Here's why Warren Buffett isn't anxious about Berkshire Hathaway when he retires

Warren Buffet

Berkshire Hathaway CEO Warren Buffett says that promoting two executives to oversee most of the companies businesses hasn't really changed his routine much. In addition to discussing the company's increased stake in Apple, Warren Buffett and longtime business partner Charlie Munger were asked their opinions on cryptocurrencies.

Fellow billionaire and Gates pal Warren Buffett said the largest cryptocurrency is "probably rat poison squared" at Berkshire Hathaway's annual shareholder meeting on Saturday.

Berkshire Hathaway is now the third largest shareholder of Apple.

Apple, whose stock hit a new record high Monday, has been a major victor for Berkshire Hathaway: Apple's stock price has roughly doubled in the two years since Berkshire initially disclosed its stake.

"Apple's an wonderful company, and the multiple's not huge, the top tech companies do have a very strong profit position right now but Apple has most of all".

Munger, meanwhile, said Berkshire may have been "a little too restrained" in buying Apple, saying "it's reasonably priced and strong".

Among various reasons of the utmost interest in Apple is the massive cash reserve to make company stock buybacks.

Buffet quoted "They are not going to find $50 billion or $100 billion acquisitions that they can make at remotely a sensible price". 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.

The endorsement was well received and Apple CEO Tim Cook responded to the endorsement and appreciation in kind in a statement where he said, "On a personal level, I've always greatly admired Warren and have always been grateful for his insight and advice".

"I love the idea of having our 5% grow to 6 or 7% without us laying out a dime", Buffett said.

The other rejected measure would have encouraged more Berkshire subsidiaries to produce sustainability reports.

Although investors enjoy speculating on which companies Apple should acquire, Buffett, ironically, is quite pessimistic about its M&A potential. For investors that like to invest based on which stocks Buffett believes in, let's take a look at how his largest positions have fared so far in 2018. When I buy Apple, I know that Apple is going to repurchase shares. "So we very much approve of them repurchasing shares".

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