Warren Buffett kicks off Berkshire Hathaway's annual meeting 2017, AKA the Woodstock of Capitalism

 
Courtney Goldsmith
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Conference On Issues Affecting U.S. Capital Markets Competitiveness
The day-long event is an annual meeting like no other (Source: Getty)

Legendary investor Warren Buffett said his sale of about one-third of his stake in IBM doesn't make him nervous about his recent $20bn investment in Apple.

The founder and chief executive of Berkshire Hathaway made the comments alongside vice chairman Charlie Munger at Berkshire's annual meeting for shareholders.

The day-long event, nicknamed the Woodstock of Capitalism, gathers around 30,000 shareholders in Omaha, Nebraska to hear from Buffett and Munger in an hours-long Q&A session.

Buffett said although IBM and Apple are both tech companies, Apple is also a consumer products company, which is a more predictable industry.

Read more: Why Warren Buffett hasn't really turned against active fund management

When he invested in IBM six years ago, Buffett said he thought the company would perform better than it has.

"I was wrong on the first one and we’ll find out if I am right or wrong on the second," he said, referring to Apple.

"I don’t regard them as apples and apples, and it’s not quite apples and oranges. It’s something in between," he said.

Buffett and Munger praised Jeff Bezos, the chief executive of Amazon, for having built two mammoth businesses in both cloud services, which IBM was also working to expand, and retail.

The two called Bezos a "different species" and said he is a competitor many executives in the retail and cloud sectors would love to get rid of.

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