Subject: 50 Years of Thinking Differently
Both Berkshire and Apple have been thinking differently for 50 years ;-)

In a sit-down with CNBC, Warren Buffett signaled a cautious but "ready" stance on the current market, dismissing recent volatility as "nothing" compared to historical 50% crashes. Despite the market's dip, Buffett noted that stocks do not yet look cheap to him, leading Berkshire to remain the world's largest bidder for T-bills with a staggering $17 billion purchase last week alone. Addressing the Federal Reserve’s role, Buffett warned that he would prioritize inflation and bank stability above all else, noting that "fragility" in one sector of the banking system can quickly trigger a wider contagion. Ultimately, Berkshire remains positioned in a massive cash-and-treasury defensive posture, waiting for an opportunity to deploy the company's capital into attractive businesses.

https://www.cnbc.com/2026/03/3...

Buffett candidly admitted that he likely "sold too soon" when trimming Berkshire’s Apple position. However, he remains steadfast in his view of Apple as a cornerstone holding. Despite recent market volatility, Buffett emphasized that his confidence in the company’s "economic moat" is stronger than ever, noting that the iPhone remains one of the greatest and most essential products ever created.

There are four key investment takeaways from the interview:
1. Management Over Momentum: Buffett reiterated his immense faith in Tim Cook, arguing that while Cook couldn't have started Apple like Steve Jobs, he has managed the hand he was dealt better than almost anyone else could have. In a volatile market, betting on world-class management remains a primary pillar of a long-term investment strategy.

2. Price vs. Value: Even for a "best-in-class" business, price matters. While Warren Buffett said he sold Apple too soon, he does not regret the decision, noting he lacks the ability to predict short-term stock movements. He added, “It’s not impossible that Apple would get to a price, [where] we would buy a lot of it, but not in this market.” Berkshire has realized more than $100 billion in pre-tax profits from its Apple investment to date.

3. Concentration Risk: In the past, Buffett has explained that he trimmed Apple partly for tax reasons, but in this interview, he also alluded to the concentration risk of the position as it grew. Buffett noted, “I’m very happy to have it be our largest holding. I was not happy to have it be as large as almost everything else combined.” The stake was reduced from nearly 50% of the equity portfolio to approximately 20%. He reiterated that Apple is "better than any business" Berkshire owns outright and remains the firm's largest single investment.

4. Ignoring the Noise: While the market worries about the Iran conflict, Buffett remains focused on the "utility" of the iPhone. He continues to view it not just as a piece of tech, but as one of the most useful products ever created—a long-term moat that transcends short-term headlines.

*****

50 Years of "Thinking Different"
Last week marked a historic milestone for Apple: on April 1st, Apple officially celebrated its 50th anniversary. It is a remarkable journey that began in 1976 when Steve Jobs and Steve Wozniak formed a partnership in a suburban garage to sell the Apple I.

Fifty years later, that "garage startup" has transformed into a $3.7 trillion global ecosystem. To celebrate the occasion, we’ve gathered a few pieces of trivia that highlight just how far the company has come:

• The Third Founder: While Jobs and Wozniak are household names, a third founder, Ronald Wayne, drew the first logo and wrote the partnership agreement. He famously sold his 10% stake just 12 days later for $800. Today, that stake would be worth over $370 billion.

• The Newton Legacy: Long before the iPhone, Apple launched the "Newton" MessagePad in 1993. While it was a commercial failure, it pioneered the handwriting recognition and mobile architecture that eventually paved the way for the iPad and iPhone.

• The "i" in iMac: When the iMac launched in 1998, the "i" stood for five things: Internet, Individual, Instruct, Inform and Inspire.

From a garage-built prototype to a cornerstone of the modern global economy, Apple’s fifty-year trajectory is a masterclass in the power of long-term vision. While the financial growth is historic, CEO Tim Cook’s recent anniversary letter reminds us that the company’s true value has always been driven by its human impact.


Read Tim Cook’s Full Anniversary Letter: 50 Years of Thinking Different https://www.apple.com/50-years...