Adam Kos During Berkshire Hathaway's annual shareholder meeting, Warren Buffet hailed Tim Cook as a "fantastic manager" at Apple and called him "one of the best managers in the world." He added that the decision to sell almost 10 million shares of Apple was probably not very wise.
Warren Buffet is among the richest people in the world. In 2019, his fortune was almost 83 billion dollars. This currently 90-year-old investor, businessman and philanthropist is also nicknamed the Oracle of Omaha, where he was born. This is because he was accurate in his investment and business activities, he was often able to predict the direction of the market and new trends, and also because, perhaps, during his entire life, no accusations of embezzlement, insider trading and similar unfair practices were found that he was behind.
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He obtained the majority of his fortune from investments he made through the Berkshire Hathaway holding company, in which he is the largest shareholder and CEO (other investors include, for example, the Bill and Melinda Gates Foundation). He "controlled" this originally textile company in 1965. With a consolidated turnover of USD 112,5 billion (about CZK 2,1 trillion), it is among the 50 largest companies in the world.
Tim Cook is one of the best managers in the world
Even at his advanced age, he still conducts interviews with investors, to whom he willingly answers their questions. One was also aimed at Apple, specifically why Berkshire Hathaway sold it shares. At the end of the year, she got rid of his 9,81 million shares. Buffett explained that the decision was "probably a mistake". According to him, the unceasing growth of the company depends not only on the products that the public wants, but also on their 99% satisfaction, and also on Tim Cook.
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Addressing him, he said that he was originally underappreciated and that he is now one of the best managers in the world. Also present at the meeting was Berkshire Vice Chairman Charlie Munger, who generally praised the big tech companies but warned that antitrust pressures against companies led by them, particularly in Europe, could hamper their growth. But neither Munger nor Buffett think any of the current tech giants are big enough to have a monopoly.
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Even so, Berkshire Hathaway currently owns 5,3% of Apple's stock and has invested approximately $36 billion in it. Based on market capitalization as of May 1, 2021, this equates to approximately $117 billion worth of shares. You can watch the entire meeting of Berkshire Hathaway shareholders on the website Yahoo Finance.
Lately, the genius from Omaha has been wrong a lot, he didn't believe in Bitcoin, for example. Yes, the years are increasing.