Updated! Compilation cataloging everything I am aware of existing on record that Buffett & Munger have said regarding Apple Inc. (NASDAQ:AAPL), including why Berkshire bought it, Tim Cook’s performance, Apple’s cash and tax repatriation situation. Steve Jobs cancer operation and disclosure to shareholders of material fact. Buffett ‘s advice to Steve Jobs on share buybacks. Also an opinion on Jeff Bezos of Amazon is included. Munger reveals that if it were not for Ted weschler and Todd combs, Berkshire would not have purchased Apple.
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Alluvial Fund performance update for the month ended May 2021. Q1 2021 hedge fund letters, conferences and more Dear Partners and Colleagues, Alluvial Fund, LP returned 5.4% in May, compared to 0.2% for the Russell 2000 and 1.0% for the MSCI World Small+MicroCap . . . SORRY! This content is exclusively for paying members. SIGN UP Read More
Apple financially is very very logically right III think that in terms of a business operator I don't know enough about technology and evaluate technologies but but he is very very very good everything he does make sense do you think Apple would do better spending a hundred billion dollars on buybacks or buying other productive businesses the way you have generally preferred a hundred billion dollars is a lot of money I used to think so [Music] the Apple has a incredible consumer product which you understand a lot better than I do whether they should buy in their shares they shouldn't buy in their shares at all unless I think that they're selling for less than their their worth and if they are selling less than they're worth and they have the money and they don't see in an acquisition it's even more attractive they should buy in their shares and I think that that's very good because I think it's extremely hard to find acquisitions that would be a creative to Apple that with the end of 50 or 100 billion or 200 million dollar range
they do a lot of small acquisitions and you know I'm delighted to see them repurchasing shares Lyon let's say we own 250 million or so shares they have I think four billion nine hundred and twenty three million or something like that if you and mentally you can say we own 5% of it but I figure when you know with the passage of a little time we may own six or seven percent simply because they repurchase shares and that I find it you got an extraordinary product the NACO system and there's lots to be done I love the idea of having our 5% or whatever it may be grow to six or seven percent without us laying out a dime
I made it its workforce in many other situations but you have to have some very very very special product and which has an enormous white enormous Lea widespread ecosystem and products extremely sticky and all of that sort of thing and they're not going to find fifty or hundred billion dollar acquisitions that they can make it remotely a sensible price that really become additive to that and they may they may find it who knows but there certainly as I look around the arise and I don't see anything that would make a lot of sense for them in terms of what they'd have to pay and what they would get and whereas I do see a business that they know everything about and where they may or may not be able to buy it and an attractive price when they repurchase their shares that remains to be seen certainly that's one thing that always enjoy people people say well you're talking your book or something if you talk from our standpoint we would love to see Apple go down in price
they're good well just put it this way if Andrew and Charlie and I were partners in a business that was worth three million dollars so each of us had a million dollar interest in it if Andrew offered to sell out his one-third interest at eight hundred thousand and we had the money around we jump at the chance to buy him up something that it's so simple but people get all lost and if you want a million to for it we wouldn't pay it to a Mac it's it's a very simple math but it gets lost in all these discussions and of course like I say Jim cook can do simple math and probably do very complicated math too so we we very much approve of them repurchasing cherish charlie
I think generally speaking in America when companies go out hell-bent to buy other companies they do they're worth less after the transaction is made than they were before so I don't think you have a general way to wealth for American corporations to go out and buy other corporations averaged out it's the way down not up and I think that a great many places have nothing better to do than to buying their own stock and nothing has advantageous to do as they come as buying in indaudibleso I think we know pretty damn well what's gonna happen to Apple they'd be very lucky to if there was something available the whole price that they could buy its Ia