Buffett Has The Solution For Apple
by Brian Grosso
Yesterday morning, Warren Buffett appeared on CNBC's "Squawk Box"for 3 hours. His interview covered a variety of topics. One topic of interest to me was Apple (AAPL). I have always admired Buffett and recently wondered what his take on Apple would be. When asked what he would do if he were running Apple, he said he would ignore David Einhorn's preferred shares proposal and instead focus on building long term value. He suggested buying back stock. He recalled a conversation with Steve Jobs a few years ago: "When Steve called me, I said, 'Is your stock cheap?' He said, 'yes.' I said, 'Do you have more cash than you need?' He said, 'a little.' [laughs] I said, 'then buy back your stock.' He didn't ... But if you could buy dollar bills for 80 cents, it's a very good thing to do." He also added: "Berkshire has gone down 50 percent four times in its history. When that happens, if you've got money you buy it. You just keep working on building the value." read more »
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