Buffett’s fourth leg is tech. Seriously. – With insights from The Wall Street Journal
The most eagerly awaited of all annual reports arrived on Saturday when Berkshire Hathaway published its overview of 2020, including chairman Warren Buffett's 14 page letter to shareholders. It's a great read about a group that Buffett says now has four main legs – one of which is the 5,4% Berkshire owns in Apple Inc (others are wholly owned insurance, railroad and energy subsidiaries). After staying away from tech businesses for decades, Buffett began accumulating Apple shares in 2016. Berkshire's stake cost a net $25bn from which it receives dividends of $775m a year (3,1% yield). Referring to Apple, Buffett quotes another memorable line from sultry actress Mae West "who assured us 'Too much of a good thing can be…..wonderful.' Here's an in-depth piece on the report from our partners at The Wall Street Journal. – Alec Hogg
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