chairman of Quicken Loans, finance a bid for the internet firm Yahoo.

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