Warren Buffett Ups Stake in Apple, Airlines, Dumps Walmart, Warns Against Retail
Following Warren Buffett
Warren Buffett’s, Berkshire Hathaway, recently upped their stake in Apple, buying 72 million shares in a month, after Apple reported a 3% increase in sales in the final quarter of 2016. The company’s Apple stake now totals 133 million shares, worth about $17 billion.
On the other end, Berkshire dumped around $900 million worth of Walmart stock, reinvesting those funds in the airline industry. The billionaire investor called the retail industry “too tough” and warned against investing in it.
In an interview with CNBC, Buffett praised retailer Amazon, “That is a tough, tough, tough competitive force. Now Walmart is pushing forward online themselves. They have got all kinds of strengths, but I just decided that I’d look for a little easier game.”
“I think retailing is just too tough or me, just generally,” Buffett said. “We bought a department store in 1966 and I got my head handed to me. I’ve been in various things in retailing – I bought Tesco over in the UK and got my head handed to me. Retailing is very tough, and I think the online thing is hard to figure out.”