Warren Buffett confirmed last week that Berkshire Hathaway Inc. (NYSE: BRK-A) (NYSE: BRK-B) added 75 million Apple Inc. AAPL shares to its already existing 165.3 million-share stake.
Despite the increased stake, Buffett's right-hand man and vice chairman of Berkshire Charlie Munger says the stake isn't large enough.
'Too Restrained'
Speaking to CNBC's Becky Quick on Monday, Munger said "I wish we owned more" Apple, adding that Berkshire has been a little "too restrained" in its investment in the iPhone maker at a time when the stock remains "reasonably priced and strong."
"I like the management," Munger said. "Very intelligent management."
Munger's comments that Apple's stock isn't expensive has a broader takeaway for the entire market, CNBC's Jim Cramer said Monday. Specifically, if the largest stock by capitalization is cheap, then maybe the market as a whole is "not so bad."
Munger wishes Berkshire's stake in Apple was larger than it is, something Cramer said can be attributed to age. Many investors missed out on investing in Apple in the early days "because they don't talk to their kids." Perhaps the biggest takeaway is that Berkshire's investment in Apple isn't too late.
"They were talking about how they feel there's still plenty [of upside] ahead," Cramer said.
Price Action
Apple's stock was trading up near $185 per share on Monday afternoon, up about $20 per share over the past week. Its market cap was sitting near $903 billion at time of publication.
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