In a SEC 13F filing after the market closed on August 15, Berkshire Hathaway reported a 55% increase (about $500 million) in its Apple stake and a 27% reduction (about $1 billion) in its Wal-Mart holding.   The Apple investment was likely made by Warren Buffett’s portfolio managers, Todd Combs or Ted Weschler.  Wal-Mart has been an investment of Warren Buffett since 2005.

I am quoted in a Bloomberg article on these portfolio changes:

“Apple’s stock came down substantially in the second quarter,” David Kass, a professor at the University of Maryland’s Robert H. Smith School of Business who has taken students to meet Buffett, said in a phone interview. “Value investors always like the price to go down because it gives them an opportunity to buy more.”

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Warren Buffett
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