Warren Buffet Still Leery of Apple, Tech Stocks
Warren Buffet Still Leery of Apple, Tech
Stocks
The billionaire chairman of Berkshire Hathaway, Warren Buffet, said on Monday that he will probably maintain a bearish outlook for manufacturers of electronics such as Apple Inc, saying that the future prospects of such firms are much harder to predict than those of older stocks like Coca Cola Co.
With Coca-Cola, Buffet explained in an interview, it is “very easy for me to come to a conclusion as to what it will look like economically in five or 10 years, and it’s not easy for me to come to a conclusion about Apple,” he said.
The comments from the world's third wealthiest man come as many electronics manufacturers are scrambling to assess the damage caused by the March 11th earthquake and tsunami that struck Japan. Companies based in the battered island nation produce 20 percent of the world's technology products, including 40 percent of components and 19 percent of computer chips, according to a recent report.
Separately, Buffet said the devastation in Japan and the subsequent drop of many stocks on the Nikkei index has created a tremendous buying opportunity. “If I owned Japanese stocks, I would certainly not be selling them because of the events of the past 10 days or so,” Buffett said. “Something out of the blue like this, an extraordinary event, really creates a buying opportunity.”
Cupertino, California-based Apple overtook Microsoft in 2010 as the world's highest-valued tech company in terms of market value. But Buffet says he simply has a better feel for companies like Coca-Cola, if which Berkshire's 8.6 percent stake is its biggest in any company.
“Even though Apple may have the most wonderful future in the world, I’m not capable of bringing any drink to that particular party and evaluating that future,” Buffett said. “I simply look at businesses where I think I have some understanding of what they might look like in five or 10 years.”
The billionaire chairman of Berkshire Hathaway, Warren Buffet, said on Monday that he will probably maintain a bearish outlook for manufacturers of electronics such as Apple Inc, saying that the future prospects of such firms are much harder to predict than those of older stocks like Coca Cola Co.
With Coca-Cola, Buffet explained in an interview, it is “very easy for me to come to a conclusion as to what it will look like economically in five or 10 years, and it’s not easy for me to come to a conclusion about Apple,” he said.
The comments from the world's third wealthiest man come as many electronics manufacturers are scrambling to assess the damage caused by the March 11th earthquake and tsunami that struck Japan. Companies based in the battered island nation produce 20 percent of the world's technology products, including 40 percent of components and 19 percent of computer chips, according to a recent report.
Separately, Buffet said the devastation in Japan and the subsequent drop of many stocks on the Nikkei index has created a tremendous buying opportunity. “If I owned Japanese stocks, I would certainly not be selling them because of the events of the past 10 days or so,” Buffett said. “Something out of the blue like this, an extraordinary event, really creates a buying opportunity.”
Cupertino, California-based Apple overtook Microsoft in 2010 as the world's highest-valued tech company in terms of market value. But Buffet says he simply has a better feel for companies like Coca-Cola, if which Berkshire's 8.6 percent stake is its biggest in any company.
“Even though Apple may have the most wonderful future in the world, I’m not capable of bringing any drink to that particular party and evaluating that future,” Buffett said. “I simply look at businesses where I think I have some understanding of what they might look like in five or 10 years.”
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