Warren Buffett just bought a ton more shares of Apple

Warren Buffett just bought a ton more shares of Apple

"I'm delighted to see them repurchasing shares", Buffett told Berkshire shareholders at the conglomerate's annual meeting.

Dismissing concerns that the trade tensions between China and the U.S. could potentially escalate into a trade war, famous USA billionaire investor Warren Buffett said Saturday that the world depends on the United States and China for progress and that both the countries need to focus on common interests.

Buffett explained that he invested in Apple because he "came to certain conclusions about the value with which the capital was being deployed and about the ecosystem".

At the end of 2017, Berkshire had owned 165.3 million shares.

The biggest factor in the quarterly loss was that Berkshire recorded a $6.3 billion loss on the paper value of its investments in the quarter. The company also has major investments in such companies as American Express, IBM and Wells Fargo & Co.

"It's going to get worse, not better", CNBC quoted Buffett as saying at the company's annual meeting held at Omaha city in the U.S. state of Nebraska late on Saturday. In Friday trading, the Class A shares closed at$292,600, and the Class B shares at $195.64.

The legendary investor, meanwhile, endorsed Apple's decision to buy back its own stock, describing the plan as the most productive use of cash by the tech giant.

Buffett, 87, and Vice Chairman Vice Chairman Charlie Munger, 94, are answering five hours of questions from shareholders, journalists and analysts at the annual meeting.

Buffett was relatively late to investing in Apple and tech stocks overall. "There are some pretty good moats around".

NICO actually earned slightly fewer premiums in the period, but generated an underwriting profit thanks to more stable performance, reporting a gain of $23 million, much better than the -$269 million underwriting loss of the prior year.

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