Warren Buffett took center stage at Berkshire Hathaway’s shareholder meeting, proudly showcasing his investment in Apple and offering accolades to outgoing CEO Tim Cook. The event took place in Omaha, where Buffett, now 95, donned a casual sweater, signaling his embraced retirement status.
Newly appointed CEO Greg Abel, who succeeded Buffett earlier this year, announced that the legendary investor would address attendees. Buffett praised the transition in leadership as “100% successful,” commending Abel for exceeding his own efforts. He reflected on his decision to invest around $35 billion in Apple from 2016 to 2018, a move that many were skeptical of at the time.
Buffett humorously noted that Berkshire had essentially handed over a significant portion of its resources to Apple in hopes of enhancing its own reputation. He highlighted the impressive return on that investment, which has soared to approximately $185 billion, including dividends and both realized and unrealized gains.
Despite having sold a portion of its Apple shares over recent years, the tech giant remains Berkshire’s biggest asset. Buffett reminisced about Apple’s 50th anniversary, remarking on Cook’s ascendance to CEO in late 2011, which came after the passing of co-founder Steve Jobs. He quipped that only a small fraction of American investors had been familiar with Cook at that time.
Buffett emphasized Cook’s remarkable stewardship, which has seen Apple’s market value skyrocket from about $350 billion to approximately $4.1 trillion during his tenure. He acknowledged Cook’s accomplishments, including the scaling of Apple’s manufacturing and distribution processes and targeting the growing middle class in China.
In a moment of gratitude, Buffett invited Cook to stand and receive applause from the audience, declaring, “I think it’s appropriate if Tim would take a bow and our shareholders would say thanks to him.” Cook, seated a few rows back, stood to a warm reception, expressing his gratitude by waving to the crowd.
Buffett has consistently praised Apple and Cook, lauding their significant contributions to Berkshire’s success over the years, positioning Cook as an invaluable leader who has arguably outperformed Buffett himself in terms of investment returns. The acknowledgment of Cook’s leadership during a pivotal time for Apple served as a fitting tribute to both the company’s achievements and the enduring partnership between Berkshire Hathaway and Apple.
