Here’s what Buffett said about his key stocks like Apple at Berkshire’s annual meeting

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Here's what Buffett said about his key stocks like Apple at Berkshire's annual meeting

Berkshire Hathaway Chairman and CEO Warren Buffett on Saturday addressed the losses associated with his bet on Paramount Global, as well as his reasoning behind cutting the company’s Apple stake by 13%. ty. Buffett attributed the company’s stake reduction in Apple partly to tax reasons after the stock’s strong run in 2023. “I don’t mind at all writing that check and I’m really hopeful with everything America has done for all these years.” you, it won’t bother you if we do that,” Buffett said. “And if I’m doing it at 21% this year and we get to a slightly higher rate later on, I don’t think you’ll really mind that we sold a few Apples during the year now.” Buffett also noted that he had unloaded Berkshire’s entire position in Paramount Global – and took full responsibility for the loss. “It was 100% my decision and we sold it all and lost a lot of money,” Buffett said. The company owned 63.3 million shares of Paramount at the end of 2023 after reducing its position by about a third in the fourth quarter of last year. Here are some of Buffett’s best quotes about some of Berkshire’s top stocks. Coca-Cola, Apple Buffett said Apple and Coca-Cola will remain the top stocks in Berkshire’s portfolio. “That’s the story of why we own American Express, which is a great business,” Buffett said. We own Coca-Cola, which is a great business.” “And we own Apple, which is an even better business and we will own, unless something truly extraordinary happens, we will own Apple, American Express and Coca-Cola.” American Express “Oracle of Omaha” highlighted credit card company American Express as another favorite, noting the company’s growing position in consumer credit. “I really can’t think of a company like American Express that has an extremely strong credit card and position,” Buffett said. “It has strengthened significantly over the past 20 years for many reasons.” BYD Buffett credits longtime partner Charlie Munger, who passed away in November, for his calls to buy both Chinese manufacturing company BYD and wholesale retailer Costco – but wishes he’d bought more shares than in Costco. Berkshire no longer owns a position in Costco. “Charlie, twice, pounded the table on me and said ‘buy, buy, buy’ and BYD was one of them and Costco was the other. We bought a certain amount of Costco and bought quite a bit of BYD, but look again, he wasn’t already that aggressive, but I should have been more aggressive at Costco,” Buffett said. “It wasn’t fatal that we weren’t [Munger] Buffett told Berkshire investors on Saturday that the company’s cash hoard could grow to $200 billion by the end of the current quarter. cash position. When I look at what’s available in the stock market and the composition of what’s going on in the world, we find it quite attractive,” the investor said. “Our cash and treasuries were $182 billion at the end of the quarter, and I think it’s a reasonable assumption that they’ll probably be around $200 billion at the end of the quarter.”

Warren Buffett and Greg Abel during the Berkshire Hathaway annual shareholder meeting in Omaha, Nebraska on May 4, 2024.

CNBC

Berkshire Hathaway Chairman and CEO Warren Buffett on Saturday addressed losses related to the bet Global Supremeas well as his reason behind it cut the company’s Apple shares by 13%..

Buffett attributed the company’s stake reduction in Apple partly to tax reasons after the stock soared in 2023.

“At least I don’t mind writing that check, and I really hope that with all America has done for all of you, you won’t mind us doing that,” Buffett said. . “And if I’m doing it at 21% this year and we get to a slightly higher rate later on, I don’t think you’ll really mind that we sold a few Apples during the year now.”

Buffett also noted that he sold Berkshire’s entire position in Global Supreme – and take full responsibility for the loss.

“It was 100% my decision and we sold it all and lost a lot of money,” Buffett said. The company owned 63.3 million shares of Paramount at the end of 2023 after reducing its position by about a third in the fourth quarter of last year.

Here are some of Buffett’s best quotes about some of Berkshire’s top stocks.

Cocacola, apple

Buffett said Apple And Coca-Cola will remain the top stock in Berkshire’s portfolio.

“That’s the story of why we own American Express, which is a great business,” Buffett said. We own Coca-Cola, which is a great business.” “And we own Apple, which is an even better business and we will own, unless something truly extraordinary happens, we will own Apple, American Express and Coca-Cola.”

American Express

The “Oracle of Omaha” highlights credit card company American Express as another favorite, noting the company’s growing position in consumer credit.

“I really can’t think of a company like American Express that has an extremely strong credit card and position,” Buffett said. “It has strengthened significantly over the past 20 years for many reasons.”

BYD

Buffett credited longtime partner Charlie Munger, who passed away in November, for his call to buy both Chinese manufacturing companies. BYD and wholesale and retail Costco — but wishes he held a larger stake in Costco. Berkshire no longer owns a position in Costco.

“Charlie, twice, pounded the table on me and said ‘buy, buy, buy’ and BYD was one of them and Costco was the other. We bought a certain amount of Costco and bought quite a bit of BYD, but look again, he wasn’t already that aggressive, but I should have been more aggressive at Costco,” Buffett said. “It wasn’t fatal that we weren’t [Munger] was true at both companies.”

Cash and Treasury

Buffett told Berkshire investors on Saturday that the company’s cash hoard could grow to $200 billion by the end of the current quarter.

“I am not concerned at all in the current climate about building a cash position,” the investor said. When I look at what’s available in the stock market and the composition of what’s going on in the world, we find it quite attractive.” “Our cash and treasury bills were $182 billion at the end of the quarter and I think it’s safe to assume they’ll be around $200 billion at the end of the quarter.”