In what was likely the final Berkshire Hathaway Inc. (NYSE:BRK, NYSE:BRK) annual shareholders meeting with Warren Buffett at the helm, the legendary investor made a rare public acknowledgment, praising an executive in attendance who has played a significant role in shaping Berkshire’s financial performance in recent years.
What Happened: On Saturday, during his opening remarks at Berkshire’s annual shareholders meeting, Buffett took a moment to publicly praise Apple Inc. (NASDAQ:AAPL) CEO Tim Cook, who was in the audience.
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Buffett said that he had listened to Apple’s first-quarter earnings call on Thursday, adding that it’s the only quarterly earnings call he tunes into, underscoring the importance he places on the company, which is still Berkshire’s largest holding valued at $75 billion.
“I’m somewhat embarrassed to say that Tim Cook has made Berkshire a lot more money than I’ve ever made,” Buffett told the audience, referencing the remarkable 680% surge in Apple’s stock since Berkshire first began acquiring shares in early 2016.
He also reflected on the late Steve Jobs, crediting him for building Apple, but credited Cook for turning the company into what it is today. “Nobody but Steve could have created Apple, but nobody but Tim could have developed it as he has,” he said.
“Steve picked Tim to succeed him, and he really made the right decision,” Buffett said, as the Oracle of Omaha prepares to hand over the reins to his own successor, Greg Abel, later this year.
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Why It Matters: In 2024, Berkshire’s stake in Apple was valued at $174 billion, which the company had acquired for $40 billion over several years.
The conglomerate has, however, been shedding its holdings in the company throughout the past year, having sold nearly 70% of the 905 million shares it held at its peak.
Berkshire reported its first quarter results on Saturday, with operating profits during the quarter taking a 14% plunge to $9.64 billion, amid a dip in underwriting profits owing to wildfires in Southern California.
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This article Warren Buffett Says He Is ‘Embarrassed,’ But ‘Tim Cook Has Made Berkshire A Lot More Money Than I’ve Ever Made’ originally appeared on Benzinga.com
