When Apple CEO Tim Cook praised Warren Buffett at the weekend, it followed the billionaire investor modestly stating that Apple had made more money for his Berkshire Hathaway investment fund than he ever did through his other investment picks.
Buffett also said that while Steve Jobs was vital to the formation and early days of the company, Cook was equally vital to its growth since then …
The mutual admiration was prompted by Buffett announcing his retirement, at the age of 94. Cook said that he’s been inspired by the wisdom of the legendary investor.
“There’s never been someone like Warren, and countless people, myself included, have been inspired by his wisdom,” Cook wrote. “It’s been one of the great privileges of my life to know him. And there’s no question that Warren is leaving Berkshire in great hands with Greg.”
Yahoo! Finance quotes Buffett’s earlier remarks, made during the shareholder meeting.
“I’m somewhat embarrassed to say that Tim Cook has made Berkshire a lot more money than I’ve ever made,” Buffett told the audience, referencing the remarkable 680% surge in Apple’s stock since Berkshire first began acquiring shares in early 2016.
He also reflected on the late Steve Jobs, crediting him for building Apple, but credited Cook for turning the company into what it is today. “Nobody but Steve could have created Apple, but nobody but Tim could have developed it as he has,” he said. “Steve picked Tim to succeed him, and he really made the right decision.”
At its peak, Berkshire owned 905M AAPL shares, worth $174B – though it has since sold almost 70% of it.
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