Buffett, famed for his love of junk food, has said spiraling healthcare costs are responsible for 18 percent of US gross domestic product, up from 5 percent in 1960, and he wants to slash a few percentage points off.
Berkshire Hathaway now owns a large amount of Apple shares and has a 5% stack in The Company. "It is a better idea than spending that money on other companies which have the disadvantage of not being Apple." in company's annual meeting held in Omaha city in the U.S. state of Nebraska.
Investor Warren Buffett will spend the day fielding questions at Berkshire Hathaway's annual meeting before a crowd of tens of thousands of people.
"I clearly like Apple".
Apple is now just US$16 per share short of reaching the much-anticipated US$1t mark. It now has a 5 percent stake in the iPhone maker, trailing only Vanguard Group and BlackRock. It has a position in consumers' minds and a utility to them that is very, very useful.
"I think we've been a little too restrained", Munger told CNBC from Omaha, Neb. But I know I don't have to do a thing and probably in a couple of years, we'll own 6 percent without laying out another dollar.
He says he hopes more daily newspapers can find a way to be economically viable because they are so important to society.
But there's another reason Buffett loves Apple besides its tech gadgets: Apple's massive cash hoard, which allows it to buy back a lot of its own stock.
"I should say in the past we had plenty of times when - when a single stock was a bigger proportion of our total net worth".
Not only did Apple made iPhone sales in March quite strong, the CEO, Tim Cook boasted during a subsequent earnings conference, saying that the iPhone X was the most popular iPhone model for every single week during the quarter. If I'm investing in Apple, I want people to think Apple is bad because they're repurchasing shares and it will go up faster.