Buffett, chairman and CEO of Berkshire, and his longtime investing partner Munger spoke to the tens of thousands attendees on a wide range of topics, from their massive stake in Apple AAPL, to missing out on Amazon AMZN and Alphabet GOOGL 's Google, to bashing bitcoin as "rat poison". Berkshire owned $40.7 Billion of Apple share at the end on Q1,2018 rising by 12.59 %, as they owned $28.2 billion at the end of 2017.
"I didn't go into Apple because it was a tech stock in the least", Buffett explained at the Berkshire meeting.
Apple's stock opened at a record high on Monday morning, thanks to a general stock-market rally and some kind words from Warren Buffett last week. "I went into Apple because I came to certain conclusions about both the intelligence with the capital they deploy, but more important the value of their ecosystem and how permanent that ecosystem could be".
"Apple's an fantastic company, and the multiple's not enormous, the top tech companies do have a very strong profit position right now but Apple has most of all".
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While stock buybacks are a controversial way for companies to spend cash that they could otherwise invest in growth or acquisitions, Buffett said that in Apple's case it makes sense. "We own about 5 percent".
The legendary investor also threw shade on day traders, who he said totally miss the point of investing in a company like Apple.
Berkshire Hathaway now owns a large amount of Apple shares and has a 5% stack in The Company. He said choosing the CEO will be "by far the most hard decision we will make". "We buy them to hold", Buffett told CNBC.
Munger, meanwhile, said Berkshire may have been "a little too restrained" in buying Apple, saying "it's reasonably priced and strong".