The Oracle of Omaha thinks stocks are cheap relative to interest rates, and that Apple is cheap relative to everything. Warren Buffett’s Berkshire Hathaway increased its already large position in Apple, turning a recent buy valued at $6.75 billion into more than $8.3 billion as of last week, according to Business Insider. Berkshire Hathaway released its closely watched annual report on Saturday. The Apple shares Buffett bought in January more than doubled his Apple holdings. Berkshire Hathaway is one of Apple’s top 10 investors, with nearly 2.5% of outstanding shares.
Apple shares closed at $136.66 on Friday, putting the value of Berkshire’s shares above $17 billion. Buffett told CNBC that Apple has an “enormously useful product to people that use it.”