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Among the top 15 stock holdings in 2021 announced in the 2022 letter to shareholders, Berkshire Hathaway holds 908 million shares of Apple, unchanged from the end of 2020. In his letter, Buffett praised Cook as “a wonderful person.”
At this year’s shareholders meeting, Buffett said that he is still interested in Apple, and his stake in Apple is also growing, hoping to own more shares of Apple. Buffett said Apple’s buybacks over the past few years have generated substantial gains for Berkshire.
Personally think that Apple’s moat is: collaboration and privacy protection
Synergy comes into play when you have multiple Apple devices in your hands. It can be roughly divided into the following four categories:
1. Status synchronization: All devices with built-in software such as mail, books, photos, pages, keynote, numbers, reminders, and memos can synchronize status between devices through iCloud.
2. File sharing: audio, video, pictures, and text can be shared among the same ID account
3. Shared accessories: airpods, keyboard and mouse can be switched between devices at will
4. Functional assistance: the watch can be used to unlock the Mac, assist iOS navigation, vibrate reminders for turns and fork in the road, and use the iOS device to assist in viewing the health data such as ECG obtained by the watch.
When it comes to user privacy data, Apple is very restrained. For example, AutoNavi and Baidu Maps have track records, but Apple Maps has not done so, the thesaurus synchronized by the domestic input method, and Apple’s own input method has not been done.
Buffett and Munger remained critical of Bitcoin at this year’s shareholder meeting.
Buffett once again attacked cryptocurrencies at the shareholders meeting, saying that unlike farms and apartments, Bitcoin does not generate value, and its price will only depend on how much the next person who buys it is willing to pay. Cryptocurrencies may have magical appeal right now because of the hype, but they are not productive by themselves.
Munger said at the shareholder meeting that I have encountered some things in my life, and I need to avoid very stupid, very evil things, and things that will cause harm to others. I think Bitcoin accounts for these three points. The first point is obvious, there is a good chance that the value will eventually go to zero. Bitcoin is not a productive asset, its value is determined by how much the next person pays the previous person with Bitcoin. Now you can see that a lot of commissions have been paid out, and there are still a lot of them. These are a lot of people who have come to participate in this gambling game and hype game. But this money moves around between different people, and they just change the owner, just the owner of it. There are some who stand up and some who lose. But you can actually use this money to do a lot of things, and there are some things whose value cannot produce tangible assets.
Compared to Bitcoin, Buffett still insists that cash, like oxygen, will hold a considerable amount of cash at any time. Only buy when you think the investment object is cheap.
When asked how to pick stocks when experiencing inflation, Buffett said that he may have to answer more than (investing in) one stock. The best thing you can do here is that you have to be good at doing something. No matter what it is, the ability you have cannot be taken away by others, and it cannot be lost because of inflation. In this way, others will always make deals with you, and it is your ability that is traded. So the best investment is to develop yourself. It’s more important to be a better person in the second half of life than to show off your wealth. This is consistent with his previous view, he believes: “Life is like a snowball, and for snowballing, the most important point is to find a longer ramp.”
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