Legendary investor Warren Buffett beefs up Apple stake buying 120m shares in 2017

 
Shruti Tripathi Chopra
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Warren Buffett has bought $12bn of common stocks since the US election (Source: Getty)

The Oracle of Omaha, Warren Buffett, confirmed today that his conglomerate Berkshire Hathaway has snapped up 120m shares in Apple this year.

Buffett told CNBC that Berkshire's Apple stake was now worth about $17bn and amounted to 133m shares.

“Apple strikes me as having quite a sticky product and an enormously useful product to people that use it, not that I do," Buffett said praising Apple Boss Tim Cook for doing a "terrific job" with the company.

“He’s been very intelligent about capital deployment,” Buffett said.

Last month, the legendary investor revealed he has added $12bn (£9.6bn) worth of stock to Berkshire Hathaway since the US election in November.

“We’ve, net, bought $12bn of common stocks since the election,” Buffett said in an interview.

Read more: Warren Buffett: Five things you need to know about today's annual letter

Over the weekend the 86-year-old sent his annual letter to investors, offering advice to investors.

"Our expectation is that investment gains will continue to be substantial – though totally random as to timing – and that these will supply significant funds for business purchases," Buffett wrote in the letter.

"Concurrently, Berkshire's superb corps of operating CEOs will focus on increasing earnings at the individual businesses they manage, sometimes helping them to grow by making bolt-on acquisitions."

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