Warren Buffett has admitted that Apple CEO Tim Cook had made more money for Berkshire Hathaway than he ever did for his own company. Addressing investors at Berkshire's annual shareholder meeting, the billionaire, who announced his plans to step down as the CEO later this year, said investing in Apple was one of the best decisions he made.
Known as the Oracle of Omaha, Mr Buffett, for a long time, preferred to steer clear of tech investments but made an exception for Apple. The bet paid off big time, and at one point in 2024, Mr Buffett was Apple's largest investor outside of ETFs.
“I'm somewhat embarrassed to say that Tim Cook has made Berkshire a lot more money than I've ever made [for] Berkshire Hathaway,” Mr Buffett said. “Credit should be given to him.”
'Steve picked Tim'
Further lavishing praise on Mr Cook, the billionaire investor said the Apple boss had led the company admirably after Steve Jobs stepped down in 2011, just months before his death.
“I knew Steve Jobs briefly, and Steve, of course, did things that nobody else could have done in developing Apple,” Mr Buffett said.
“Steve picked Tim to succeed him, and he really made the right decision. Steve died young as you know, and nobody but Steve could have created Apple, but nobody but Tim could have developed it as he has. So on behalf of all of Berkshire, thank you, Tim.”
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Berkshire first began investing in Apple in 2016, which was a significant change in the firm's investment strategy. Up until that point, both Mr Buffett and his investing partner, the late Charlie Munger, avoided such punts as they did not understand the industry well enough to make informed decisions.
However, once the duo gained a foothold, they started treating Apple as a consumer goods company, not a tech company. Mr Buffett was particularly attracted by Apple's ability to create and market products that consumers could not get enough of.
