Many people hang on Warren Buffett’s every word. The billionaire value investor has been the chairman of Berkshire Hathaway since 1970, and with a net worth of over $75 billion, we can understand why people look to him…
In the past two weeks, Buffett has made several startling moves.
The first? He dropped $900 million dollars worth of Walmart (NYSE: WMT) stock.
That’s nearly all the stock he had invested in the retail giant.
What does this show?
Traditional retail is a sinking ship, and Buffett wants off.
Online stores like Amazon (NASDAQ GS: AMZN) are consistently beating traditional retail, and Amazon’s market value is over $50 billion more than Walmart’s.
It’s hard to resist the lure of 2 Day Shipping, along with about every product imaginable…
While Buffett gets out of Walmart, he’s diving headfirst into something he’s always been wary of: technology.
Specifically, Apple (NASDAQ GS: AAPL).
Berkshire Hathaway has increased their shares in Apple to about 133 million.
That means their shares in the company are worth more than $18 billion.
According to Bloomberg, Buffett said, “Apple strikes me as having quite a sticky product and an enormously useful product to people that use it…”
Buffett more than doubled his holdings and now owns about 2.5% of Apple.
I don’t know about you, but I’d love just a sliver of that…
To read more about Buffett’s latest Apple ventures, read the Bloomberg article here.