Buffett Praises Cook, Despite Apple Stake Sale

Warren Buffett, the legendary investor, lauded Apple CEO Tim Cook for his exceptional leadership at Berkshire Hathaway's annual meeting. This acknowledgement comes despite Berkshire selling a significant portion of its Apple shares.

Buffett credited Cook with generating substantial value for Berkshire Hathaway, exceeding his own contributions to the company's growth.

Buffett's Acknowledgment of Cook's Impact

Speaking at the annual meeting, Buffett playfully remarked, "Tim Cook has made Berkshire a lot more than I have made Berkshire." This statement highlights the remarkable growth of Berkshire's investment in Apple, which surged from $35 billion between 2016 and 2018 to a staggering $173 billion by the end of 2023.

Despite this praise, Berkshire Hathaway significantly reduced its Apple holdings in the first three quarters of 2024, selling approximately 67% of its shares. By the end of December, the company retained 300 million shares, valued at roughly $62 billion based on the recent closing price.

A Compliment of the Highest Order

Buffett went on to compare Cook favorably to Steve Jobs, Apple's iconic co-founder, stating, "Nobody but Steve could have created Apple, but nobody but Tim could have developed it like it has." This comparison underscores Cook's unique ability to drive Apple's continued success and innovation.

Under Tim Cook's leadership since 2011, Apple's stock has experienced phenomenal growth, soaring from under $15 (split-adjusted) to over $200, resulting in a roughly 14-fold increase and pushing Apple's market capitalization beyond $3 trillion.