“Berkshire’s investment in Apple vividly illustrates the power of repurchases,” Buffett wrote. Buffett and Berkshire Hathaway started buying Apple in 2016 after years of avoiding tech stocks. Apple’s success last year largely offset damage from the pandemic to the investor’s railroad and insurance businesses. Buffett said Berkshire Hathaway, like Apple, plans to repurchase its shares.
Apple’s rise also comes after the company confirmed on Monday that all 270 of its U.S. retail stores are open for business, although some remain appointment-only. Monday marked the first time that all U.S. stores are open since Apple started closing them in response to the Covid-19 pandemic last spring.