Många investerare har säkerligen förvånats över Warren Buffetts köp av 5% i teknologibolaget Apple, delvis beroende på att Buffett ständigt predikar vikten av att förstå vad man investerar i och att alltid stanna i sin ”comfort zone”. På Berkshire Hathaways bolagsstämma nyligen under den efterföljande frågestunden, la han ut texten och förklarade varför Apple är en attraktiv placering. Värt att notera är att aktievärderingen av Apple inte berörs alls (See´s är en godisföretag som BH äger).
”Coke is a real bargain product. Just like with See’s – if a boy gave a box to a girl, and she kissed him, you lose all price sensitivity at that point. We like products where people feel like kissing you instead of slapping you. We are betting on the ecosystem of Apple products led by the iPhone but see characteristics that make me think this is extraordinary. After the Amex scandal in 1963, we worried about survival, but no one quit using the product.”
”We went into Apple, because of the intelligence of the capital deployed and the value of the ecosystem. It didn’t require me taking apart the iPhone and figuring out the components to see what Apple had. It was more the nature of consumer behavior. We miss a lot of things we don’t understand well enough. But there’s no penalty for not swinging at something as long as you swing at something. Stay in your circle of competence where you might have an edge because of experience or reason.”
”Apple has an incredible consumer product which you understand a lot better than I do, and they shouldn’t buy in shares at all unless they’re selling at less than what they’re worth and have the money, and I don’t see many attractive acquisitions for them. Deals are very hard to find that would be accretive to them at the $50-200 billion range, and we are delighted to see them buy back shares. We own 5% and may get to 6-7% from repurchases. This is an extraordinary product and ecosystem. I love the idea of growing our ownership without laying out a dime. They have to have a very extraordinary product and an enormously wide ecosystem and be extremely sticky and that sort of thing. They won’t find acquisitions at a remotely sensitive price that make a lot of sense in terms of what they have to pay and what they would get.”