O CEO of Berkshire Hathaway, Warren Buffett, was present at the company’s annual event where he had the opportunity to talk a little about some of his investments, with Apple being one of the topics under discussion.
Despite continuing to misunderstand Apple products, Buffett has been a strong optimist for Apple because of consumers’ loyalty to the brand. In fact, Buffett believes the iPhone is a must-have for Apple customers, noting that they don’t give up easily.
“Apple is in a position with consumers where they are willing to pay maybe $1,500 or whatever for a phone. And the same people pay $35,000 for a second car and when they have to give up the second car or their iPhone, they choose the car. It is an extraordinary product”said Warren Buffett.
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