Warren Buffett Gives Apple Advice
Billionaire investor Warren Buffett is passing along some sage investment advice to the executives in Cupertino California. The Oracle of Omaha believes Apple is in good shape for the future and that the company should take that into consideration in its financial planning.
This morning on CNBC's Squawk Box, the Berkshire Hathaway boss said a good use of it's massive cash reserves would be for Apple to buy back many of its shares at these current bargain prices. "If you could buy dollar bills for 80 cents, it's a very good thing to do," Buffett explained.
Buffett admitted to speaking with Steve Jobs shortly before his death to discuss financial management. With regard to current Apple CEO Tim Cook, Buffett's advice is unchanged: keeping running a good business and stand behind your own stock.
"When that happens [a dip in stock value], if you've got money, you buy it," Buffett advises Apple. "You just keep working on building the value."
Buffett, it should be noted, does not own any shares of AAPL. Nonetheless, both Apple and Berkshire Hathaway share a common distinction. The companies are currently named to Fortune's "Most Admired" list of businesses.