Warren Buffett, the CEO of Berkshire Hathaway, recently announced that the company has sold a significant number of Apple shares. Despite this move, Buffett’s confidence in the company remains unwavering. During Berkshire Hathaway’s first quarter shareholder meeting in Omaha, where up to 40,000 shareholders gathered, Buffett explained why he made this decision.
Berkshire Hathaway’s cash reserves are currently at around $189 billion. The reason behind the share sales was primarily driven by tax considerations. Buffett has long been an advocate for higher taxes on the wealthy and emphasized that Berkshire Hathaway pays whatever taxes the government requires. The company paid five billion dollars in federal taxes last year alone.
Buffett also expressed his confidence in other significant investments he has made alongside Apple, including American Express and Coca-Cola. He expressed optimism that these companies will remain in Berkshire’s portfolio, even with the succession of Greg Abel as the new executive.
Warren Buffett, at 89 years old, has provided insights into his investment strategy and future plans for Berkshire Hathaway. Despite its massive size and success, Berkshire continues to generate remarkable profits which have made Buffett one of the most successful investors in the world.